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ORLANDO, Fla.--About 300 mortgage companies that use servicing software from Newtrend here or origination software from FiTECH Systems Inc. stand to gain from the creation of an interface between the packages.
Newtrend will market the Greensboro, N.C., company's origination software to users of its Miser2 servicing software, calling the integrated versions Miser2 PC Mortgage Loan Origination Systems.
The benefit to mortgage lenders is the ability to cut out a layer of staff which is required--even on compatible systems to oversee the flow of information from the origination to the servicing system, said Charles Welsh, vice president of FiTECH. Unless specific interfaces are created, glitches occur because of variation in information formatting, he explained.
"Usually a whole department is needed for this, but if you can streamline the process you cut out a whole step," he said.
FiTECH launched PAL, a laptop origination system, earlier this month which also will connect to Miser2.