Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Technical Success

Technical SuccessData-Vision project record first quarter

March 18, 2008

By SAM GARCIA

DALLAS — The first quarter of 2008 is turning out to be the best ever during Data-Vision Inc.’s 15-year history. The mortgage technology provider has seen a surge in refinance activity.

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.

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION