The Mortgage Exchange Financial Services
The Mortgage Exchange in Beaverton, Oregon, arranges loans on commercial and residential properties and funds these loans with private lender funds. They also service contracts for individuals who created a seller-carry back loan when selling real estate. Caught in a Y2K dilemma they discovered that the custom software they had been using for years would soon become unusable, they began searching for Y2K ready software. Their search led them to a software system, which they soon discovered was seriously flawed. Eventually they were told that the vendor was abandoning the product and would no longer support it, leaving them with no recourse but to find another solution.
After reviewing The Mortgage Office, they felt that the system would handle all of their loan servicing, trust accounting and ACH transmissions and they purchased all of these modules in a multi-user configuration.
Although their original intent was to have their data converted, auditing revealed that it was too corrupt and had to be recreated. It only took one month for the staff to re-enter all of their loans and recreate several months of history so that they could accurately do their year-end reporting.
Now that they have been on-line for quite a while Ms. Stollberg is delighted that everything is running so smoothly.