Desert Document Services Promotes SMART Doc Compliance
When lenders start putting together their budgets for next year, a question on many minds will be how much money, if any, to invest in becoming SMART-Doc compliant. DesertDocs has some good news about that.
Desert Document Services is marketing SMART Pak Software, which brings MISMO-compliant electronic forms, data, and rules into a single complete package that transmits all elements together in an XML document, along with supporting tools. The newest version ties together origination, post-close and secondary systems and enables integrated HUD 1 data to be exchanged with escrow and closing software.
Electronically exportable data allows rules-based auditing, so loan transactions can be validated for accuracy and completeness plus regulatory and lender-specific compliance.
Because the SMART Pak produces document packages on enterprise-grade Web servers, the system can generate thousands of SMART Doc packages per day without waiting or downtime, said DesertDocs chief technology officer Tim Underwood. Forms can be produced in a MISMO-compliant SMART Doc, XHTML or PDF format, and comply with ESIGN and UETA provisions for electronic and paper-out processing.
"There is no retooling necessary to get the SMART Pak benefit," Mr. Underwood told Mortgage Servicing News. He said the system also takes into account imaging costs and helps lenders deal with vaulting issues. "Our system is the most inclusive," he said. "We look at electronic docs from a whole-loan perspective. That's what makes it easier to use."
Mr. Underwood said DesertDocs has been developing this technology for over three years. A result of that three-year initiative is that DesertDocs can now boast having converted over 35,000 forms to the XHTML format that enables sending data and formatted documents electronically. Documents prepared through the BrokerDocs and DesertDocs Web applications may be viewed, printed and delivered anywhere, anytime. "We have done this to save the lending community from the intensely consuming IT and human investment that this transition will take in the near future," he said.
"Our customers have already benefited by the reduced costs of using a true hosted Web application because we eliminate the costs of technical infrastructure and support for desk-top applications," explained Mr. Underwood. "Now we are going to save our customers more money because they can print on any printer, at any time, view documents for pre- and post-auditing and most importantly eliminate data re-entry between different systems by accessing the data right off the form."
DesertDocs' massive forms conversion, announced in October 2003, paved the way for the 2004 launch the DesertDocs SMART Pak and SMARTIE Pak product line. A SMARTIE Pak includes integration and extension tools within the package for extracting and embedding data forms. "SMART Pak and SMARTIE Pak technology will define the industry standard in moving closing document information all the way through the mortgage process up to and including digital signature, recording and storage as a single data file," Mr. Underwood explained.
Also at this year's MBA technology conference, VMP Mortgage Solutions demonstrated the latest version of its SMART Document viewer, offering conference attendees an opportunity to see exactly how SMART Docs work. The viewer enables users to view three aspects of lending documents according to corresponding tabs: the view tab, which presents the actual document populated with data; the data tab, which presents the raw data that populates the document; and the XML tab, which presents the document construct in XML.
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