Impact of Technology in Rocky Mountain Mortgage Company Construction

1
Impact of Technology in Rocky Mountain Mortgage
Company (Construction)

• By
• Veronica Quiñonez

2
In the past the Construction Department

• Loan Numbers were written in a columnar pad.
• Would type the Construction Loan Request Approval
  sheet.
• Manually calculate the weekly draws given to each
  builder for each home.
• Checks given to each builder would by typed.

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• After the inspector returned with the percentage
  of progress of each home it was calculated with
  the loan amount and its first draw. This would
  be manually done in a 10-key calculator.
• After the amount was calculated a check was typed
  out for each builder with the corresponding
  information.

• Clerks kept track of the loan numbers with
  columnar pads in which they would write the next
  loan number with the property address.
• The clerk would have to type the builder name,
  loan number, the property addresses, sales price,
  the current loans for that builder in the
  Construction Loan Request Approval Sheet.

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In the present the Construction Department

• Loan numbers and property addresses are kept in
  Excel.
• The Construction Loan Request Approval Sheet is
  done in Word
• The progressing percentages of each home are
  imputed in Excel
• Check are printed in Solomon.

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• The progressing percentages of each home are
  imputed in Excel where the draw amounts are
  automatically calculated with a formula.
• The software Solomon keeps all the builder
  information where the only information needed is
  the draw amount and the check is printed out.

• In an Excel spreadsheet it is easier to keep
  track of the loan numbers and property address.
• The Construction Loan Request Approval Sheet is
  done in Word where it is linked with the Excel
  spreadsheet where the loan number and property
  address are kept. Therefore, that information is
  only typed once.

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In future the Construction Department plans to

• Transfer all the information from Excel and
  Word into Access. This will allow it to keep the
  loan number automated, all the information in the
  Construction Loan Request Sheet will be used for
  draw purposes where the draw amounts will be
  calculated with formulas. This amounts will be
  exported to Solomon where the checks will be
  printed. This allow the department to have all
  their information in one program, which makes it
  easier to use and since information will have to
  be entered only once it will also be time
  efficient.