SAN DIEGO, Calif. (SEND2PRESS NEWSWIRE) — Del Mar DataTrac(R), Inc. (DMD), the leading provider of affordable mortgage lending automation solutions, and an industry pioneer in business intelligence, document imaging and management, and loan process workflow tools, has added three lenders for DataTrac Commission. Formerly referred to as CommissionTrac, DMD’s commission management tool helps lenders maintain commission accuracy, and accountability for RESPA-related fee compliance.
Added to the DMD DataTrac Commissions customer roster are The Legacy Group, a Washington-based lender also operating in Arizona and California; Essex Mortgage, a California-based lender with offices in Utah and soon expanding in the Pacific Northwest; and CMG Mortgage, a California-based lender that offers both broker and mortgage banker services.
“Commission calculations are frequently a source of frustration both for lender management and for loan officers,” said DMD president Rob Katz. “DataTrac Commissions provides total commission transparency, allowing loan originators access to their commission pipeline 24 hours a day, every day of the week through its Web-based system.”
“DataTrac Commissions allows lenders to demonstrate their commitment to calculating originators’ commissions accurately and quickly,” he added, “which contributes to a competitive edge in attracting stellar loan originator talent.”
DataTrac Commissions also allows lenders to set up fee floors in compliance with RESPA, enabling them to catch pricing mistakes before it is too late to make corrections. DataTrac Commissions enables lenders to test “what if” scenarios for compensation plans, allowing them to understand exactly how commissions would be paid if plan changes are adopted – an analysis typically viewed as so complicated that it is rarely done.
City Bank Mortgage, the mortgage banking business unit of $1.8 billion City Bank Texas, implemented DataTrac Commissions in 2009 after discovering multiple instances of misallocated fees and commission over-payments. In 2009 City Bank Mortgage had an almost 50 percent increase over its total 2008 volume of $285 million. As originator productivity and loan volume reached record levels in 2009, maintaining accuracy around commissions and RESPA-related fees became a losing battle.
“During our implementation process we tested the system by running our plans against historic numbers and found all sorts of places where we overpaid commissions,” said City Bank Mortgage secondary marketing manager Tom Couture. “Within the first few days we identified commission payout errors totaling $10,000.”
About Del Mar DataTrac:
Founded in 1991, Del Mar DataTrac (DMD) is the leading provider of affordable loan automation solutions for mortgage lenders, banks, and credit unions. DMD offers a scalable workflow platform that enables lending best practices by leveraging DataTrac as the back-office hub along with a sophisticated point-of-sale system, a Web-based originator portal and commission engine, and a management dashboard – all in a paperless environment.
The DataTrac Suite is designed by mortgage lenders for mortgage lenders who strive to deliver extraordinary customer service, increase production and profitability, reduce risk, and streamline overall efficiency. For more information, visit www.dmdinc.com .
News Source: Del Mar DataTrac :: This press release was issued by Send2Press® and is Copyright © 2010 Neotrope® News Network – all rights reserved.