Data-Vision Inc., a Mishawaka, Ind.-based provider of Internet lending technologies, has released a new version of its LoanQuoter software.
LoanQuoter allows lenders to facilitate the mortgage loan application process through their consumer-facing Web portals, and the new LoanQuoter Version 7.02 marks the software's evolution from an online application system to a consumer-based point-of-sale solution, according to the company.
With LoanQuoter v7.02 incorporated into lender Web portals, mortgage applicants receive electronic disclosure documents online immediately. Once an online application is completed, LoanQuoter v7.02 uses the information from the loan application and pre-programmed data tables to automatically create and deliver the Truth in Lending statements, good-faith estimates and servicing disclosures. Previously, originators generated disclosure documents in their loan origination systems, taking up to three days for the disclosure documents to reach applicants.
In addition, the disclosure documents delivery functionality now available in LoanQuoter v7.02 helps originators track their compliance with RESPA requirements by providing an electronic audit trail.