Magazine article Mortgage Banking

Dorado Granted Global Rights to First American's Networked Services and eMortgage Technology

Magazine article Mortgage Banking

Dorado Granted Global Rights to First American's Networked Services and eMortgage Technology

Article excerpt

Dorado Corporation, San Mateo, California, announced it has been granted worldwide, perpetual, irrevocable, exclusive rights from The First American Corporation, Santa Ana, California, for First American's Web services and eLending technology.

Dorado will combine First American's technology with its own advanced transaction processing technology and enterprise operations to create what Dorado says is the first cloud computing-based system designed to facilitate the mortgage and consumer lending process. The new cloud lending-transaction platform will enable financial institutions to intelligently access key data and analytics from third parties and perform unique analyses that can be bundled with loan information to ensure compliance, data quality and process transparency.

Institutions can use the same platform to help minimize defaults on existing consumer loans and to respond quickly to new government programs aimed at keeping borrowers in their homes.

Most lending is now done with very limited data accessed by hand, fax, proprietary static or "dumb" portals, or through expensive direct integration with a single data provider. In contrast, the new Dorado system is a robust, single source of electronically delivered information and services that is open, and can be used to collect and collaborate on information from thousands of disparate sources in real time.

The platform provides an agile and secure environment in the cloud for lenders to develop their own analytics and collaborative workflow for any need, such as data validation, fraud detection and case-file workflow management, according to Dorado.

The consolidated system is expected to make it easier, faster and less expensive for lenders to enact rule changes in their lending processes, including the handling of complex updates to comply with local regulations as well as with the Real Estate Settlement Procedures Act (RESPA), Housing and Economic Recovery Act (HERA), Home Valuation Code of Conduct (HVCC) and other home-lending requirements.

"This new cloud-based transaction platform represents a significant change from the way information in consumer lending has traditionally been delivered, creating an efficient and centralized platform through which all data and services are accessed and used by financial institutions, investors and regulators," said Dain Ehring, chief executive officer of Dorado.

Ehring noted that many lenders now have little choice but to pass the costs of new regulatory burdens on to the consumer. By providing a single platform capability for the management and orchestration of data and services, Dorado makes it easier, faster and more cost-effective to originate, fund and validate a loan, he said. …

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