SAN DIEGO, Calif. /eNewsChannels/ — Del Mar DataTrac, Inc. (DMD), the leading provider of affordable end-to-end mortgage lending automation solutions, and CCMC, Inc., the financial industry’s premier technology interface provider, have released the DMDBridge, a connectivity tool that automatically moves loan data from a lender’s third-party origination system to the DataTrac mortgage banking system of record.
The first DMDBridge was created for companies with loan officers working in Encompass 360 that rely on DataTrac as their centralized mortgage lending platform. DMDBridge captures all of the data in the industry standard DU 3.2 file set plus the addition of loan information needed to ensure compliance with RESPA and other emerging regulatory requirements.
DMDBridge pulls fee information required by RESPA for borrower disclosures and escrow information for the Truth-in-Lending (TIL) disclosure from Encompass and automatically populates fields in DataTrac. Without DMDBridge, processors are required to manually enter loan file information from the LOS into DataTrac, introducing inefficiency and the adjunct risks of re-keying data.
Retail mortgage banker Oxford Lending Group, with more than $420 million in 2009 loan volume, realized an immediate savings when it went live with DMDBridge in early July. The correspondent mortgage banker redeployed a full-time resource previously required for re-keying the data to a role where the “human element” is more critical – effectively saving the company over $40,000 per year.
“Paying processors to re-key data is a waste of time and resources, but new RESPA requirements made that an unavoidable necessity before the DMDBridge,” said Oxford Lending Group vice president Matt Neumer. “DMDBridge enables us to be faster, more efficient, and more accurate while diverting our human resources to more value-added roles in processing and underwriting.”
“DMD is all about making mortgage bankers more efficient, which includes adapting to new regulations and the increased need for loan data detail that flows from point-of-sale through to secondary marketing to meet end-to-end compliance requirements,” said Rob Katz, president of DMD. “We went to CCMC to help develop a tool our users need because it is the best interface provider in our industry.”
“CCMC is proud of its partnership with DMD and has created the DMDBridge interface to serve DataTrac users’ ongoing needs with full support services and software updates,” said CCMC vice president Dana Giesler. “We are pleased that DMD users are experiencing an immediate return on investment and relief from compliance headaches.”
The DMDBridge has been architected to allow for additional third-party systems to seamlessly integrate to DataTrac, and CCMC is already working extensions to various serving systems.
About Del Mar DataTrac:
Founded in 1991, Del Mar DataTrac (DMD) is the leading provider of affordable loan automation solutions for mortgage lenders, banks, and credit unions. DMD offers a scalable end-to-end workflow platform that enables lending best practices by leveraging DataTrac as the back-office hub along with a sophisticated point-of-sale system, a Web-based originator portal and commission engine, and a management dashboard – all in a paperless environment.
The DataTrac Suite is designed by mortgage lenders for mortgage lenders who strive to deliver extraordinary customer service, increase production and profitability, reduce risk, and streamline overall efficiency. For more information, visit www.dmdinc.com .
CCMC is the leading provider of technology interfaces to the financial industry. CCMC-BridgeWare(TM) products are designed to streamline lending workflow – improving productivity and reducing cost. Our primary product is ccmcBridge(R) which connects loan origination systems to host loan servicing systems. Our partners selected us to provide their interface solutions because of our high quality products, our outstanding service, and our extensive industry experience. For more information, visit www.ccmcinc.com .
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Story References: Del Mar DataTrac SaaS, mortgage lending automation, Rob Katz, CCMC, Oxford Lending Group, LOS interface, DMDBridge, required by RESPA for borrower disclosures, escrow information for the Truth-in-Lending, TIL disclosure from Encompass, Dana Giesler, software, point of sale system, POS.