SMI Touts 'Cradle to Grave' Automation of Mortgage Lending Functions

What does it take to streamline the mortgage transaction? Attendees of the Mortgage Bankers Association of America's national technology in mortgage banking conference heard how some experts answer this question thanks to a session proposed by Houston-based Stewart Mortgage Information.

"We will be moderating a panel called streamlining the real estate transaction. Kevin Gugenheim, executive vice president and chief operating officer, will be moderating that panel," said Jan Fisher, senior vice president and director of corporate marketing for SMI, before the conference.

When asked what prompted the firm to recommend the session, she said, "The mission statement of Stewart as a company is enhancing the real estate process, so it's something that we live and breathe on a daily basis."

The panel consisted of a lender, representatives of both Fannie and Freddie, a county recorder and SMI's CTO Brian Davenport.

"We want to really look at the transaction from beginning to end," Ms. Fisher says. "What has already occurred that brings us to the world of electronic mortgage transactions and the benefits we've already seen from these changes. Then, we'll spend a little time on what still needs to be accomplished and how each player in the transaction has to work with each other to make this a reality."

Besides presenting the session, SMI hoped to accomplish some other objectives as well, according to senior vice president and director of sales and marketing Scott Jones.

"It gives us a chance to look at some of the new things that are coming out and trends that people are really buying into," he said. "It gives us a chance to bring people together and share what their companies are trying to implement over the next six to 12 months."

One of the things Mr. Jones planned to be sharing during the conference is SMI's ability to help lenders bundle mortgage closing services into guaranteed mortgage packages.

SMI offers credit reports, title reports, flood determinations, collateral assessments, document preparation, centralized funding and other real estate information. The company's post-closing solutions include assignments, document retrieval, lien recordation, pool certification, full legal review, lien release and research.

"We really are in a unique position to offer the all-in-one package going from cradle to grave and that is something we will talk to a lot of people about at this particular conference," he said.

While SMI will not have a booth at the show, its Online Documents subsidiary will have one. The firm will be touting its new 50-state library of eMortgageDocs (SMART Documents) for all Fannie Mae primary mortgage products. Online's eMortgageDocs technology and forms library were developed over the past 20 months in conjunction with Fannie Mae and conform to Fannie Mae's e-mortgage delivery requirements released last July and MISMO's approved SMART Document specifications for electronic documents.

Online will formally introduce its eMortgageDocs capabilities at the show. Using Online's eMortgageDocs, lenders can create electronic processes to close loans with digital signatures and deliver these loans electronically to Fannie Mae for immediate purchase.

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