Dorado refreshed its suite of Web Services-based products for home lending on Monday, unveiling updated versions of its ChannelMaster loan origination platform, SourceMaster settlement services and vendor management software, and DocStart document management solution, developed with VMP Mortgage Solutions.
ChannelMaster provides a robust and flexible platform for mortgage loan origination that enables lenders to integrate new capabilities with the point of sale without having to rip and replace legacy software, said Dain Ehring, CEO, Dorado. The combination of our Web services platform and strong partnerships with industry leaders like VMP helps our customers keep pace with market trends without having to suffer through long, expensive integration and development efforts.
The new release extends ChannelMasters loan origination capabilities with Point-of-Sale Accelerators, which shorten loan cycles by enabling originators to complete more processing at the point of sale. For todays lenders, the point-of-sale represents the next battleground for leadership in efficiency, cost reduction, and increased revenue. Traditional LOS systems have no facility for marketing, customer outreach, or improving the customer experience, Ehring said.
With a ChannelMaster implementation, lenders can streamline and integrate numerous steps in the loan origination process as well as move services and information up to the point-of-sale. The result is greater productivity, higher profit margins, and more satisfied customers, he said.
An advanced scenario tool allows loan officers and brokers to quickly generate customer-specific side-by-side program scenarios, speeding the time it takes a borrower to find the right loan product. Support for mobile loan officers allows users to take an application offline, and then upload the application to ChannelMaster once they are back online.
SourceMaster can be easily integrated with ChannelMaster or a lenders existing LOS system to give originators access to the entire settlement services supply chain from the point of sale. The latest version of SourceMaster extends its rules-based settlement services decisioning, ordering, bundling, and vendor management capabilities.
Key new features include QuoteManager, support for The First American Corp.s (NYSE:FAF) Web services-based e-commerce platform, and a new lender-deployed vendor portal. With SourceMaster 2.0, lenders and brokers can now deliver guaranteed closing cost quotes to customers and leverage pricing from a wide array of vendors to ensure the best possible margins.
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SourceMaster represents the apex of lending technology in one application, Ehring said. Combining Web services, a sophisticated decisioning engine, and connections to a vast universe of vendors, SourceMaster puts the entire settlement services supply chain at your fingertips. With the addition of QuoteManager, SourceMaster becomes an unstoppable competitive weapon, enabling lenders to deliver low closing costs up front to consumers with the click of a mouse. And the vendor portal gives lenders complete freedom of choice in vendor selection.
DocStart is a document management solution developed in an alliance with VMP Mortgage Solutions. Through this new offering, Dorado will provide VMPs document management solutions -- including secure Internet document delivery and fraud management -- as a managed service. DocStart integrates VMPs most advanced document system with the loan officers dashboard, enabling immediate printing of a full up-front document package as soon as the borrower has chosen a product.
Dorado and VMP have developed a very special partnership, Ehring said. Our industry-leading Web services platform provides a range of business options for our alliance relationships. We hope to steadily continue filling out our portfolio of available Web services in this way, making it very easy for our customers to have point-of-sale access to the services they need to achieve their best loan execution in every case.
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