C.C. Pace Systems, a technology consulting firm specializing in innovative business solutions for the mortgage industry, has announced the full production release of Loan Guaranty eXpress, a secure, streamlined, paperless system to guaranty VA loans via the Internet. C.C. Pace developed LGXpress in conjunction with the VA and Potomac Partners, a Washington, DC-based mortgage industry management consulting firm. In addition to speeding receipt of loan guaranty certificates, Loan Guaranty eXpress lets lenders detect and correct errors before submitting loans for processing. The system also provides instant status checking on loans in process, as well as audit request tracking.
Lenders receive electronic LGCs when their loans are guaranteed.
Unlike paper certificates that are easily lost or misfiled, electronic LGCs provide permanent, easily retrievable records of guaranty approval. To assist lenders and avoid delays, VA established temporary procedures to handle the increases. Many leading VA lenders are beginning to take advantage of LGX to improve their processing efficiency, in anticipation of this increased VA workload. Lenders will experience enormous benefit from Loan Guaranty eXpress, said Keith Pedigo, Director of VA s Loan Guaranty Service. Loan Guaranty eXpress provides demonstrable value immediately, explained Michael Gordon, President of C.C. Pace Systems.