Technical Success

The Mishawaka, Ind.-based company saw around 70,000 to 80,000 transactions during February, President Randy Schmidt said during an interview Monday at the Mortgage Bankers Association National Technology in Mortgage Banking Conference & Expo. A majority of the transactions it processes are closing documents, but point-of-sale disclosures in PDF format are also a big part of its business.

“This will probably be the best first quarter we’ve had in our company history,” Schmidt said. “We’re seeing volumes now, in January and February, that were bested only by … July, August of 2003 — which was during the big refi boom.”

“And March is on track to be very similar,” he added.

He noted that while they have increased their market share, much of the latest activity is the result of a mini-refi boom as borrowers take advantage of recent rate cuts by the Federal Reserve and try to get out of their adjustable-rate mortgages before they reset. He explained the company was never involved much in nonconforming business.

“From our side, it’s been a very good year.”

Among Data-Vision’s more than 200 customers are credit unions, community banks and small- to mid-sized lenders. This segment primarily uses the LoanQuoter point-of-sale service. Larger lenders use the RemoteDocs closing document services. Average originations are probably around $1 billion annually.

The company recently released LoanQuoter v7.02, which integrates the digital disclosures into a point-of-sale system utilizing the originator’s fee structure.

“When a consumer goes online, not only can they apply [and] get an instant decision from the GSE’s, as soon as they’re done, while they’re still online, it will actually pop up their good faith, their Truth-in-Lending and servicing disclosures.”

Schmidt, who has been involved in mortgage information technology for 25 years, said he has seen demand for loan modification services increase recently, and his company already has the technology and interphases in place to accommodate loan modifications. He expects to roll out a service for this fairly quickly.