Parkside Lending Saves Money, Time with DocuTech
- Compliant document service saves lender $40 per file -
Idaho Falls, Idaho, July 15, 2008 - DocuTech Corp. (DocuTech), a leading provider of compliance services and documentation technology for the mortgage industry, announced today that San Francisco-based Parkside Lending implemented DocuTech’s ConformX® compliant document solution to save document costs and reduce the time spent on each loan file.
According to company officials, Parkside Lending chose DocuTech’s ConformX, because the company offered compliant documents that required less labor than competitors. DocuTech customized ConformX to enable Parkside Lending to import data directly from their in-house loan origination system (LOS) into automated loan documents and disclosures. Matt Ostrander, Parkside Lending’s CEO, reported that the automated disclosures have already reduced the time spent on them from an hour to one minute.
"Because of the time saved and the lower cost of the documents, ConformX has paid for itself in only a few months," said Ostrander. "We’ll save $40 per loan file, which over the course of the year will equal hundreds of thousands of dollars. With ConformX automating the bulk of our document tasks, my staff can focus on quality control and sales."
Parkside Lending also needed DocuTech to customize ConformX to integrate into their in-house LOS. The lender had developed its own system, and Ostrander said DocuTech was able to write an integration that allows his staff to access the documents from within the custom LOS. Parkside Lending also cited the guaranteed compliance of the documents as a key factor in selecting DocuTech.
"When the market is tight, automation helps lenders save money and time," said Ty Jenkins, CEO at DocuTech. "Parkside Lending will already have that automation in place when the market begins to grow again, enabling them to do more business with fewer resources."
About Parkside Lending
Parkside Lending is a wholesale mortgage bank primarily doing business in Northern California. The company, which focuses on A paper conforming and non-conforming products, has been in business for four years and is rapidly gaining market share in Northern California through excellent customer service, fast turns and competitive pricing. For more information, visit the company’s Web site at www.parksidelending.com.
About DocuTech
Since 1991, DocuTech Corp. (DocuTech) has provided outstanding compliance services and documentation technology for the mortgage industry. DocuTech’s software interfaces with leading loan origination systems (LOS) and enables mortgage professionals to generate documents locally. DocuTech manages and secures 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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“DocuTech offers an array of compliant and guaranteed documents that greatly enhances our procedures and methods and works better with our LOS than our last provider.”
