In an article by Evelyn S. Wilks, she wrote,

"Earlier office automation programs addressed only a piece of the pie. They sought to increase worker productivity by automating their activities - to automate people rather than functions . . . Automating only a part of the function may actually result in duplication of effort and a loss of productivity."

"Joining the band in the automated workstation parade requires both commitment and stamina. The pace of the march is quickening and the music is constantly changing. The rewards are great and getting there sure is fun."

Most companies automate activities only when the task becomes a crisis. Management solves the crisis by adding another software package, which only automates that activity. Thus, many real estate departments are automated piecemeal.

Solving the crisis involves purchasing another software package. This requires new training, another manual, another company to deal with, and another problem to solve if there is difficulty with the software.

Then, when the crisis is solved, there is the problem of linking all the various pieces (software packages) together.

Networks solve many problems of linking all the pieces together. The network still does not address the problem of another software package, another manual, another company to deal with, and no security.

Security is a major concern. There is less security using software packages from multiple vendors linked together.

There are many companies offering bits and pieces of mortgage lending software. The major consideration when evaluating mortgage software is what does the software company offer. Mortgage Computer, with 35 years of experience, offers you a software package "Having It All Together."

"Having It All Together" is more than a software package. Mortgage Computer not only has a Web-based end-to-end software package, MC offers full customer support. Full customer support is a staff having firsthand knowledge and years of experience in originating and servicing loans. Mortgage Computer offers mortgage lending training, guidance, suggestions, and answers to your questions.

Mortgage Computer has guided many customers in offering different types of loans, forms to use, how to complete the Good Faith Estimate, the HUD Settlement Statement, how to make construction and commercial loans. How to set up accounting in Servicing, handle escrows, pay interest on escrow funds, interest accruals, year end, HMDA, and IRS reporting, etc.

Credit Unions Banks Mortgage Companies

Savings and Loans Insurance Companies Service Bureaus

State Housing Finance Agencies Attorneys Title Companies

"Having It All Together" - Work Flow

Borrower
Loan Application		WebApp 24x7 Office for borrowers to apply for a loan New 1003 Loan Application
Processing		DU/LP Approval Document Printing Funding Secondary Market Loan Sales HMDA Reporting
Construction		Construction Loans Disbursements Cost Breakdown Pseudo Posting IRS Reporting Accounting
Servicing		Loan Servicing Investor Reporting, Fannie Mae, Freddie Mac ARM - Fixed Rate - Biweekly - Interest-First Loans Commercial Loans 360-365 Escrow Accounting and Escrow Analysis Transaction, Status, History and GL Interface with many Credit Union Software Providers Credit Line
The Total End-to-End Solution

Take a Closer Look at

Calculator

Calculator is designed to provide answers, information, and computations requested by borrowers. Use this option to compute what the mortgage payment would be, project the loan balance for a given period, compute daily interest figures, prepare amortization schedules, and calculate the APR on various loan types. Although not stored in memory, the information can be printed. Your staff could use this section several times a day.




Best Loan for Me

What I Can Pay allows the operator to enter basic loan information into the program to provide borrowers with a proposed loan amount they can afford. What Could I Afford provides borrowers with a general price range for a house they can afford. In addition, those who may anticipate or have an increase in income may want to know what they could afford. This program offers the loan originator the capability to do a what if scenario. Could I Qualify computes the ratios to determine if a borrower qualifies.




Payment and Costs

Use this option to compute an estimated monthly payment and projected loan costs. After the property county and state are selected, the program displays typical closing costs and escrow reserves and calculates the total payment (PITI) and APR.

The results can be printed and given to a prospective borrower.

Loan Comparison

This selection is a tool for loan originators to visibly demonstrate to borrowers the difference in various loan products being offered or what the savings would be by increasing the monthly payment a few extra dollars .

The program is designed for fixed rate loans with up to three variable options. The loans are compared showing the difference in the total interest to be paid over the term of the loan and initial cash required at time of closing.

In addition to illustrating the different savings with the interest rate bought down with points and/or fees, the program can be used to demonstrate the savings if the term of the loan is different.

Loan Products

WebApp Loans Offered displays the various types of loans currently being offered to borrowers through the WebApp software. There is no need for separate maintenance of current rates, discount points, etc. Loan Rate Sheet indicates the guidelines and loan products being offered by the company, and includes the points, fees, and costs. Since it is possible that not all loan products set up are designated to display in WebApp, this option separates the various types – WebApp Loans Offered and the Mortgage Office Loan Rate Sheet.

EZApp/WebApp 24x7

Serving your customers makes all the difference. In this age of increasing customer expectations, use WebApp for your real estate loan requests with faster service to your member/borrower.

WebApp is a Web-based software package hosted by Mortgage Computer and easy to customize to your Web site. It is a 24x7 office for borrowers applying for a loan, to view products currently being offered, or to check what a payment would be or compare loan products for the best loan product.

Used by a Borrower on the Internet

• Text in English
• Text in Spanish

Easy Steps for a Borrower to Follow

• Questions Borrowers Ask
• Loans Offered
• Best Loan for Me
• Could I Qualify
• New Loan Application

Borrower Benefits

• Print Could I Qualify letter to present to a seller, builder, or real estate agent
• Easy-to-understand New Loan Application
• Borrower selects payment option to obtain approval



New 1003 Loan App

This option is for entering the loan information to complete a 1003 loan application. The screens and fields follow the application form.

Processing

Mortgage Office has created a powerful and precise loan origination program, from the application through closing to the selling of loans to investors and transferring the data to Servicing. Processing provides document preparation, front-end tracking for application documents, overseeing commitments issued, underwriting, secondary market commitments, loan tracking, closed document tracking, accounting for all funds, quality control, reports, cash flow preparation, and management reports. Each option represents a function performed in the lending process. All selections are integrated and reside in one place where they can be accessed by everyone. There is never a need to re-enter or transfer data to other workstations.




Construction

Construction is a software program to account for proper disbursement of borrower funds and loan proceeds. It is used to control the disbursement of mortgage loan funds granted for new building purposes or extensive remodeling of already existing structures. It is more than merely a check-writing disbursement program. Costs can be monitored and compared to the cost breakdown and property inspections to assure funds are not advanced before the work is completed. This is a practical, workable program for construction loan disbursement. Transactions Each selection performs a specific task: Funds Input Funds Disbursement Interest Payment Percent Available Funds Loan Payoff Quote Loan Payoff Entry Reversals Balance Proof - Modify Pseudo Post To view before the disbursement how the account will look if posted. An excellent check prior to disbursement. Update Transactions




Servicing

The purpose of this program is to automate the functions of Servicing. The Servicing program is designed for making work flow faster, less tedious, and more enjoyable. Servicing provides the functions needed to service various types of loans and investors. Easy Payment Entry Cash Balance and Proof Transaction Updating and Register Investor Interim Remittance Payoff Quotes All Functions of Escrow Handling Collections Loss Mitigation Bankruptcy Control Foreclosure Control IRS Reporting FASB Collection Accounts - Saves 40% of the collector’s time over a manual system. The data is automatically stored and collection cards are no longer used. Bankruptcy - Provides the accounting and control of borrowers who have filed for bankruptcy. Foreclosure - Offers various options for tracking and reporting on loans in your portfolio that are in foreclosure.




Credit Line

Mortgage lenders have expanded services to meet borrowers' loan requests by offering lines of credit. The Credit Line program controls the drawing of funds and the repayment schedule. The Servicing program controls the ARM adjustments and the servicing of the loan. The features Credit Line include: Automatically passes the new loan balance to Servicing Adjusts monthly payment based upon loan balance or interest rate Payment notice to borrower Skip payments Minimum draw Minimum payment Fee charges Prepare statements or transfer the data for use in consolidated statements




Comments

This selection allows comments to be entered and modified for any loan stored in the program. All comments for a loan can be displayed and printed.

• Displays the borrower's name, the date and time the comment was entered and by whom, and the program (Processing, Servicing, Construction).
• The date, time and User ID will be entered automatically by the program upon modification of a comment.

Other Features

Compliance Audit



After all verifications have been received and the documents are in the file, the loan is ready to be reviewed by the underwriter. The selections included in Underwriting are used as the underwriter is reviewing the documentation received to approve the loan. This option provides all the information entered in the program for review by the underwriter in a systematic method. Fraud Detection option alerts the lender to possible false claims on the 1003 loan application. File Organization is to indicate the stacking order of the file. This selection is to be used to verify the file organization and that all documents are in the correct place and order in the file. Document Compliance selection is to set up what management wants the Quality Control Department to review and verify to assure the proper documentation is in the loan file. On the screen you have the option of indicating whether the documents are complete or missing.




Audit Center

This section is for the use of the quality control and auditing departments. It is designed so the reports from various functions are all in one section. The need to go from one package to another and in and out of menu selections is eliminated. The Audit Center menu displays the reports available from all packages requested by auditors. This feature makes it easy for your auditors (in-house or external) to print reports without interrupting employees. The employee saves time by not having to show the auditor. Employees are not aware of what is being done by the auditor. Modifications to employee loans are highlighted. Modifications made to a Loan Record are stored in the Print Modify Audit queue. The report includes the old and new value, the date the change was made, and the operator’s name.




Accounting

All companies have to account for money received from the borrower for application fees, credit reports, appraisals, disbursement of loan proceeds at closing, payments to notes receivables, interest, late fees, escrow funds, etc.




General Ledger

This is to set up the general ledger accounts for the various programs affected when monetary transactions are posted. Each of the Mortgage Office packages provides a Transaction Register with a summary of activity and indicates to which GL account the totals should be posted. Reconcile Cashbook is for balancing all checking and custodial accounts.




Management Reports

Reports provide management control. These reports are for use by all levels of management. The "exception" reports provide information on only those areas of concern.




Maintenance

The selections in Maintenance take full advantage of the power that Mortgage Office Software provides. Common data used is set up and maintained from one centralized section. Proper and full usage of the Maintenance section will increase productivity and reduce the possibility of errors. ScrolEx Setup - Set up multiple entries for loan officers, underwriters, lenders, etc. Company - Company and Branch Information, State and Country Codes Processing - Products Offered, Tracking Labels, Margin-Interest Tables, Costs & Escrow Reserves Construction - Cost Breakdown Profile, Field Description Labels Servicing - Standard Fields, Escrow Dealers, Field Labels, Collections




Data Transfer/Receive

Data Transfer/Receive is an interface to pass information back and forth between your checking and savings system and Mortgage Office Software. All loan payments posted by tellers for the day are grouped into a teller payment file and passed by the checking and savings system to Mortgage Office. Build a billing file for loans with payments due that qualify for the automatic payment from a checking or savings account. Build a data transfer file containing GL and transaction history information. This data can be merged with other software vendors' data to provide a consolidated statement.




Interface to Core Providers