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DocuTech automates prepayment configuration management.

DocuTech Corporation, Idaho Falls, Idaho, announced the release of ConformX 3.10, which adds a new process for managing prepayment-penalty configurations.

The product upgrade manages more than 500 prepayment-penalty configurations through an intuitive, direct interface with loan origination systems, according to Monte Larsen, chief marketing officer at DocuTech.

Traditionally a difficult component to manage, prepayment penalties have been simplified with ConformX 3.10.

It includes more than 500 prepayment configurations that meet all federal, state and investor requirements. A rules engine simplifies the management of the configurations by presenting the applicable configurations within the LOS, explained Larsen.

"Many lenders do not have the time to maintain the prepayment-penalty guidelines and requirements from individual investors, state governments and the federal government," said Larsen. "ConformX 3.10 automatically applies the correct prepayment-penalty values to the loan based on property state, loan amount and other variables. These configurations are automatically updated by DocuTech, eliminating the need for time-intensive maintenance."

In addition to the new prepayment-penalty component, ConformX 3.10 offers a Web-based solution that turns any Internet connection into a loan origination or closing office. Automatic calculations and data safeguards ensure that loan documents meet state and vendor requirements. ConformX 3.10 provides print, e-mail and Web-posting options from any remote connection location.

"ConformX 3.10 eliminates the tedious work of maintaining each state's individual prepayment penalties and increases the salability of loans on the secondary market, freeing up warehouse lines of credit," Larsen said.
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Title Annotation:TechNewz
Publication:Mortgage Banking
Article Type:Brief article
Date:Oct 1, 2007
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