GMD Offers Transaction Management
Guardian Mortgage Documents (GMD) here has just released a new product dubbed GMD's Transaction Management System (TMS), which includes the basic document preparation functions with workflow capabilities and other features designed to make it more functional.
"TMS is a Web-based product that has document preparation capabilities at its core, but also includes automated workflow that enables all participants in the mortgage chain to have real time access to participating and/or viewing the status of any activity that needs to take place to close the loan," said Tim Anschutz, vice president, marketing at GMD. "Essentially it's a Web-based technology that automates all document production, management and workflow functions into one centralized and paperless portal."
The product was originally used internally at GMD to service clients on an out-sourcing basis before the company decided to spin it out and market it to the industry. "A Citibank would call us and say that they're pipeline is full, so once we originate a loan we'd like to hand it off to Guardian to handle it all the way through post closing," Mr. Anschutz noted. "Two years ago we couldn't find a piece of software that did everything that we needed it to do in order for us to service our clients in this manner so we developed our own software."
TMS was developed to streamline the process and to make it easier to flow from origination to closing in a more collaborative motion. "The product is collaborative so anyone can get into the system and look at the status of a loan," said Mr. Anschutz. "As a result, we assign rights, which allow certain people in the process certain rights. Specifically, we broke it down into view-only rights and participatory rights."
The product also includes a calendar function. "One thing the clients really like is the calendar pipeline, which is a series of different calendars that can show all the closing dates, disbursement dates, post closing dates, etc," said Mr. Anschutz.
"There are also different modules such as processing, underwriting, closing, post closing, within the software that make it very flexible because you can mix and match modules as needed," he continued. "As part of this feature each module includes a task menu that lists all the steps that need to happen to move that individual loan along." Archiving is also made paperless through this product. "The system has the ability to archive all documents over the Web in a paperless environment," said Mr. Anschutz. "Aside from being paperless, another benefit is that anyone can access the document at any time once they have the code."
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