In recent years, many larger brokers have been attempting to bridge the gap from broker to banker. A key issue faced by these companies is the need to manage their loan data residing in their loan origination systems, and achieve a level of control not available in their internal tracking systems. DataTrac™, from Del Mar Database, provides a total solution for managing the data involved with taking a loan from the prequalification stages of a lead to the final stages of mortgage banking. It not only provides a total database structure accessible to all areas of the banking enterprise, it allows tracking and accountability of changes made to the database, providing that final control element that is missing from more basic tracking systems.
DataTrac’s™ database architecture is 32-bit based, scalable from a small office to a very large enterprise, and is specifically targeted at managing information relating to all aspects of a mortgage banking operation. This capability includes underwriting, closing, secondary marketing, shipping, accounting, insuring, and sub-servicing. DataTrac is also designed to manage the information coming in from a variety of sources, including brokers, escrow/title companies, appraisers, and other inputs that become part of a final mortgage transaction.
The DataTrac system is developed in Visual FoxPro, and provides several different database solutions, depending on the size of the associated enterprise. For lenders who distribute their back-office lending functions across multiple offices, DataTrac can run over a shared server environment, such as Citrix or Terminal Services. Another option for multi-office organizations is to use an enterprise version of DataTrac that leverages Microsoft SQL Server to expose the loan data over a wide area network.
DataTrac provides total control and auditing of data entry into the system, definable by user or department. A “granular approach” allows access control of individual fields, reports, and functions at the user level. Users can be granted full rights, read only, or no access to information, and those rights can change as the loan progresses through the lending process, ensuring maximum data security and integrity of the database.
Del Mar Database’s consulting group can help develop business rules, create custom reports, and assist with the configuration of the multi-level security system to provide a solution customized for each mortgage banking operation.
The reporting function allows near instant access of information through over 350 canned reports provided with the program. Additionally, lenders can easily add custom reports if needed.
Some specific areas managed with DataTrac include:
Underwriting: Approval notices, submission stats, conditions management, suspense and denial notices, and HMDA reporting information.
Secondary Marketing: Lock confirmations and pricing, commitment positions, pools and securities, investor reporting, loan reconciliation, and overall impact on loan pipeline. Later this year, Del Mar Database will be releasing a version that automatically calculates the pricing adjustments for each loan.
Closing Documents: Integrated with a variety of doc drawing programs to eliminate data duplication, reports on docs that have been drawn, manages fees and impound/escrow data, and exports data to outside document preparation services.
Funding: Funding sheets, reports and statistics, and calculation of wire amounts and aggregate impound amounts that are so essential to this type of operation.
Accounting: Broker and loan officer commission calculations and reports, 1098 and 1099 exports, trust account management, purchase advise reconciliation, and warehouse line management.
Interim Servicing: Impound accounts, payment processing, servicer reporting, data export, first payment coupons, and delinquency reporting and account reconciliation.
Shipping: Investor assignment and document packaging, loan status tracking, transfer letters and loan sale notices, and overall pipeline management.
Other: Overall quality control and HMDA, legal document tracking, file room management. The provided Business Intelligence reports give immediate access to the specific information needed, whether it be by specific branch, user, or particular loan.
DataTrac is a Windows based client/server application. The program allows multiple users to update a single loan record simultaneously, while maintaining the ability to audit and track these changes.
DataTrac specifically interfaces with a variety of other parties to the mortgage transaction; allowing it to become the central data hub, while empowering the full use of these other products. DataTrac should be seriously considered by any larger broker making that jump to mortgage banker, or any banker still not enjoying the power of centralized, secure data management.
Product Type: Enterprise loan-management tracking
- A master database “of record” with auditing and security
- Intuitive, easy to use interface
- Extensive reporting capabilities
System Requirements: Windows 2000 Professional, or Windows XP Professional for workstation, Windows 2000 or 2003 Server.
Price: Starting at approximately $20,000, depending on licensing and configuration