Pittsburgh Post-Gazette (03/19/08); Green, Elwin
Using software from Dexma, Atlantis Financial Services Inc. of Franklin Park, Pa., offers a paperless mortgage and speedy approvals at ASAPmortgageonline.com. Prospective borrowers simply input income, debts, assets, the type of property they wish to buy, the home price and other requested information; and the software creates a list of suitable mortgage products. Once the consumer chooses a mortgage type, the system reviews the application for HUD compliance and transmits an approval or denial in about 10 minutes. While roughly half of applications do require interaction with a customer service representative, Atlantis CEO Dave Nearhoof says the system eliminates the temptation for employees to "massage an application in order to gain mortgage approval" because all information must be input by the consumer. Harry Gardner, vice president for industry technology at the Mortgage Bankers Association, says paperless systems do not eliminate the need for human interaction. He explains, "What you are doing is leveraging the ability to manage the documents electronically. You now can communicate even better with your borrower—for example, by sending documents in advance so they're not surprised by a 2-inch pile of paper."
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