Freddie Mac Verifies Data-Vision’s LoanQuoter™.com for Private Label Consumer Lending Websites
by John Dempsey, Vice President-Sales, Data-Vision, Inc

For Immediate Release
Contact: John Dempsey

MISHAWAKA, Ind., March 5, 2004 - Data-Vision, Inc., a leading provider of electronic document delivery services, has created a new interface with Freddie Mac’s Loan Prospector automated underwriting service. 

The interface enables mortgage lenders who have private label, mortgage lending websites to get faster underwriting decisions to online loan applicants. This is only the second vendor to offer this type of interface to Loan Prospector. This means lenders who use Data-Vision’s LoanQuoter™.com can let consumers know in seconds whether their mortgage loan is approved.

Previously, lenders would take an application and input the data to their Loan Origination Software (LOS), before submitting it for automated underwriting review. With this new service, the consumer comes to the lender’s website, fills out the online application and receives an on-line loan decision from the lender within minutes.  And the lender knows immediately if it’s eligible for sale to Freddie Mac.

For consumers, an online response means they don’t have to loan shop for approval and lenders have an instant conforming qualification prior to going through full loan processing. As a result, lenders will experience fewer lost loans or squandered revenue with the LoanQuoter™.com interface.

“The interface gives lenders a private label, consumer-facing website that feeds back into their LOS system of choice,” says John Dempsey, vice president of sales for Data-Vision. “By using it on the back-end, data from consumers feeds right into the LOS as lenders continue processing the loans,“ he says.

The new interface may be used by the company’s 200 lender-customers.

“This new interface to Loan Prospector will help lenders make faster underwriting decisions, further streamlining the loan origination process and giving their borrowers the quick answers they want,” says Marcia Davies, vice president of product marketing and communications for Freddie Mac.

“The Data-Vision service represents yet another way for lenders to access Freddie Mac’s Loan Prospector automated underwriting system,” Davies adds.

 Response to customer requests

According to Dempsey, the interface meets lender requests for an electronic channel to take consumer-based online mortgage loan applications that tie their LOS to Freddie Mac’s Loan Prospector’s automated underwriting service.

Acting as an Application Service Provider (ASP), Data-Vision custom builds, hosts and maintains private label, lender-controlled and lender-branded websites that link to Loan Prospector.

For Data-Vision, Dempsey adds, “this means more functionality for our clients, allowing them to provide an instant response to their customers in a safe, secure manner, using widely available SSL (Secure Sockets Layer) technology.”

LoanQuoter™ customer David T. Garrity, vice president, mortgage banking, The Grange Bank, Columbus, Ohio has found the service speedy to use.

“I was able to create a fully functional mortgage website in a short period of time. From initial training to when we were ready to go live was less than 30 days,” Garrity says. “Total time put in to create the site was just a few days. It was very easy to do and didn't take much effort on our part.” Garrity praises the flexibility and functionality of LoanQuoter™ and likes the fact that his bank was able to customize for its corporate site – “so we can have a unique look and feel.”

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About Data-Vision, Inc.

Incorporated in 1993, Data-Vision focuses exclusively on the mortgage and banking industries.  Data-Vision offers RemoteDocs™.com, a mortgage website service known as LoanQuoter™.com and DisclosureDocs.com.  Data-Vision focuses on harnessing the power of the Internet by providing tools that allow efficiency and productivity for the mortgage industry.  One of Data-Vision's strengths is the ability to design and implement solutions for the lending industries.  It also is the only national provider with online, real-time editing capabilities, instead of weekly by-appointment access to document changes. Maintenance and hosting fees are paid monthly, rather than on a long-term contract basis for increased flexibility.

For further information visit www.d-vision.com.

For media inquiries contact John Dempsey, Vice President of Sales, Data-Vision, Inc. at 877-468-3627, send a fax to 574-243-8630, e-mail to sales@RemoteDocs.com, or write 520 Park Place Court, Suite 200, Mishawaka, IN 46545.