e-Lending in a Nutshell - Broker

     The Problems      Size of Business and Competition      Turnaround Time      Benefits/Cost Effective      Who Can Use Our Products?      Architect/Demos (Prototype)
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The Problem
The annual cost of an average broker in term of man-hours and operating material may run over $200,000 if not more. The following is a list of some of the items in concern:
Paper Turnaround Time
Xerox/Faxes Dada Entry
Storage of Files Errors and Corrections

Appraisal Process

Computers
Emails/Phone Calls Software & Licenses
Overnight Deliveries Data Backup

Stress

Delay and Lose of Business
Workload Distribution Referrals

With our eCommerce Solution, we will cut such cost by 60% and enable the lending process to become a real-time system with little or no waste, or redundancy. The entire turnaround process can be reduced essentially to a matter of hours.

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Size of Business and Competition
Lending is more than a $200 billion a year business. Considering the fact that interest rates are now at their lowest point in history, business is booming. Lenders, brokers, title companies and a number of other services are all competing, and each is employing the latest technology to secure an edge over the competition. The result is eCommerce systems, which service one or two ends, but does not address the total picture.

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Turnaround Time
From the time a loan officer starts on a file, it may take several days if not weeks to get all the needed documents to one or more lender. Basically, the application can be taken over the phone, and then the game of faxing, xeroxing, emailing, overnight delivering, phone calling and following up starts. It is a race against time and stress can build up especially in peak hours, where several borrowers show up at the same time.

Our approach to such a problem is uniformity and paperless system. Our system is an Internet-based system where all the documents are stored electronically on a web server. Our system will prepare a lender customized file electronically and send it to several lenders with underwriting information to help lender’s underwriters with the file.

Basically, loan officers will fill out applications on the Internet, scan all the borrower’s information into files and upload all to the web server, where they will be processed, added to the file and prompt the system users for errors or missing information. It will be electronically prepared and sent to any lender with the lender’s preferred format.

The appraisal and Title processes will work the same way, where the appraiser/Title Company will use our system and fill out all the information and properties images and upload them the same way to the web sever. It will be processed and added to the file and prompt the system users for errors or missing information.

We have simplified the entire processes with paperless system that has only one database where everyone will be working off. It will eliminate, errors, redundancies and speed the processes to less than half the time it requires to finish the file.

          50% reduction in expenses
          50% increase of production

Loan set up will be totally eliminated or reduced to a fraction of what it is now. Emails and electronic forms will replace faxes, phone calls, copying and the time spent doing these tasks. We are proposing a software package known as a “Calendar”, which will help users with timely tasks and electronic forms. These will replace faxes and phone calls. Time, paper and effort saved using our system, will exceed more than 50% of the actual working hours and material needed to perform them.

Our system will cut the turnaround of the loan processes by more than 50%.


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Benefits/Cost Effective
     Speed the loan processes
     Eliminate redundancies and errors
     Provide paperless processes
     Automate tasks and processes
     Reduce cost
     Reduce workers’ stress
     Increase workers’ productivity
     Web-enable the software system
     Work with a web system that is fast and secure
     Provide statistical information for correcting errors and future plans
     Provide structured management plans
     Provide structured processes

The overall benefit of what is mentioned is at lease:
     Paperless processes
     50% reduction in expenses
     50% increase of production
     Cut the turnaround of the loan processes by more than 50%
     Save time, money, stress and effort

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Who Can Use Our Products?
Our system is a web application that can be customized to perform a number of tasks, which will help any of the players of the loan processes. Brokers, title companies, appraisers, broker franchises, lenders, a software vender, a credit report companies, bankers, investors or business prospectors can use our system to do the following:

     Create a web application
     Speed the business processes
     Become a virtual lender
     Become a full service lender
     Expand and increase the business
     Become a web service providers for brokers, lenders, title companies or appraisers
     Become the middle-man for lending processes

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Architect
To help cut cost and man-hours, the broker software system must be intelligent and address a number of issues such as:

Consistency:
     Electronic file creation
     Customized file submission to each lender
     Reduce errors and missing information
     Consolidate and centralize the workload

Speed:
     Immediate file submission to a number of lenders
     Cutting the turnaround to hours
     Speeding of the appraisal process
     Speeding of Title Company process
     Work distribution

Freedom:
     Work with a secure web system
     Paperless system
     Freedom to work from any place (office, home or borrower’s residence)
     Reduce or eliminate faxing and xeroxing
     Reduce or eliminate overnight deliveries
     Have the option to sell the file to investors

Security:
     Secure system
     Web and desktop application that can store files on server
     Electronic file storage

Broker System Architect


By clicking on the Broker System Architect link, a window with our System Architect and Demo will popup to illustrate all the system components and communication. Loan officers can access the system in two ways. They access the system via the Internet, which give them the freedom to work from office, home, borrower’s residence, or any place. They will scan all the documents needed and stored in the computer and move to the server for processing and submission. They also can work on the system using desktop application and be able to upload files to the server for process and submission - 24 hours a day and seven days a week. Our system can receive emails, fax, text files or images and be able to store and process them and add them to the files. The broker office will have access to the server to download files from the server or upload files to server for processing, submission, storage or backup. The broker’s desktop can be used to zip the files and storage them on CDs as achieves and be free from paper files for good. Our system will customize files to fit lenders format and be able to fax, email or populate the lender’s database if allowed. All broker-lending processes can be done within hours and permanently stored on electronic media for fast and secure processing and storage.