Brand Mortgage Taps DMD DataTrac to Support Bulk Mandatory Secondary Strategies
Company
Licensed to lend in 17 states, Brand Mortgage is the three-year-old mortgage lending unit of Georgia community bank Brand Bank. Under the leadership of a new capital markets executive, the lender is building an operational infrastructure that will help drive its evolving secondary marketing strategies.
Challenge
Brand Mortgage is moving away from selling individual whole loans to their investors to a bulk/mandatory transaction strategy, which must be supported by its loan processing automation system. Managing operations with its liquidity resources and secondary destinations in mind were key requirements for Brand Mortgage as it evaluated technology alternatives.
Also, due to its expanding decentralized, multi-state originator operation, Brand Mortgage needed its business to run on a single platform that would consistently apply business rules, quality control protocols and risk management guidelines.
Solution
Brand Mortgage selected DMD’s DataTrac front and back office workflow solution, and paperless electronic document management tool, to support its secondary strategies.
Results
According to Brand Mortgage’s senior vice president of capital markets, Mack Mullins, DataTrac’s rules-driven workflow management system enforces Brand Mortgage’s lending standards across the business to allow only fully-compliant, zero-defect loans to advance through their process. Loan files that meet the lender’s internal policy guidelines move from origination to underwriting to closing to fulfillment to secondary in the optimum timeframe with the expected profitability.
DataTrac not only supports Brand Mortgage’s proprietary processes but also provides a best practices framework that serves to perfect those processes, Mullins explains. Its back office production tools allow Brand Mortgage to manage loan fulfillment, warehouse line transactions and investor follow-up with precision and efficiency that translate into consistent profitability.
“DataTrac’s rules-driven workflow provides an unblinking, relentless guardian for ‘by-the-book’ lending,” said Mullins. “This is an absolute must for mortgage lenders that want to succeed in today’s capital marketplace.”
“Without DMD and its suite of workflow watchdog tools, I would not have undertaken such an ambitious plan to overhaul the Brand Mortgage capital markets approach,” said Mullins. “In fact, I’m not sure there is even an alternative that would have allowed us to manage the transformation.”
In addition, Mullins said that DataTrac Electronic Document Management (EDM) tool enables the creation of paperless files that move seamlessly within the DataTrac workflow in an easy-to-monitor secure format.
“DataTrac not only supports Brand Mortgage’s current processes, but also provides a best practices environment where those processes can evolve and adapt – allowing Brand to realize the full value of its lending process automation solution,” Mullins explains. Now, he says, Brand Mortgage is poised to capitalize on its more ambitious investor strategies.
“Brand Mortgage expects steady growth over the next five to ten years,” said Mullins. “We selected DataTrac as our lending workflow platform because we are confident it will not only enable our business expansion, but also will support the lending operation Brand Mortgage is destined to become.”
“From experience, I know the DMD system can support $5, $6, $7 billion in annual mortgage production with the type of secondary marketing strategies Brand has undertaken,” he said. “I am 100% confident that DataTrac will support Brand Mortgage’s virtually unlimited growth in a market where quality control is everything.”
“Additionally, we completed an in-depth evaluation of DMD as a vendor and feel confident that with their nearly 20 years of experience and profitable track record they will be here to support us for a long time to come,” Mullins concluded.
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