Steward Financial Inc Closes More Loans Daily with ConformX

Who: Steward Financial, Inc., Carlsbad, Calif.
Bonita Bischoff, president

When: DocuTech customer since 2001, ConformX installed in 2005

What: Steward Financial, Inc. upgraded to DocuTech’s ConformX, a Web-based solution that accelerates the closing process through document management, enhances customer service, increases loan closing volume and streamlines compliant document generation.

Contact: Elizabeth Salter
678-781-7224
elizabeth@williammills.com

The Challenge

Carlsbad, Calif.-based Steward Financial, Inc., a mortgage wholesale lender, needed a document preparation solution that was flexible enough to provide a variety of documents and interface seamlessly with their loan processing software. The lender began looking for a solution that could also easily and securely send documents electronically.

Bonita Bischoff, president of Steward Financial, had previously used DocuTech’s DT Classic and was always impressed by the level of service received from the document technology provider. When it was time for Steward Financial to enhance the technology of document preparation, her first contact was to DocuTech.

"DocuTech has always been responsible in handling our business and responsive to our needs," said Bonita Bischoff, president of Steward Financial. "Knowing the direction we wanted to go - more streamlined closings, better use of personnel resources and guaranteed compliance - DocuTech had proven their abilities doing manual deliveries with classic, and we knew that they could perform on the upgrade to a web-based solution."

The Solution

In 2005, Steward Financial converted to ConformX, a Web-based solution that transforms an Internet connection into a 24 hour loan origination or closing office, and successfully implemented it. Steward Financial’s challenges were best met with DocuTech’s ConformX, because it could create documents with minimal screens and automatic data and doc verification. More importantly, the software provided documents specific to the needs of Steward Financial’s investors and interfaced seamlessly with their loan operating system.

An additional performance center component has allowed Steward Financial to streamline predisclosure procedures through DocuTech’s fulfillment center. The fulfillment center has proven to provide predisclosures that are compliant, efficient and cost effective.

Due to its flexibility and seamless technology, ConformX delivered the complete online document solution Steward Financial was seeking.

"When we first bought our LOS from Del Mar Database, DocuTech was one of the companies with whom they partnered," said Bischoff. "We automatically slipped right into place with DocuTech in our interface. We kept DT Classic as a fall back, but in the year we’ve used ConformX, we’ve never had to use Classic - there has been no reason to."

The Result

After installing ConformX, Steward Financial has been able to save both time and money when processing and closing loans. There has been a significant decrease in the amount of time needed to prepare compliant documents, allowing the staff to close more loans each day. Additionally, thanks to DocuTech’s performance center module, Steward Financial now employs a non-financial specialist to handle pre-disclosure tasks, where the lender once had to dedicate more personnel.

In addition to ConformX’s speed, the solution is user-friendly and able to solve problems quickly, while maintaining compliance with federal and state requirements, such as Fannie Mae’s Securable, Manageable, Archiveable, Retrievable and Transferable Document (SMART Doc) and Mortgage Industry Standards Maintenance Organization (MISMO) approved standards.

"The document department can deliver a set of documents very quickly, increasing our loanclosing volume," said Bischoff. "It saves us both time and money. Time being as important - if not more so - than money, because customers want their documents, and they want their documents immediately."

About Steward Financial, Inc.

Carlsbad, Calif.-based Steward Financial, Inc. is a wholesale mortgage lender specializing in Option ARM and Alt-A programs. For more information visit the company’s Web site at www.stewardfinancial.net.

About DocuTech

Since 1991, DocuTech Corp. (DocuTech) has provided industry-leading compliance services and documentation technology for the mortgage industry. To date, DocuTech has the largest, most complete document library in the industry with thousands of customized investor documents, which are federally and state compliant in all 50 of the United States.

DocuTech's software interfaces with leading loan origination systems (LOS) and enables mortgage professionals to generate documents locally, which increases efficiency, reduces time, eliminates errors and omissions and provides added convenience to homebuyers. DocuTech manages and secures all information needed for a loan, guaranteeing accuracy, security and compliance.

For more information, call 800.497.3584 or visit the company's Web site at www.docutechcorp.com.