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Special Reports
Loan Origination Systems
Mortgage Builder Looks to Serve Brokers Moving Up
By Amilda Dymi
SOUTHFIELD, MI -- To Mortgage Builder Software Inc. president Keven Smith, success
in the loan origination arena means being one step ahead of market demand by building systems around existing customer
processes "rather than building their business around our technology."
MBSI has implemented that philosophy in the recently released Extensible Markup
Language (XML) interface for Desktop Underwriter and in the process of updating DU and Loan Prospector to comply
with the Mortgage Industry Standards Maintenance Organization specifications.
"There's a lot changing in the mortgage industry and it is an ongoing fight
to keep on the cutting edge of the new technology coming out making sure you're there before your customers are
actually asking for it," Mr. Smith said. "And that's what we're doing with electronic docs, we're more
proactive than reactive."
Different companies write different pieces of the software and creating a system
compatibility problem that interferes with data retrieval and distribution. The new XML interfaces are designed
to be compatible with core loan origination systems that serve bankers, especially small to midsize lenders, who
are interested in complying with MISMO and other industry requirements.
According to Mr. Smith, MBSI enables users to do "everything from pre-qualification
from a loan officer with a laptop, to processing, closing, underwriting and everything all the way up to servicing
the loan." The process is both automated and technically compatible with other software allowing users to
pull out credit reports, or access Fannie Mae and Freddie Mac systems.
The software also provides an interface with QuestSoft, which offers geo-coding
services and Home Mortgage Disclosure Act compliance solutions.
Mr. Smith said that the most important industry trend right now is "a new
market segment," the growing number of brokers who are becoming bankers whose needs are affecting the mortgage
technology providers' marketplace.
It is good news for his company he says because its software is "a high-end
system without the high-end price that typically goes along with it." MBSI is currently assisting brokers
who are making the switch for various reasons that often include regulation changes and RESPA reform.
"People are realizing that there are a lot of advantages to being a banker
than remaining just a broker. There's extra responsibility they're taking on, but there's also a reward with being
a banker," Mr. Smith explained. "It also means they cannot run on a broker's system, and that's where
we come in."
Users have the option to buy the software of if they do not have the staff to
maintain their own system they can run their programs on software housed at an application service provider operated
by MBSI.
According to Mr. Smith, MBSI is engaged in adding specific e-docs into its software
"to be ready for the foreseeable future." Such additions will include the option to transmit and store
digital signature data storage.
"It is a work in progress. We're currently negotiating with different players
so we can add other links into the system," Mr. Smith said. "And when this type of product becomes viable
to our customers, we'll be ready for it."
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