The MortgageWeb enables lenders and packagers to electronically exchange data relating to the mortgage application process, in a seamless and fully automated manner that eliminates the need for any re-keying of information.
Using The MortgageWeb, lenders and packagers manage mortgage applications more effectively, accelerate the application process and improve customer service by electronically sharing all kinds of mortgage data (KFI, DIPs, applications, case files etc.). The MortgageWeb will provide unprecedented levels of audit and reporting information for users, administrators and supervisors: instantaneous reviews of application status; timely identification of bottlenecks; daily tracking of packager and broker sales and real-time management information reports. Packager queries requiring paper-based, labour-intensive responses are reduced, work can be reallocated as required and changes in market activity responded to promptly. In addition, The MortgageWeb significantly reduces administration and operating costs associated with managing the mortgage application process.
Designed to support the emerging industry standards being developed by Origo, The MortgageWeb represents a fundamental advance in terms of facilitating electronic trading and data interchange between financial services providers.
According to Rob Liddell, new product development director at BancTec, “Our research indicates that the majority of lenders and packagers cite manual processes and data re-keying as being highly detrimental to the efficient processing of mortgage applications. The MortgageWeb is the first truly automated system to address these issues. The cost savings and customer service benefits experienced by users are considerable.”
