Irwin Mortgage First to Implement Loansoft's Reduced Data Set Interface to Fannie Mae's Desktop Underwriter.BERKELEY, Calif.--(BUSINESS WIRE)--July 13, 1998--New System Relieves Borrowers' Apprehensions Loansoft announced today that Indianapolis-based Irwin Mortgage Corporation is the first client to implement the new reduced data set interface from its WORKS point-of-sale system into Fannie Mae's Desktop Underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. (R) automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. 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. system. Using Loansoft WORKS 3.2, Irwin Mortgage loan officers enter borrower financial information and submit files to Fannie Mae's Desktop Underwriter system for instant approval. Irwin Mortgage currently has 150 loan officers using Loansoft WORKS with the new interface, and by the end of August approximately 300 loan officers will be equipped with the new system. In September 1997, Fannie Mae Fannie Mae: see Federal National Mortgage Association. announced that Loansoft was the first point-of-sale software vendor to implement the reduced data set interface as part of Fannie Mae's Best Connections(SM) initiative. With Loansoft WORKS, loan officers dial into Desktop Underwriter to submit a file. In minutes Desktop Underwriter returns a findings file for viewing and printing by the WORKS user. If Desktop Underwriter recommends the loan be approved, the loan officer provides the borrower with conditional approval at the initial point-of-sale, subject to verification of financial information. If Desktop Underwriter recommends the loan be referred, the loan officer immediately informs the borrower what changes or additional information are required for approval. Further, loan officers can counsel borrowers on the specific loan product best suited for their needs, saving time and effort. Mark Braden, first vice president of Information Technology for Irwin Mortgage, said, "Loansoft's WORKS system enables our loan officers to gather the correct information at point-of-sale for a quick completion of the application process. Being able to pull a credit report and submit an application to Fannie Mae provides the loan officer better information to determine what documentation will be required from the borrower. "Underwriting decisions that previously took 48 hours or more have been in most instances reduced to a couple of minutes. We are anxious to continue the roll-out of WORKS to all our offices," Braden continued. The implementation of the Fannie Mae interface not only reduces loan processing time, but also the amount of documentation necessary to receive an underwriting decision from Fannie Mae. The reduced data set eliminates approximately one-third of the information fields required for a traditional underwriting recommendation. "Using Loansoft's WORKS and Desktop Underwriters reduced data set, Irwin Mortgage loan officers need only key 35 to 40 data elements before they can submit loans for underwriting, receiving recommendations faster than before," said David Coleman This page is about David Coleman the sportsman, for the academic visit David Coleman (academic) David Coleman, OBE (born 26 April 1926) is a former British sports commentator and TV presenter. , director of consulting and integration services for Fannie Mae. Alan Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Indianapolis North Production Office branch manager for Irwin Mortgage, said, "Loansoft WORKS gives loan officers a more efficient and effective way to determine loan qualification. Having laptop Same as laptop computer. laptop - portable computer portability allows us to complete the process at the point-of-sale from analyzing and coordinating file activities to the underwriting process. Loan officers can instantly access credit reports, with client approval and receive underwriting decisions, at any location. This process could take hours or days to complete and now it can be done at the point-of-sale. It also enables us to get a 'heads up' on the file direction, thereby giving the borrower more concise alternatives for their mortgage approval. "In addition to increasing productivity and reducing borrower anxiety, we are also able to prequalify prospective borrowers over the telephone, compile To translate a program written in a high-level programming language into machine language. See compiler. credit and asset information, while delivering an approved mortgage in a more timely fashion," added Cohen. Additionally, automated underwriting at the point-of-sale helps lenders provide more consistent as well as timely underwriting decisions. An audit function in WORKS checks for completion of required data fields before sending a file to Desktop Underwriter, ensuring the data is entered correctly initially. Using the previous system, loan officers might wait 48 hours for an underwriting decision, only to be told the data was incomplete and they will need go through another underwriting cycle. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Loansoft's C.O.O., John Caner, "We are delighted to have Irwin Mortgage, a technology leader, as the first customer to roll out this new interface with Fannie Mae Desktop Underwriter. We have worked very hard to make this interface seamless and easy-to-use for loan officers. It is critical that we empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems loan officers with new tools and functionality to enhance their performance rather than burden them with back office functions. This new interface is a breakthrough in how lenders do business, by changing the workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. in how mortgages are originated. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , this process results in a more positive borrower experience." About Irwin Mortgage Irwin Mortgage Corporation, formerly Inland Mortgage, is one of the commercial banking. The company originated over $5.4 billion in loans in 1997 and retained a servicing portfolio of approximately $11 billion. For more information about Irwin Mortgage, call (800) 284-4462; or write 9265 Counselor's Row, PO Box 6089, Indianapolis, IN 46206-6098. Irwin Mortgage's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the site is located at www.irwinmortgage.com. About Loansoft Loansoft Inc. is an exclusive provider of point-of-sale loan productivity software for the residential mortgage industry. The company's point-of-sale system features contact management, prequalification, product comparison, 1003 and other documentation, credit bureau and automated underwriting interfaces, and remote linking capabilities. Loansoft also provides development tools that allows lenders to customize virtually any part of the WORKS system including workflow, screens, data fields, calculations, forms, documents, and interfaces. Founded in 1993, Loansoft serves over 25 mortgage lenders and has over 5,000 software users. The company is privately held and is headquartered in Berkeley, California Berkeley is a city on the east shore of San Francisco Bay in Northern California, in the United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington. . For more information on Loansoft, Inc. and its point-of-sale 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 solutions, contact John Caner, (510) 849-8405, jcaner@loansoft.com; or write to Loansoft at 2855 Telegraph Avenue Telegraph Avenue is a street that begins, at its southernmost point, in the midst of the historic downtown district of Oakland, California and ends, at its northernmost point, at the southern edge of the University of California, Berkeley campus in Berkeley, California. , Suite 405, Berkeley, CA 94705. Loansoft's Internet site can be viewed at www.loansoft.com. About Fannie Mae Fannie Mae is a congressionally chartered, shareholder-owned company and the nation's largest source of funds for home mortgages. It has committed to provide $1 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. in targeted lending for 10 million homes by the end of the decade. The targeted lending will serve low- and moderate-income families, minorities, new immigrants, residents of central cities and other undeserved un·de·served adj. Not merited; unjustifiable or unfair. un  de·serv areas, and people who have special housing needs. More information about Fannie Mae can be found on the Internet at www.fanniemae.com. CONTACT: Loansoft, Inc. John Caner, (510) 849-8404 jcaner@loansoft.com or for Loansoft, Inc. Catherine Laws, (404) 264-7206 catherine@williammills.com or Irwin Mortgage Corporation Mark Braden, (317) 844-7788 mark.braden@irwinmortgage.com or Fannie Mae Raschelle Burton, (202) 752-4330 |
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