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Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.

Platform Promises Improved Results

Bullseye launched by Mortech

Jan. 31, 2011

By staff

A new platform that links a pricing engine with origination and underwriting systems promises to shorten the amount of time it takes to process and underwrite a mortgage while increasing the likelihood of final approval. 

As a front-end "loan-management system," the newly launched Bullseye is connected to Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector, a news release Monday indicated. The automated underwriting system is customizable based on business-specific needs and doesn't require an expert to establish.

The system reportedly enables loan originators to simultaneously evaluate terms from multiple investors.

Mortech, the developer of the platform and a Mortgage Daily advertiser, claims Bullseye also "creates bi-directional communication with loan origination systems, provides a built-in document management system, simplifies locking routines and advances mark-to-market reporting capabilities in a seamless system-to-system setting."

Mortech said turnaround is expected to slow this year because of new regulatory and verification burdens, and its new system will speed the loan-closing cycle by minimizing duplicate data entry, bringing the point-of-sale and decisioning closer, and syncing communication from pre-lead to closing.

"The Bullseye technology goes beyond a simple plug-in; it's a true seamless integration that connects all critical loan platforms so users are staying in one system," Mortech President Don Kracl explained in a statement. "Our originators can execute all the front-end and underwriting steps without logging in out and out of multiple platforms."

The new offering is part of new technology built in to the Lincoln, Neb.-based company's Marksman pricing engine and lead management system.

After pulling a credit report, the loan can be submitted to an automated underwriting system for a decision and loan conditions that reflect company-specific overlays. With the early decisions, risk is managed and the probability of approval by Desktop Underwriter or Loan Prospector rises "exponentially."

Bullseye also provides secondary desks with increased locking and mark-to-market functionality, according to the announcement. After passing the locks through the LOS, mark-to-market can be run in bulk on demand or on a nightly basis.

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