System Takes Drudgery Out of Application Processing

In mortgage processing, speed is paramount. No where is this more apparent than at FSB Funding, a mortgageprocessing subsidiary of Cincinnati-based Findlay Savings Bank. Since adopting the Mortgage Builder loan origination system for its Midwest operations, FSB is processing a loan application in about fifteen minutes-a far cry from the hour-and-a-half it took under the old system.

"Before, we had to put all of the information in the system and print it," said Jim Mahoney, executive vice president at FSB, noting that the lender is now handling about 250 mortgage originations a month.

Besides streamlining the lender's mortgage processing, the new software has helped strengthen its position in the marketplace. By eliminating the need for loan processors to re-key information for different forms, and by automatically generating daily reports, the new system has saved FSB precious time, which translates into dollars. "Speed is key," said Mahoney. "It's so quick, we have the ability to run daily reports that we used to not be able to do."

"The turnaround time is the most important thing," he added. "It all comes down to customer service. If we don't service what we have out there, we lose them."

Designed by Michigan-based Mortgage Builder Software, Windows-compatible Mortgage Builder provides processing, closing, and underwriting capabilities, plus post-closing services like document tracking, warehousing, HMDA and 1090 reporting. A user-friendly interface offers a series of prompts to which a loan processor responds; it then generates all of the necessary forms and paperwork-including the loan application, the Truth in Lending statement, and all disclosure statements.

FSB had been using an older software system produced by Mortgage Builder Software's parent company. The cost of the new software-including installation, implementation, and training-was about $20,000.