Loan Volumes Increase for imortgage With More Efficient Closing

Who:  imortgage, Scottsdale, Ariz.
Carrie Kaiser, closing manager
Originates with Calyx Point, Del Mar DataTrac as LOS

When:  DocuTech customer since December 2007

What:  Unhappy with its current document provider, imortgage turned to DocuTech’s ConformX, a Web-based solution that transforms an Internet connection into a 24-hour loan origination or closing office. The guaranteed compliant document management system integrated quickly and easily into imortgage’s LOS, DataTrac. Since implementation, ConformX has helped increase loan volume and save money with a quicker, automated closing process. Prompt customer support has also been touted by the lender as a highlight of working with DocuTech.

Contacts:

David Jones
678.781.7238
djones@williammills.com

Elizabeth Salter
678.781.7224
elizabeth@williammills.com

The Challenge:

The nationwide trend of decreasing loan volume and lenders going out of business is hard to ignore. But Scottsdale, Ariz.-based imortgage, closing 1,500 loans per year, is beating the odds. The lender, who has primarily focused on retail and builder purchase business for the past year, knew that the keys to success were a highly focused business plan and reliable, compliant technology to automate the loan process.

imortgage was less than pleased with its document management vendor. A simple question for customer support was escalated to three levels before an answer could be given. imortgage’s closing manager, Carrie Kaiser, knew that automated document preparation technology backed by a partner eager to help was what the lender needed.

“As our lending focus changed in a volatile market, it was vitally important to select a true vendor partner whose technology and support could not only keep up with our changes, but also help us increase loan volume,” said Kaiser.

The Solution:

imortgage selected DocuTech’s ConformX, a Web-based solution that transforms an Internet connection into a 24-hour closing office. The document closing software guarantees all loan documents and packages are compliant with federal and state regulations and supports e-documents, prepayment penalty management and initial disclosures.

ConformX’s tight integration with DataTrac made the transition to DocuTech’s software quick and easy. As a precautionary measure, the lender ran both its previous and new document management systems before completing the switch, never encountering a problem.

“Our transition to ConformX was smooth,” continued Kaiser. “DocuTech’s close work with DataTrac meant we did not have to re-enter data. Instead, we could leverage what information has already been entered into our LOS. As a result, our closer could focus on what they do – close loans – instead of data re-entry.”

The Results:

Since implementing ConformX, imortgage has successfully repositioned its business and increased loan volume. Kaiser highlights a quicker closing process as a strong contributing factor to the lender’s success.

“With ConformX, we are able to staff just one closer for the more than 1,500 clean loans we closed last year,” said Kaiser. “By dedicating just one person to a now quicker and simpler closing process, we can put more resources toward loan origination.”

Kaiser specifically points out ConformX’s ability to securely e-mail and automatically generate barcodes on the documents for imaging as primary benefits.

“When working with documents clearly and strictly governed by regulations and legislation, access to quick and responsive customer support is necessary,” said Kaiser. “DocuTech’s willingness to work closely with us has not only improved our processes, but has also helped increase our confidence in automated compliance.”

“Not only have we managed to stay afloat,” continued Kaiser, “but we have been able to expand, and our technology vendors have helped play a big part in our growth.”

About imortgage

imortgage was founded on the basic premise of simplicity. In the past, obtaining a home loan could be a confusing, difficult and potentially costly endeavor. imortgage empowers customers to make educated decisions, supports each individual customer and utilizes advanced automated systems that save time and reduce costs.

For more information, please visit the company's Web site at http://www.imortgage.com/.

About DocuTech

Since 1991, DocuTech Corp. (DocuTech) has provided outstanding compliance services and documentation technology for the mortgage industry. DocuTech offers closing documents, initial disclosure documents, borrower doc delivery and integrated compliance checks. They manage and secure all information needed for a loan, guaranteeing accuracy, security and compliance.

For more information visit the company's Web site at www.docutechcorp.com.

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