CommunityBanksOnline Introduces FastFax 2.0; Service Further Streamlines Origination Process for 650-Member CBO Network.Business Editors OCALA, Fla.--(BUSINESS WIRE)--Feb. 18, 2004 CommunityBanksOnline (CBO CBO See: Collateralized Bond Obligation. ), a free, Web-based total mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real service of Taylor, Bean & Whitaker Mortgage Corp. (TBW TBW Total Body Water TBW Total Body Weight TBW To Be Written TBW Tambov (Russia) TBW To Be Watched TBW Talking Book World TBW The Business Workshop (India) TBW Time-Bandwidth Product ), has upgraded its popular FastFax feature. FastFAX 2.0 is an enhanced version of the software that transitioned the company into a paperless environment, further streamlining the mortgage process and reducing the costs associated with submitting traditional paper files. "As technology evolved, we recognized the need to improve the functionality of our FastFAX system," said Darren Green, division president of CommunityBanksOnline. "FastFAX 2.0 demonstrates our continued commitment to providing progressive technology that expedites the mortgage process for our banks and their customers. The CBO platform gives bankers a technology solution to address each aspect of the mortgage loan process from origination and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , to closing and funding. FastFAX 2.0 creates a new look for the CBO service along with improved functionality and new offerings including a new feature called DocsUpload, which gives lenders the ability to upload files instantly into FastFAX. The dynamic tool seamlessly uploads appraisals and other documents while eliminating the cumbersome and time-consuming process of faxing such documents. "FastFAX 2.0 is the best upgrade to the system provided by CBO thus far," said Terrell Duck, vice president of First Piedmont Piedmont, region, Italy Piedmont (pēd`mŏnt), Ital. Piemonte, region (1991 pop. 4,302,565), 9,807 sq mi (25,400 sq km), NW Italy, bordering on France in the west and on Switzerland in the north. Bank in Winder, Ga. "It further streamlines the entire process and provides a more efficient and reliable delivery method and has helped to reduce the costs associated with paper files." The upgraded system also dramatically improves the traditional fax submission process for CBO by providing faster transmissions resulting in fewer lost files and more accurate electronic confirmations. "We are constantly looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to build a better mousetrap "Build a Better Mousetrap" is the 15th episode of season two of the television sitcom Married... with Children.
A mouse finds its way into the Bundy home. ," Green said. "Our loan volume in 2003 approached $4 billion, with some 30 thousand loans entered into the CBO system. Those are tremendous numbers for community banks to deal with. Technology is the equalizer and it has allowed our banks to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. these loans in an effortless ef·fort·less adj. Calling for, requiring, or showing little or no effort. See Synonyms at easy. ef  fort·less·ly adv. manner." About CommunityBanksOnline CommunityBanksOnline, developed by Taylor, Bean & Whitaker Mortgage Corp. is an Internet (Web) based mortgage marketplace that combines technological efficiencies with the personal service of community banks. CBO equips local banks with a suite of online tools that streamline and automate the process of originating, underwriting and closing a vast range of loans. Automated technologies, immediate underwriting decisions, live loan status, instant loan registrations and rate locks along with online closing document capabilities, help banks deliver a faster and more efficient mortgage process to their customers. CBO currently works with more than 650 community banks in 29 states. For additional information about CBO, visit www.cbobanks.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion