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February 24, 1997 |
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Mortgage Computer
Announces Mortgage Computer in Ogden, Utah, announced the release today of EDI-Plus, its state-of-the-art software for automated underwriting, electronic loan delivery, Flood Zone Determination, and Rapid App loan applications. "EDI-Plus is our doorway to the electronic highway. It is a powerful, versatile tool," says Brian Belnap, Senior Vice President of Mortgage Computer. "EDI-Plus is at the cutting edge for electronic underwriting, loan delivery to Fannie Mae and Freddie Mac, Flood Zone data submission to Transamerica, GE Capital, First American and other flood zone vendors, investor reporting through MIDANET and MORNET, 1098 and 1099 reporting to the IRS, and receiving Rapid App 1003 loan applications through Mortgage Computer or other software." "Real estate departments serious about quick underwriting approval from Freddie Mac and Fannie Mae will love EDI-Plus. Submitting loans the old way took days to receive underwriting approval. EDI-Plus links electronically to Freddie Mac's Loan Prospector software and reduces the underwriting approval time to minutes." Belnap says Mortgage Computer is currently developing an interface to Desktop Underwriter for automated underwriting to Fannie Mae. Loan delivery is a snap with EDI-Plus, according to Belnap. Real Estate Departments can deliver loans electronically to Freddie Mac or Fannie Mae one at a time or in blocks. EDI-Plus is ideal for submitting Flood Zone Determination data electronically to Flood Zone Vendors. Lenders are required to obtain Flood Zone Certification on all new loans or refinances. "EDI-Plus takes the headache out of compliance," Belnap says. "Through EDI-Plus the real estate department electronically submits the Flood Zone Determination data to the Flood Vendor, receives the data back electronically, prints the Flood Zone Determination, and uploads the Flood data into the Master Record, all with the click of a mouse." The real estate department has access to the Flood Zone data for reports--to see what loans are in certain flood zones, etc. Designed for connectivity and control, EDI-Plus will receive 1003 loan applications from Mortgage Computer's Rapid App program, or from other software vendors' loan origination programs. Belnap says HMDA Reporting is more accurate with EDI-Plus. 1098 and 1099 reporting can be sent electronically--"We're thrilled with how this software empowers the real estate department." EDI-Plus is not a stand alone program--it is a key component of Mortgage Computer's MC OFFICE Software for real estate lending. For more information, |
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