Bringing Business Innovation to Life explores today’s technology, Particularly the innovations in web has reinvented the way of mortgage companies’ process loan application information and how they are changing the way financial institutions do business. In manual system the mortgage industry business processes involves Prequalification Process, Mortgage Application, Documentation Review, Property Appraisal, Mortgage Approval, Mortgage Calculator, Mortgage payment and interacting with other industries to validate the loan calculator applicant’s data. But the recent trends in consumer demand for faster loan approval and cheaper fees, the mortgage companies are under intense pressure to reduce cycle times and close deals faster resulting in need to automate more and more of the lending process.
Fortune Technologies provides the mortgage solutions outsourcing, which has remained comprehensive, affordable and easy-to-use software to improve loan origination, tracking, and closing with the extra support and service community financial institutions deserve. Our employee’s expertise in handling the development of workflows for the system, when a new loan is applied for, a new workflow is created to handle the loan, and this workflow will initiate tasks into the mortgage staff’s work items, which will then initiate the loans and will trigger JMS messages, to interact with the necessary governmental agencies, on the loan applicant’s background. Workflows along with some integration management tools allowed loans to flow through defined business and federal rules, while at the same time integrating the systems with third parties to collaborate on loan application data verification and validation.
Fortune Technologies solution accelerated the mortgage origination, mortgage payment, processing, and servicing while cutting costs. Also minimized the manual steps involved with credit scoring, underwriting, and pricing. Additionally, built rich Internet applications (RIAs) for internal and customer-facing processes to apply and view the progress of their loan online. Mortgages processed electronically from point of sale to closing have shown savings of $1,200 to $1,500 per transaction, according to the eMortgage Alliance.
TIBCO BPM (TIBCO InConcert Workflow server and TIBCO Integration Manager).