SAN DIEGO, Aug. 3, 2004 (PRIMEZONE) -- ProLender Solutions, Inc., a software publisher for the residential mortgage industry, announces the integration of MERS functionality within its ProLender Mortgage Banking Software package.
Through the ProLender MERS interface module, users can register, transfer, update or deactivate a single loan or batch of loans in the MERS(r) System directly from ProLender, without having to re-enter the loan information. The user-friendly interface makes the registration and transfer process intuitive and simple. ProLender automatically generates mortgage identification numbers (MINs) and transmits all necessary loan data to the MERS System at the users' request.
"ProLender is an ideal software solution that encompasses the entire mortgage lending process from setup to accounting," comments Kevin Roczey, President of ProLender Solutions, Inc. "The MERS functionality within ProLender eliminates errors and decreases data entry time up to 25 hours per month. It also assures that the data being transmitted to MERS is accurate and complete -- reducing costly errors and delays."
"We are pleased to be working closely with ProLender Solutions," said Gary Vandeventer, Vice President and Director of Product Integration. "Data integrity is extremely important to successful loan registry. When a loan is registered using ProLender, we're assured that the loan data provided is complete and accurate. It saves both the broker and our staff at MERS considerable time. Integrating automated data exchange through ProLender with MERS moves the industry even closer to its 'paperless' goal."
Registering loans with MERS saves an average of $22 per loan. ProLender clients save even more by automating their entire lending operation -- reducing data entry time by having their entire staff work from one system of record and giving them immediate access to time-critical loan information. "With a large portion of the mortgage lending industry still using spreadsheets and archaic systems to manage an ever-increasingly complicated process, we saw a real need for an integrated, automated system that simplifies and integrates the entire loan management cycle," says Roczey.
To learn more about ProLender, visit www.prolender.com or call (619) 258-3595.
About MERS
Based in Vienna, Va., MERS is an electronic loan registry created by the real estate finance industry to eliminate assignments when trading mortgage loans. Borrowers name MERS as mortgagee and nominee for the lender on deeds of trust and mortgages that are recorded in the county land records. Lenders then register the loans on the MERS System and electronically track changes in servicing and beneficial ownership rights over the life of the loan.
About ProLender Solutions, Inc.
Headquartered in San Diego, California, ProLender Solutions specializes in development, sales and support of premier software solutions for the mortgage banking industry. The flagship product, ProLender, is an affordable alternative to spreadsheets and other partial solutions. ProLender takes a full lifecycle approach to the mortgage lending process. Its solutions manage millions of dollars in mortgage loan transactions across the U.S. Unparalleled customer service and decades of accumulated mortgage industry experience makes ProLender the solution choice of small and medium lenders.