Magazine article Mortgage Banking

Mortgage Lending System from FiTech

Magazine article Mortgage Banking

Mortgage Lending System from FiTech

Article excerpt

Mortgage Lending System from FiTech

FiTech's Mortgage Lending System is a complete package for managing the loan origination/production process. Modules include prequalification, loan products, processing and closing and management reporting. Features include document tracking, laser forms, branch office communication, credit bureau interface and data export functions. There are also integrated capabilities for pipeline control and secondary marketing. FiTech has approximately 1,500 systems in place for 140 clients.

The prequalification module can compare the borrower's qualifying potential for up to three user-selected loan programs at a time. Among the items it calculates for each program are interest rate and points, maximum loan amount, cash needed to close and qualifying ratios. If an application is taken, the information collected in the prequalifying module can be transferred to the processing and closing module, and it does not have to be re-entered.

The definition of loan products is central to the operation of the Mortgage Lending System. An unlimited number of loan programs can be defined, and each can have four combinations of rates and discounts and a series of adjustments. During processing, for a loan to be locked-in, all criteria for the loan program must be met, including property type, qualifying ratios and loan-to-value ratios.

FiTech's system comes ready to support a process structured around the Form 1003 Residential Loan Application. However, tools are provided for a mortgage banker to tailor the system to its organization's personality. …

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