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1st Source Bank buys Mortgage Flex's LoanQuest WebRegistration.

MortgageFlex Systems Inc., Jacksonville, Florida, announced that 1st Source Bank, South Bend, Indiana, has purchased the LoanQuest[TM] WebRegistration technology from MortgageFlex for its wholesale brokers and retail loan officers' access to the LoanQuest LOS.

1st Source Bank is a long-time MortgageFlex client through its mortgage loan division, which was formerly known as Trustcorp Mortgage Co. The bank has been using the company's LOS, the Residential Lending System, since 1999, explained Debra Bass, vice president, 1st Source Bank's Mortgage Loan Services.

"WebRegistration provides our remote brokers with real-time product and pricing directly from the loan origination system," said Bass. "This is invaluable with the vast number of mortgage products on the market today."

LoanQuest WebRegistration is a Web-based point-of-sale application that enables brokers to upload a loan file electronically from their own systems or enter a loan application on the site. Brokers can price, lock, and then get an automated underwriting recommendation directly from the LOS.

All rates originate from the LOS and are sent upon demand to WebRegistration, which collects the data necessary to complete the standard Uniform Residential Loan Application. Once the required information has been entered into the application, the system will perform an audit check and then forward it to the LOS for processing, underwriting, closing and shipping, explained Ted Morse, executive vice president of sales and marketing, MortgageFlex Systems.

When 1st Source asked for an improvement to the WebRegistration system that would display more detailed pricing for the company's wholesale loans, MortgageFlex accommodated those needs by enhancing the WebRegistration product to mimic the pricing on the parent LOS system.

"We are always willing to do whatever it takes to meet a client's needs, and are gratified that we were able to accommodate 1st Source," said Morse.
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Title Annotation:TechNewz
Comment:1st Source Bank buys Mortgage Flex's LoanQuest WebRegistration.(TechNewz)
Publication:Mortgage Banking
Article Type:Brief article
Geographic Code:1U3IN
Date:Oct 1, 2007
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