A monument to successEric C. PeckMonument Mortgage, Internet technology, Calyx Software, iQualify
The state of mortgage technology has changed drastically over
the past 10 years. The development of the fax machine, personal
computer, spread sheet and loan origination programs, and the
Internet have all had a huge impact on the marketplace. But
customers still want that human contact at the other end of the
line when making the single most important investment of their
lives--the purchase of a home.
Monument Mortgage, a FiNet.com Company, is bringing several new
tools and programs to the industry in order to enhance the
performance of the mortgage professional. The San Ramon,
Calif.-based company plans to bring its technological advancements
to the nation's broker community, forge strategic partnerships with
the industry's top service providers, and promote education to
further increase broker knowledge.
Monument, along with Fannie Mae, was awarded the 1998
Computerworld Smithsonian Award in the Finance, Insurance, and Real
Estate category. The companies were recognized for Fannie Mae's
HomePath.com and FiNet's iQualify technology, which were integrated
to provide consumers with online access to home buyer information,
multiple lenders, and loan approvals from Monument Mortgage.
In the coming months, Monument plans to roll out three new
technologies for its customer base, a new and improved Web site
(www.monument.com), a newly-formed strategic alliance with Calyx
Software, and enhancements to the iQualify technology behind
Finet.com.
"The Monument Mortgage Web site has been in existence
approximately 20 months," notes President and CEO Rick Cossano. "It
allows the broker to research programs and check rates online, in
real-time, and lets the broker order docs, submit actual loan
applications, and electronically lock-in loans."
Should a user come across any problems while navigating the
Monument Web site, a unique help menu connects the user to a live
broker liaison. "Users can communicate verbally with the liaison
and be guided through any problems encountered," adds Mr. Cossano.
"In addition, a separate pop-up chat window is also available,
allowing them to chat live with our support staff."
Monument's recently-formed strategic alliance with Calyx
Software will not only expand the company's present user base, but
also embed its technology into an already widely used loan
origination software package, POINT. Monument's pricing, products,
and automated underwriting will be instantly accessible to POINT
users nationwide. Approximately 22,000 out of the 36,000 mortgage
brokerages nationwide are registered Calyx POINT users.
"In the past, in order to access a lender's site, users had to
exit their loan origination software, boot up a Web browser, and
access a lender," explains Mr. Cossano. "Now, with just a point and
a click, users can access our site without ever leaving the POINT
screen."
Lastly, iQualify translates an automated underwriting decision
into consumer-friendly verbiage. Monument hopes to deploy the
iQualify technology to the Mortgage Broker as an instructional
business-to-consumer tool.
"We are working on several strategic alliances with companies
such as LION, Inc. and Ellie Mae to embed the iQualify technology
into pre-existing sites," says Executive Vice President of
Business-to-Business Operations Robert Snow. "By working with these
sites, users can log on, apply online, and receive an automated
underwriting approval 24 hours a day, 7 days a week. When brokers
log on the next day, they will see that they have several approved
loans in their E-mail."
Continuing the trend of education, Monument, through its
partnership with the National Association of Mortgage Brokers
Educational Foundation, will be the primary sponsor of a new NAMBEF
course covering the topic of predatory lending. "When the class is
launched at the end of the year, we'll take it on the road to
NAMB's state affiliates as a tool for brokers looking to fulfill
both educational and certification requirements," states Vice
President of National Accounts and Marketing Jeff Jaye (and
California Association of Mortgage Broker's 2000 Broker of the
Year). AWe feel this course will be prevalent not just now, but in
the years to come because as HR 4213 [the Consumer Mortgage
Protection Act of 2000] moves through Congress, it needs a
companion bill in the Senate, and that will take approximately 2
years.
"By teaching the broker about predatory lending, we are actually
helping consumers as well because the broker will be performing
nothing but fair and honest business practices," adds Mr. Jaye.
AOur education to the brokers will be passed on to the
consumer."
On the NAMB state affiliate level, Monument's dedication to the
industry runs deeper than NAMBEF courses. The company is a member
of every professional mortgage association where they have a state
presence. But Monument pushes its dedication even further.
"Our company's District Managers across the U.S. are required to
serve on either the Membership, Legislative, or Education Committee
of their respective NAMB state affiliate," says Mr. Jaye. "This
clause is written into each District Manager's contract when they
sign on to work here. We also sponsor NAMB affiliate dinner
meetings each month and provide speakers for these meetings. We are
proud of the fact that Monument's sponsorship dollars drive NAMB
affiliates."
Monument Mortgage is truly dedicated to empowering the Mortgage
Broker. Through its products and services, Mortgage Brokers will
find an efficient and professional method of fulfilling their
customers' dreams of homeownership.
