Parkside Capitalizes with DocuTechâs Assistance
New York-After being a DocuTech customer for about a year, a San Francisco-based lender has seen substantial results in creating a more compliant and paperless lending environment at a time when the industry is facing turmoil.
Last year, Parkside Lending implemented DocuTech's ConformX compliant document system to save document costs and reduce the time spent on each loan file. Parkside Lending is a wholesale mortgage bank primarily doing business in Northern California. The company, which focuses on "A" paper conforming and nonconforming products, has been in business for five years.
Parkside chose DocuTech's ConformX, because the company offered compliant documents that required less labor than competitors. DocuTech customized ConformX to enable Parkside to import data directly from their in-house loan origination system into automated loan documents and disclosures. Additionally, Parkside needed DocuTech to customize ConformX to integrate into its in-house LOS. The lender had developed its own system and DocuTech was able to write an integration that allows his staff to access the documents from within the custom LOS. Parkside also cited the guaranteed compliance of the documents as a key factor in selecting DocuTech.
"Our day-to-day integration allows Parkside with a customized fit," said Kirt Marlow, director of marketing for DocuTech. "A mistake lots of companies make is that they think, 'this company charges X, this company charges Y' and there's so much more value to be added than what's the price of the doc set. We're able to really understand Parkside's data set."
Recently, DocuTech unveiled the newest release of ConformX. The biggest changes are in the user interface, which provides lenders with more automation and fewer screens to complete closing documents. The upgrade pulls data directly from a lender's LOS and runs data integrity, high-cost checks and predatory lending checks on the loan. This has been set up to eliminate the need for data re-entry and ensures that all loans are properly disclosed and compliant with investor, state and federal regulations.
"We're trying to leverage technology that hasn't been provided in the past. In the past, people were mostly concerned with compliance. That's now mostly assumed. It's now a matter of efficiency," said Mr. Marlow.
According to Matthew Ostrander, CEO of Parkside, as a result of becoming a CornformX customer, the company has come closer to its ongoing goal of creating an entirely paperless environment. "We've been able to eliminate an entire department because we can automate disclosures."
"It's one more way to continue our quest for a 100% paperless environment. When someone uploads a file in our system, it's immediately sent over to DocuTech. It's a great system, since we're both MISMO," he said.