Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Dexmas paperless mortgage package up and running
PITTSBURGH (3/27/08)--Mortgage company Atlantis Financial Services Inc. has developed a paperless mortgage application process using software developed by a company that provides software for credit unions. Franklin Park, Pa.-based Atlantis tapped Edina, Minn.-based Dexma, which provides software for credit unions, to develop ASAPmortgageonline.com. The site went live in January and can process a mortgage approval in 10 minutes (Pittsburgh Post-Gazette March 19). Borrowers begin the application process with a questionnaire and then the system checks for compliance with U.S. Department of Housing and Urban Development underwriting standards. If the underwriting is approved, the applicant receives an approval letter which can be printed or sent via the Web to the title company. So far, only half of the applications can be completed completely online, Atlantis CEO Dave Nearhoof told the Post-Gazette. Most applications require some interaction with a representative--sometimes more information is needed, or the borrower doesn’t meet the criteria. Not everyone is comfortable with completing a mortgage application completely online, but unlike humans, the computerized system doesn’t miss a day of work, Nearhoof told the newspaper. Electronic application processes have been coming for a long time. In 1999, the National Conference of Commissioners on Uniform State Laws drafted legislation that would allow states to render electronic signatures as valid, the newspaper said. In five to 10 years, all mortgage processing could be online, Harry Gardner, president of the Mortgage Bankers Association, told the newspaper. He noted that a paperless process would not remove the human element and could improve communication between lenders and borrowers.


RSS print
News Now LiveWire
.@TheNCUA has issued prohibition orders against three individuals. http://t.co/oOjgCGreuz
20 minutes ago
Charities benefit from #creditunions on the links See #NewsNow http://t.co/NobhsozWJx
58 minutes ago
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
15 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
18 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
18 hours ago