Printer Friendly

Eastern software.

Eastern Software

Eastern Software's system includes modules for prequalification and disclosure, tracking and reporting and document preparation. The modules operate on a common database, so data is only entered once. The software is customized through extensive setup of loan program, insurance programs, vendor, fee event and status information, and even includes standard comment definitions for taking shortcuts in data entry.

The prequalification module computes required monthly income, maximum monthly payment and loan amount and the ratios for a selected loan program. Comparisons against all other loan programs can then be either displayed or printed. In addition to the wide variety of fixed-rate, ARM, GEM, GPM and other payment plans, a universal ARM feature allows building a customized payment stream with the system producing required disclosures. A separate sales-tool module can qualify based on price or income, handle rent-versus-buy or refinance analyses, compare loan scenarios, and compute best- and worst-case ARM payments. The module includes a quick calculation capability based on minimum inputs.

Application entry follows the blocks on the 1003 form. For a new application, the system will automatically move from block to block, or, as for an existing application, a menu can be used to do the entry in any order. A nice feature is the ability to call up applications either by name or number. Eastern's speed screen capability quickens data entry throughout the system with pop-up window help and pick-list selection for many items. A note pad feature allows miscellaneous comments and includes a future event date to include note pad items on a tickler report. Eastern supports full laser or impact printing. It produces all standard documents for disclosure, closing and submission for conventional and government loan programs. All standard and custom laser forms must be obtained from Eastern. Other features include branch communications, which can be scheduled to run automatically at a fixed time; the ability to fax reports; and a credit bureau interface for in-file credit reporting. A laptop capability designed for the loan originator is also available, and includes the prequalification, 1003 application entry, and printing of the application, TIL and verifications. This module, called Big Tool, can communicate with the processing system to receive loan program information or to send applications to the processer.

Mark Goldman and Ray Roberson are senior consultants at C.C. Pace Systems, Inc., an information systems consulting firm in Fairfax, Virginia that specializes in real estate finance systems. To provide ideas or feedback for this department, call them directly at (703) 631-6600.
COPYRIGHT 1991 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Author:Goldman, Mark; Roberson, Ray
Publication:Mortgage Banking
Article Type:evaluation
Date:Sep 1, 1991
Previous Article:Loan processor from FICS.
Next Article:Express plus from Dynatek.

Related Articles
UMS Licenses Large Account Billing Engine to Utility Serving Four Million People in Six States.
The Credit Network Establishes Internet Link With Eastern; New Connection Saves Customers Processing Time.
ATEC Issues Statement Regarding Class Action Lawsuit.
NetWorld+Interop 2002 Las Vegas News Summary Through May 8; Exhibitor News and Information Now Available Online.
Portable ABR system. (Product Marketplace).
Sun Chemical to build new advanced ink plant in Moscow.
Green Hills Software's INTEGRITY-178B Operating System Achieves Major Milestone in Most Stringent OS Security Evaluation.
CMP launches "EE Times Europe" and "Dr. Dobb's" in Russia.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters