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Industry News

Paperless mortgage product improved

January 16, 2006

Direct-Docs adds communications tools, more security

Inman News

Document Processing Systems Inc. has added new features to Direct-Docs, an online closing-document preparation service that supports a paperless mortgage process, according to a company announcement today.

The enhancements "are aimed at improving lender/consumer communication, general ease of use, and for providing the lender greater visibility into the lifecycle of closing documents," the company announced.

"We've really researched and listened to our clients' requirements," said Paul Rakowicz, president of Document Processing Systems. "With the lender-client communication enhancements, compliance traceability, and total integration of the DPS eMortgage Studio, we really feel well-positioned to serve our existing customers in the paper world as well as provide a quick and easy transition path for those lenders seeking a total eMortgage solution today."

Among the product's features:

  • Deeper integration with the company's eMortgage Studio product – Direct-Docs is now the only online document preparation service to be able to process a fully paperless eMortgage, close that eNote electronically with secure digital signatures, register it with the MERS eRegistry and electronically sell that loan on the secondary market, Document Processing Systems announced.

DPS' patent-pending document management system, the DPS eMortgage Studio, provides Web-based access to a fully paperless, MERS eRegistry-accessible electronic mortgage process. DPS supports thousands of lenders with its Direct-Docs Web-based closing-document preparation service, according to the announcement.

  • Provides a full audit trail of all documents in the closing package including delivery receipt, send/receive logs, and print/output tracking.
  • Secure, two-way text communications allows interaction between lender and consumer, an improvement over less secure e-mail communication.
  • Secure document addition feature allows the lender to update documents up to the minute of closing and for consumers to electronically and securely provide documents like tax returns and financial forms back to lenders.
  • New user interfaces, improved real-life views of documents and shared contact lists within workgroups can speed up the ordering process.

Copyright 2006 Innam News

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