By: Toby Barringer
Document and compliance software developer DocMagic, Inc., announced it has successfully customized and integrated its loan origination and package compliance solutions for the benefit of the more than 200 correspondent bank customers of Winona, Minnesota’s Merchants Bank.
Merchants Bank now has the ability to control both loan programs and loan packages in a customizable pull-down menu, allowing their correspondent banks to easily select the right programs and products.
Prior to this, Merchants Bank needed to review loan packages for discrepancies and then order missing reports and documents.
Previously, Merchants Bank had to review a complex list of required documents from a long list of correspondent banks using a variety of loan origination software, resulting in a lengthy process of checking and double-checking each and every loan package for documents.
In response to this issue, DocMagic created a solution with a customized loan program to meet Merchants Bank’s needs. Correspondent banks can now simply select the correct program and quickly produce initial disclosures and closing documents, increasing efficiency and reliability.
In addition, Merchants Bank can now use DocMagic’s built-in compliance checks, allowing loan packages to be audited for compliance at any point in the loan process.
“Our correspondent banks can now precisely deliver the documents we need,” said Bob Dougherty, mortgage operations manager at Merchants Bank. “Plus the material is easily audited by compliance. For us, this eliminates guesswork and hours to review incomplete loan packages.”