Magazine article American Banker

Loan Processing System Offers Internet Data Access

Magazine article American Banker

Loan Processing System Offers Internet Data Access

Article excerpt

Contour Software Inc. is taking mortgage loan processing to the Internet.

The Campbell, Calif., company has formed Contour Processing Services to give borrowers, lenders, realty agents, underwriters, wholesalers, and insurers access to loan files over the Internet.

Industry experts say such access helps small brokers compete with larger rivals. As long as the presentation is simple and elegant, they say, it offers an easier and cheaper way to process loans.

"Everyone has the opportunity to process and get data in a timely manner and compete with people who have large closing shops," said Ina Bechhoefer, president of Real Estate Solutions Inc., a consulting firm in Washington.

The system "shows a good understanding of the possibilities" available to the industry, said James W. Horne, technology initiatives director for the Mortgage Bankers Association.

Many people in the mortgage industry are turning to the Web to expand their businesses. They use the Internet for everything from loan applications to rate quotes to processing.

For example, Lion Inc., a Mercer Island, Wash., subsidiary of Plenum Communications, maintains an on-line data base with wholesale lenders' fees, rates, and product information. It plans to offer more Internet-based services in the next year.

Contour is focusing on its customer base-small brokers, said Jeff Lebowitz, principal at SSP Associates, Chevy Chase, Md. The system will appeal to this clientele because it will let them give customers a higher level of service, he continued.

Contour Processing Services uses a scaled-down version of Contour's Loan Handler loan processing software. …

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