Direct Mortgage Wholesale Launches New Software Version

Posted by Orb Staff on November 12, 2007 No Comments
Categories : Residential Mortgage

Direct Mortgage Wholesale, a Salt Lake City-based wholesale mortgage bank, has released a new version of its proprietary loan origination, processing and underwriting software that is designed to facilitate the process of finding the right loan and collecting the closing conditions – thus reducing a broker's workload.

The software, Loan Choices, divides the origination process into three steps: selecting a loan, monitoring processing status and scheduling the closing. When a complete application is uploaded, the loan is automatically run through DU and Direct Mortgage's own automated underwriting system, so the officer will not need to manually input DU information again.

Simple sets of qualified loan choices are then presented, with the best loans sorted to the top. These choices are based on two categories: user-submitted criteria and predictive analytics, Direct Mortgage Wholesale says. The presented loan options include principal and interest, and principal, interest, taxes and insurance with accurate mortgage insurance.

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