LOS Technology: Cherry Creek Saves Big with DataTrac

Greenwood Village, Colo.-based Cherry Creek Mortgage Co. has realized significant return on investment since deciding to implement DataTrac put out by Del Mar Database, San Diego. "We had implemented a different software package and it wasn't working well for us so we started looking at alternatives," said Mike Hole, CIO at Cherry Creek. "We have a sister company that had just started their implementation of DataTrac at this time. They were very excited about it and after checking with them and researching their rationale, we decided to go with the solution as well."

What makes this deal unique is that Cherry Creek had an end-to- end solution that it scrapped for DataTrac. "Cherry Creek had previously purchased an end-to-end solution in a seven-digit decision from what I understand," said John Walsh, president at Del Mar. "They were a year into the implementation and it wasn't working.

Cherry Creek quickly realized that the implementation process with DataTrac was very different when compared to the failed effort with the previous vendor. "Implementation was pretty easy," said Mr. Hole. "Switching software products is never a task that we enjoy doing," he noted. "With our prior product it took a team of a dozen people six months. We did the same thing with DataTrac and it took about 120 days with two people working part time on it."

Cherry Creek uses DataTrac only in its corporate headquarters. The application is used to handle secondary marketing, underwriting and to serve as the lender's database of record.

At the end of the day, Cherry Creek has realized time and cost savings with DataTrac. "It's a lot easier to use when compared to our previous vendor," Mr. Hole reported. "It was also 1/10th the cost. The support costs have gone down as well," he concluded. "We've saved at least one full-time employee in terms of support cost savings."

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