Interlinq Software has formed a steering committee to provide valuable hands-on input as it finalizes MortgageWareE3, its next-generation lending platform. The steering committee, composed of key lenders and industry experts, met last month in Chicago to confirm timelines for design review and testing of the new platform.
MortgageWareE3, available first quarter of 2003, is a Web-based platform that provides critical workflow, integration and connectivity across the mortgage supply chain, enabling trading partners such as appraisers, lenders, mortgage insurance companies, and others to realize new efficiencies.
The steering committee is composed of some of the most respected lenders in the industry, including Market Street Mortgage (Clearwater, Fla.), Mortgage America, Inc. (Birmingham, Ala.) and Salem Five Cents Savings Bank (Salem, Mass.). In addition, members include industry experts Richard Beidl, an internationally recognized consultant and analyst based in Norwood, Mass., and Jeff Lebowitz, president of Mortech, a research organization based in Silver Spring, Md.
Supply chain integration and business process management are the next steps in mortgage lending, according to Sue Ellingson, vice president of loan production products at Bellevue, Wash.-based Interlinq. "We've received positive feedback on the features we've developed so far, as well as on the overall design of the MorgageWareE3 system."
Many lenders on the steering committee have already signed contracts for MortgageWareE3, including Market Street Mortgage, McAfee Mortgage, Republic Mortgage Home Loans, Primary Capital, Security National Mortgage, and Wallick and Volk Mortgage Bankers.
"Giving our customers the opportunity to lend their real-world expertise not only helps Interlinq deliver what will be the best lending product in the market, but is another way we can show appreciation to our
customers for their loyalty and support," according to Michael Jackman, president and CEO of Interlinq.
Separately, Interlinq and NetUpdate, Redmond, Wash., are providing mortgage originators using Interlinq's MortgageWare system with access to NetUpdate's Originator Pro Web-based point-of-sale tools, enabling originators and their back-offices to share information, simplifying and accelerating the lending process.
By allowing each person involved in the transaction to interactively share information, documents, and communication in a managed fashion, NetUpdate solutions reduce transaction time, streamline back-office processes, and provide improved customer satisfaction.
Within Originator Pro, mortgage professionals can take a complete application, pull credit, and submit to automated underwriting. The loan file can be automatically downloaded into MortgageWare systems for completion of the loan process.
Processing status will also be automatically available to the borrower, originator and realtor on personal, secure Web sites throughout the lending process.
Interlinq is reselling Originator Pro as part of its existing MortgageWare Enterprise product suite and with MortgageWareE3, which will be released early next year.
"We created this partnership in response to clients' needs for more effective integration of lending sales channel participants," said Jackman.
NetUpdate customers and partners include National City Mortgage, CBC Companies, Countrywide, Eagle Home Mortgage, Flagstar, Fannie Mae, Freddie Mac, DEXMA, Onyx Software, Sollen and The Performance Group.