Dynatek Inc., a mortgage automation software company, has upgraded its product line in a way that will allow bankers to process and track loans more easily and more quickly, the company said.
The mortgage origination software, Express Plus2, now uses a relational data base, called Btrieve, which Dynatek said improves overall system performance.
The Livonia, Mich., company also said the new version gives loan officers the ability to more easily customize the product to their institution's particular mortgage requirements. One new option, for example, allows users to track loan fees automatically.
The software can perform 21 functions, from loan application to closing. Functions may be purchased individually or as a package. The standard cost for 10 users is $12,000, said Jack Luhtanen, president of Dynatek.
Remote Access
Express Plus2 is designed with some client-server capabilities. The application can be accessed from remote workstations, such as portable or laptop computers.
"We think it is the first time a software vendor has come up with a way to let end users tailor the software without affecting the base software module," Mr. Lutanen said.
He added that the use of the Btrieve data base allows faster retrieval of loan information, which is particularly important to larger vendors.
Mr. Luhtanen said his company, which has $3 million in annual sales,is targeting both large and small lenders as customers, including those who now use the earlier Express technology, such as Bank of Boston and Signet Bank.
Big Volume
CrossLand Mortgage Corp., based in Salt Lake City, tested the new version of Express. "We love it. It's up and going," said Gary Pence, vice president of information services.
With the recent mortgage boom, "Every month has been a record-breaking month in loan production," Mr. Pence added. The consensus at CrossLand, he said, is that it could not have handled the volume using its old system.
Mr. Pence listed several benefits since the company began to convert to Express Plus2 in July, including a loan balancing feature designed specifically for CrossLand, the simplicity of editing the application to fit its needs, and the ability to integrate the system with accounting and other software systems.
Another time-saver, said Mr. Pence, is a sorting function that elimates the labor intensive process of tracking down FHA loans identified only by the loan number.
He noted that several Express Plus2 functions are still being implemented.
Although competing products with similar capabilities are available, Mr. Pence said CrossLand chose Dynatek because of the company's willingness to tailor the software to CrossLand's request.
