It has been a goal of the commercial real estate lending industry to be able to electronically ‘connect the dots’. In other words, a lender wants to be able to electronically interface with originators, third parties, and the GSE’s.
A significant portion of this goal has now become a reality. ARCS Commercial Mortgage can now submit a loan over the internet to Fannie Mae directly from its loan origination system, North Shore, with the touch of a button.
The submission of a loan requires the transferring of Fannie Mae MCODES, which consist of over 300 fields, in five-file extract format specified by Fannie.
This capability, along with the automatic generation of the DUS Underwriting Narrative, is a by-product of the use of North Shore to process a loan from inception through closing. This is a huge efficiency gain for the DUS lending process, eliminating the need for redundant input and the errors that arise with a manual entry.
This feature of the North Shore system is part of the company’s commitment to Fannie’s eCommerce, or Multinet strategy. The company also intends to provide its DUS customers with automatic deal registration, submission of waivers, and all other electronic links made possible by Fannie in the future.