Mortgage Daily Logo
mortgage news from industry experts

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

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

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

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION