Market Analysis: We Are All Connected

*We Are All Connected*
**By Tony Garritano**

***As talk about the elections in Greece this weekend heat up I’m reminded of how connected we are. Something that happens far off in Greece could spur another world economic crisis. The mortgage process is similar. Some lenders think about it as an assembly line, but it’s not because several steps can and should be happening at the same time. Originating a mortgage is more about constructing parallel workflows instead of a traditional assembly line. In order to do that though, technology has to connect all the players. Along these lines, PROGRESS has learned that ISGN has launched new integrations to Gators, its browser-based settlement services and vendor management system that enable the system to auto-populate HUD forms, automate calls to vendors, and export title data onto customer XML fields, among other features. Here’s the details:

****Gators technology provides automated and customizable workflow management tools that allow Gators customers to streamline the settlement process. The new integrations with Medallion Analytics, Voxeo and RedVision will generate substantial time and cost savings while increasing productivity for Gators customers in appraisal, title and closing services.

****ISGN’s partnership with Medallion Analytics enables Gators customers to significantly reduce the time to create the HUD form while lowering overhead costs and improving quality. Its technology extracts and analyzes data from the lender’s closing instructions and then auto-populates the HUD form in around seven minutes. On average, it manually takes about 30 to 40 minutes to fill out the HUD form. The Medallion integration also provides a post-closing audit tool that automatically un-stacks the executed closing package and scans for any missing documents or signatures. It then restacks the executed documents according to the lender’s requirements and delivers the package electronically. This product is essential for managing the unpredictable settlement services order volume at the end of every month.

****The Voxeo integration provides automated dialing and texting services. Customers can auto-assign their appraisal and closing orders to vendors without having to confirm if vendors received and accepted the order. The Voxeo system automatically calls vendors in order of preference for specified locations. If a vendor is not available the system will automatically call the next vendor in line until the order has been successfully assigned. The texting component of the system empowers Gators customers to more easily communicate with vendors that are out in the field.

****Gators also has integrated with RedVision, a real property research solutions firm that delivers a suite of title search products and municipal tax services. RedVision uses its own proprietary software TitleVision for all of its plant-based orders within certain counties and municipalities and Gators for its non plant-based orders. With the integration, RedVision can export all of its XML fields from both TitleVision and Gators onto the XML fields of Gators customers. This integration significantly improves productivity and quality by eliminating the risk of re-keying errors.

****“The new Gators integrations provide the next generation of value added services that allow settlement companies to further automate and streamline their workflow process,” said Ankush Dham, director of technology solutions for ISGN. “For instance, if a Gators customer needs an appraisal or closing order completed right away, the new Voxeo integration will expedite the order assignment process by automatically placing a call to the vendor in a specific county to confirm order acceptance. These integrations are just a sample of the many strategic initiatives we have on our product roadmap.”

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.