DocuTech adds 89 customers, substantially enhances product in 2008MortgagePress.comDocuTech, compliance services, mortgage documents, ConformX
Idaho Falls, Idaho-based DocuTech Corporation (DocuTech), a
leader in compliance services for mortgage documents, has added 89
customers to its roster of mortgage lenders in 2008 using services
to automate document compliance and reduce costs associated with
generating documents, managing disclosures and checking documents
for regulatory compliance. The company also released a new,
expanded version of its flagship product, ConformX, and enhanced
the company's management team.
Despite a slow market, DocuTech continues to add lenders seeking
compliance services for mortgage documents. In July, San
Francisco-based Parkside Lending, one of 33 customers added during
the third quarter, signed with DocuTech because the company offered
compliant documents that required less labor than competitors.
"Because of the time saved and the lower cost of the documents,
ConformX has paid for itself in only a few months," said Matt
Ostrander, CEO of San Francisco-based Parkside Lending. "We'll save
$40 per loan file, which over the course of the year will equal
hundreds of thousands of dollars. With ConformX automating the bulk
of our document tasks, my staff can focus on quality control and
sales."
Other new customers selected DocuTech because of the automated
eDisclosures that eased the regulatory burden from new
regulations.
In September, DocuTech released the newest version of ConformX,
which generates compliant closing documents from any Internet
connection. The upgrade provides lenders more automation and fewer
screens to complete closing documents. It also pulls data directly
from a lenders loan origination system (LOS) and runs data
integrity, high cost checks and predatory lending checks on the
loan. DocuTech's legal compliance staff automatically updates the
program with new regulations, eliminating time-consuming document
maintenance.
DocuTech also enhanced its management team by adding Philip
Mikolaj as chief technology officer in August. Mikolaj brings more
than 10 years of mortgage industry experience and technology
expertise and will be responsible for developing, testing and
expanding DocuTech's key products: ConformX, Fulfillment Center and
HCL/PredCheck. He will also be responsible for managing the
company's internal IT functions.
"DocuTech remains committed to providing the most up-to-date
mortgage document compliance updates in the industry," said Ty
Jenkins, CEO of DocuTech. "Our customers receive the best of all
worlds--their documents are always up-to-date and accurate, and
they can generate those document with fewer resources than other
providers."
For more information, visit www.docutechcorp.com.
