CommunityBanksOnline Unveils Online Closing System

CommunityBanksOnlines (CBO) online closing system, TBDocs, has been successfully beta-tested by several of its member banks. The new system will give bankers greater flexibility and control over the lending process. CBO provides community banks with a free, Web-based, state-of-the-art technology platform to address each step of the lending process from origination to underwriting, closing and funding. The CBO platform offers instant online loan registrations and rate locks, instant automated underwriting results, electronic file delivery, as well as online closing document preparation and printing. With TBDocs, CBO member banks can close loans and order funds online at their convenience by generating closing documents directly from CBO. Live loan status is also provided for continuous communication. Completely Web-based, the system requires no additional equipment or software for immediate use. One of the banks testing the online closing system is New Century Bank of Dunn, N.C. With an expected volume of more than $45 million in mortgage loans this year, an increase of 50 percent over last years numbers, New Century has flourished under the CBO platform. The banks mortgage loan manager, Sandra Heath, says the CBO technology has given them the breathing room to grow their business by reducing the mountain of paperwork involved and eliminating the high cost of express mailing documents to complete the lending process.