Dorado Corp., a San Mateo, Calif.-based Web services provider that specializes in demand chain management for home lending, and St. Cloud, Minn.-based VMP Mortgage Solutions, today announced the availability of a new service based on the Dorado .MOR platform.
Available through Dorado ChannelMaster, the service is designed to provide loan officers and other originators with printable Good Faith Estimate (GFE), Truth in Lending (TIL), and other documents and disclosures required within 72 hours of application. The document control and production system that is based on VMP’s RAKIS solution and enabled with VMP’s lending documents. RAKIS is a print server designed to expedite the printing of form documents.
Dorado and VMP also announced today that they have extended their .MOR Web Services agreement to include closing documents, such as the HUD-1, the mortgage note and security instruments. Closing documents will be available as a Dorado .MOR Web Service later this year, the companies report.
As a Mortgage Industry Standards Maintenance Organization (MISMO) 2.1-compliant Web service, the document service leverages Dorado .MOR Server and is hosted in the Dorado .MOR Web services Center. It is designed to be rapidly and economically integrated with existing legacy systems while maintaining maximum security and privacy.
“We are pleased to extend our agreement with Dorado to include closing documents in their .MOR Web services offering,” said Norman Tononi, executive director for VMP and the mortgage business unit of Bankers Systems Inc. “Now the full complement of VMP’s documents is part of Dorado’s demand chain management solutions.”
“Offering both up-front and closing documents as .MOR Web services will enable lenders to rapidly implement and access these services as integrated parts of their overall system. On-demand access to critical mortgage services will help lenders achieve best loan execution in every case,” said Joseph W. Jennings, president, Dorado.
Do you have a comment or question about this article or the ASP industry in general? Speak out in the ASP Discussion Forum.