DocuTech Corp., a provider of compliance services and documentation technology for the mortgage industry, says that San Francisco-based Parkside Lending has implemented the company's compliant document solution, ConformX.
According to company officials, Parkside Lending chose ConformX, because DocuTech offered compliant documents that required less labor than competitors'. The platform has been customized to enable Parkside Lending to import data directly from its in-house loan origination system into automated loan documents and disclosures. Matt Ostrander, Parkside Lending's CEO, reported that the automated disclosures have already reduced the time spent on them from an hour to one minute.
"Because of the time saved and the lower cost of the documents, ConformX has paid for itself in only a few months," says Parkside Lending CEO Matt Ostrander. "We'll save $40 per loan file that, over the course of the year, will equal hundreds of thousands of dollars. With ConformX automating the bulk of our document tasks, my staff can focus on quality control and sales."
Parkside Lending also cited the guaranteed compliance of the documents as a key factor in selecting DocuTech.
SOURCES: DocTech, Parkside Lending