March 5, 2004
VueCentric puts electronic partner network into its MortgageDashboard
Austin, Texas-based VueCentric Inc. says it will roll out an electronic partner network (EPN) tool for use with its MortgageDashboard offering. Operating on its WebOrchestra platform, MortgageDashboard is designed to provide support for “straight through” processing of electronic Mortgage documents, based on the Mortgage Industry Standards Maintenance Organization’s (MISMO) data standards and eMortgage guidelines.
MortgageDashboard offers loan officers a point-of-sale loan origination business process on a Web browser through a simple user interface. But soon, the company says it will offer more.
The new EPN offering, which VueCentric is calling BundleOne, is still under development, is designed to allow smaller settlement services providers to offer a bundle of services to lenders or allow lenders to create a bundle of services from different vendors.
According to Jorge Sauri, CEO and co-founder of the company, the new network will allow smaller companies to remain competitive as larger title insurance companies continue to build out their EPN and bundled service offerings. Many of these title agents currently write policies for larger companies, but Sauri says that if an automated bundling solution is adopted by lenders, it could result in smaller firms losing business.
“At the end of the day, if the business goes to the big company and they go to bundling, they can cut the local guy out,” Sauri said. We believe the local guy knows the market better. We allow the little guy to participate,”The pricing model is still under development, Sauri said.
Because the software the enables MortgageDashboard to provide EPN functionality was created with Microsoft’s .NET framework, Sauri says the BundleOne tool will eventually be offered as a standalone solution to settlement services companies that want to provide bundled solutions.
“We’re building it now,” Sauri said. “The next step is bringing the agency side in. We’ll be contacting them within the next few weeks.”