Mortgage Daily

Published On: March 18, 2008
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.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN