SALT LAKE CITY--(BUSINESS WIRE)--Jan. 29, 1996--Dynatek, Inc. announced today that it is the first vendor to successfully integrate the embedded point-of-sale underwriting interface from Fannie Mae's Desktop Underwriter version 2.10 into its Windows(R)-based MorVision Mobile Loan Office (MLO)(TM) mortgage origination software.
MORNETPlus(R), Fannie Mae's value added network (VAN), provides the direct communication link between MorVision's MLO and Desktop Underwriter to further streamline the automated underwriting process. Crossland Mortgage Corp. successfully tested the interface today by producing the first loan submitted from MorVision's MLO to the Desktop Underwriter for an underwriting decision. The Salt Lake City lender originated more than $2.8 billion in mortgages last year and has a servicing portfolio in excess of $10 billion.
David Brashear, Vice President of Technology and Product Development for Fannie Mae said, "The embedded interface automatically converts files transferred from MorVision's MLO into the Desktop Underwriter compatible format. Fannie Mae's MORNETPlus enables MorVision MLO users in the field to bypass underwriters and processors at the home office so they can receive direct underwriting decisions within minutes."
Clicking the Desktop Underwriter icon in the MorVision MLO software initiates file transfer. The file contains applicant lending information and is electronically converted and sent to Fannie Mae for an objective underwriting decision. Once the loan is accepted or referred, the decision is sent back to the loan officer in the field in as little as four minutes. The MORNETPlus provides the distributed (POS) processing, editing and underwriting capabilities for real-time transactions and services.
Gary Pence, Vice President Information Technology, Crossland Mortgage Corp. said, "The interface gives our loan officers instantaneous underwriting capabilities at the point-of-sale. All the necessary origination tools are placed in the hands of the loan officer to make the origination process simpler, faster and less expensive."
Crossland Mortgage will provide laptops to loan officers with the MorVision MLO software and carefully monitor their progress with the direct connection to Desktop Underwriter.
Jack Luhtanen, President of Dynatek said, "Embedded point-of-sale underwriting interfaces are the next wave of products to revolutionize the way we do business in the mortgage industry. The latest communication capabilities enable Windows-based applications to incorporate interfaces directly to the agencies for full file transfers and transactions. This provides maximum efficiency while significantly decreasing turn around time."
Dynatek's MorVision software serves as the cornerstone for its Mobile Loan Office MLO concept which enables a loan officer in the field to take an application, capture it electronically, print the initial disclosure documents with a portable printer, and request and receive an electronically transferred credit report. Loan officers can also process all types of mortgage loans and complete the pre-qualifying, good faith estimate through electronic transfer of information.
"The borrower will ultimately benefit from this new interface," continued Luhtanen. "Immediate, point-of-sale approvals during their first consultation with a loan officer enables borrowers to concentrate less on the procedures associated with mortgage lending and more on moving forward with the purchase of a new home."
Dynatek provides mortgage origination solutions for all sizes of financial institutions nationwide. Founded in 1986, the company offers software products for every aspect of mortgage lending from mobile loan originations to large multi-site wide area network centers. Dynatek serves 1,200 mortgage bankers, mortgage brokers, credit unions, commercial banks and savings institutions nation wide. Customers include, BancBoston Mortgage, Signet Bank, Ryland Mortgage, Riggs National Bank, First Federal of Michigan, and Crossland Mortgage Corp.
For more information on Dynatek, Inc. or MorVision, contact Jack Luhtanen at (800) 462-5545, via fax at (313) 462-4859, or write to Dynatek, 17197 N. Laurel Park Drive, Livonia, Michigan 48152.
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