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Fremont Bank implements Encomia eMortgage solution.

Encomia, Houston, a provider of end-to-end eMortgage technology, announced it is providing electronic mortgage technology to Fremont Bank, Fremont, California, a full-service community bank with more than 20 branches.

Fremont plans to originate fully electronic mortgages through the Encomia eMortgage solution, which provides financial institutions with a comprehensive tool kit that features the creation of SMART Docs[R] electronic signature capability and secure document archival.

As more of the bank's institutional investors continue to accept these loans, Fremont will increase the size of its eMortgage portfolio, said Tami Fuller, manager of system development and administration of Fremont Bank.

"We now have the technology in place to originate mortgages electronically. As more and more investors and borrowers become comfortable with eMortgage, this piece of our portfolio will continue to grow," said Fuller. "As this percentage increases, our customers will see the benefit of a greater cost savings."

With the implementation of the Encomia eMortgage solution, which took less than 90 days, Fremont has begun a substantial shift away from paper mortgages. SMART Doc loan applications have increased throughput and reduced the amount of time needed for a decision on funding. Additionally, the bank is already storing loan documents electronically.

Fuller said Fremont selected Encomia because it was the only eMortgage technology provider that enabled fully electronic origination and allowed the bank to gradually increase the number of electronic loans in its portfolio.

"The implementation of the Encomia eMortgage solution will give Fremont the tools it needs to become one of the first significant providers of electronic mortgage products," said Andrew M. Dubinsky, chief executive officer of Encomia. "While many institutions are still looking for excuses to doubt the validity of this technology, Fremont has already implemented it. When more investors begin to catch up, and start purchasing these loans, they will find themselves holding a huge competitive advantage."
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Title Annotation:TechNewz
Publication:Mortgage Banking
Geographic Code:1USA
Date:Aug 1, 2006
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