Date published: April 1, 2012
Austin, Texas-based 360 Mortgage Group, a privately owned wholesale mortgage bank, has announced the release of Broker Docs, a closing document clearing functionality now available online to all 360 Mortgage Group brokers. This new feature to 360 Mortgage Group's suite of proprietary online origination tools is expected to shorten closing time by at least 50 percent, according to the company.
Developed by 360 Mortgage Group Chief Operating Officer Andrew WeissMalik, Broker Docs automatically and instantaneously delivers closing instructions to a closing agent whenever a broker submits a documentation order request and a "clear to close" order has been issued within the file. This allows closing agents to work on a file prior to having a 360 Mortgage Group closer review it, thereby reducing the time required to close a file.
"Instead of having to wait on our staff to process a doc order request and deliver closing instructions to the closing agent, now the originator stays in control of the delivery of closing instructions," WeissMalik said. "As far as we can tell, no other wholesale lender is offering this kind of tool to its brokers."
"360 Mortgage Group does not hire anyone it can't explicitly trust to deliver zero-defect, salable loans," WeissMalik added. "We have built our technology platform with an eye toward putting as much control as possible in the hands of our brokers, and our minuscule default rate demonstrates that trust has not been misplaced."