Dolphin Updates – Canadian Loan Servicing

Dolphin Updates

Dolphin’s New Features for Release in 2021

Dolphin has an exciting year ahead with many new releases coming down the pipeline, including a new EMD Manager coming out in February, which provides compliance with the new CRM2 requirements. This system completely integrates with both outside EMDs, or internally to generate all CRM2 Compliant reports. Online tools include a KYC, investor and agent reporting as well as internal ID verification for fraud verification.

Dolphin is partnering with a company to provide a new advanced interface for Underwriting as well as a secure document manager for investors, borrowers, and brokers. A formal announcement will be forthcoming.

2021 will be a momentous year in terms of new product offerings from Dolphin for the private and alternative lending industry.

As always, feel free to email directly to [email protected] to discuss MIC Manager or new developments.

Dolphin’s CEO, Shannon Dolphin, Named Mortgage Industry’s Woman of Influence

Dolphin Enterprises takes immense pride in announcing that our CEO, Shannon Dolphin, was recently honored for the third consecutive year as one of the Mortgage Industry’s Woman of Influence.

For the past 14 years, Shannon and her team at Dolphin Enterprises have tirelessly delivered a customized platform while continuously responding to client’s questions and issues. Shannon ensures that she is always available for her clients and works diligently in resolving client inquiries as soon as they are received. It is with this dedication that Dolphin and it’s MIC Manager have grown from just a few clients to currently managing over sixteen billion dollars of capital!

Shannon and her dedication to Dolphin’s clients has grown Dolphin to becoming one of the largest private lending software systems in Canada.

All of us at Dolphin are immensely proud of her dedication to the private lending industry and specifically to the growth of Dolphins client’s. It is Shannon’s drive and dedication that built Dolphin and MIC Manager to a robust, diverse, and complete software and accounting platform specific for the Canadian lending industry.

PRAISE FROM DOLPHINS CLIENTS

August 31, 2020: “Dolphin’s lending platform allows us to effectively manage our portfolio of mortgages and MIC shareholders with confidence. Their ingenuity for advancing the software allows them to offer the best product for their clients. The team at Dolphin is supportive and creative and we look forward to our continued use of their program.”

Classic Mortgage Corporation

Dolphin is fully integrated and automated with Filogix Marketplace removing any manual data entry

Dolphin Partners With Filogix

Filogix Broker Applications are now completely automated into MIC Manager

All applications, whether approved or declined, are now automatically fed into Dolphin’s Underwriting MIC Manager every 35 seconds!

Once a broker submits an application, all data is automatically imported and an email is immediately sent to alert MIC administrators to review the loan.

There is zero need for any manual entry from receiving all applications to servicing.

MIC Manager automatically receives and manages all mortgage applications for keeping all records and portfolio analysis.

All related calculations such as TDS and GDS are automated and with all data being imported into MIC Manager – the underwriting process is completely streamlined.

The ability for users to customize their commitment letter, workflow and conditions further automates the underwriting process and reduces data errors and administration time.

Having this automation delivers tremendous advantage with all mortgage applications and with the automated import brings you competitive advantages for successfully funding mortgages.

Please contact [email protected] for further details on these new automated MIC Manager features.

Watch for Dolphin’s next new features for release in October including a new report writer and our new EMD Manager.

MIC Manager Automatically Inputs Mortgage Application Data

Dolphin is launching an updated version of MIC Manager in September to provide automated input of all broker applications from the Filogix Marketplace. This new feature will deliver a system that automatically inputs data from the mortgage broker application directly into MIC Manager removing any need for data entry or manual input – regardless of approvals.

As a MIC Manager user, you will be able to automatically receive all broker applications without any data entry or manual input. All data will be automatically inputted into the software regardless if the deal is funded. This complete automated function is at no cost although you will be able to receive, record and manage all mortgage applications for further analysis and data management efficiency.

This integration with Filogix Marketplace can be used in conjunction with other systems including Velocity, Finmo and Lendesk as MIC Manager would be receiving applications specifically from Filogix Marketplace.

This automated input of data not only removes the need for data entry into the Underwriting system and all funded deals flow seamlessly into servicing. This integration improves efficiency by removing data entry time and eliminates errors while increasing underwriting analysis with recording and reporting on all mortgage applications.

MIC Manager also seamlessly flows all mortgages from underwriting to servicing to payouts while fully integrating with MIC Manager’s proprietary Accounting platform.

Mortgage Broker News:

Dolphin Enterprises and Filogix Marketplace

Link to article.

Private lenders have increased connectivity through a partnership between Filogix and Dolphin Enterprises. Lenders using Dolphin’s MIC Manager software can now receive mortgage applications directly from any agent using a point of sale (POS) system that’s connected to the Filogix Marketplace.

“The big value of this partnership for the private lending industry is the electronic transmission of data, particularly for the compliance requirements for Equifax,” said Shannon Dolphin, CEO of Dolphin Enterprises. “Integrated electronic data transmission with software delivers greater protection of consumer data with transparency of sending credit reports.”

Upcoming changes to the handling of Equifax credit reports mean that all lenders, including private lenders, must be in a position to receive credit reports securely and thus provide consumers with a transparent view on who is seeing their confidential information.

In addition to transparency with consumer credit, the partnership provides the added benefit that mortgage application data, along with credit bureaus for those lenders credentialed with Equifax, is electronically ingested directly into MIC Manager. Mortgage application data only needs to be inputted once by the broker into Filogix Expert or another POS where it then flows directly into the MIC Manager system to generate commitment letters, approval letters, broker letters, and other documents. The benefit specifically for MIC Manager clients is that once approved, all mortgage application and underwriting data flows seamlessly into the loan servicing system with no need for duplicate data entry.

“Lenders who aren’t fully connected end up retyping the same piece of information many times,” said Ryan Spence, director, strategic accounts at Filogix. “To have that flow from a single point of entry, all the way through to underwriting, servicing, back end funding, and investor relations improves efficiency incredibly. The effort that the lender would spend retyping data can now be directed to acquiring new business or working to provide new products.”

Lenders using Dolphin’s platform can issue commitments within Dolphin which are then passed directly back to the agent within, for example, Filogix Expert. This makes it easier for agents and brokerages to manage their applications. Spence says brokers can simply click a button to accept the commitment and move that file forward to payroll, compliance, and contact management systems without having to re-enter that information. Dolphin agreed that the flow of data is huge for private lenders, as the integrity of the data is maintained through underwriting, offering transparency in reporting. Once funded, that information then flows seamlessly into Dolphin’s servicing platform.

As the private lending industry is increasingly becoming more competitive, MICs are now competing for more deal flow from the broker network and the partnership between MIC software such as MIC Manager and the Filogix Marketplace provides this exposure, says Dolphin.

Smaller private lenders can also benefit from increased visibility in the drop-down menu within Filogix Marketplace. For both lender and broker, security, transparency, and compliance of the transaction are all key concerns, and through this partnership, all of these are improved.

“Two of the consistent trends of the past years are the ever-increasing importance of robust documentation and the consumer’s demand that their information be protected,” said Spence. “Consumers expect transparency, they want to know exactly what’s happening every step of the way, which requires pristine record keeping by the brokerage. This partnership allows larger brokers and lenders to manage thousands of files, and that easy movement of data between the people who need to see it is so important.”

Lenders need to look at more than just the acquisition of the mortgage application, Spence added, and how connectivity can improve their process through the entire lifecycle of a mortgage. Dolphin agrees. As an example she says “Dolphin Enterprises also offers accounting services to help private lenders upkeep the standards that are required to maintain their MIC status, portfolio and cash management analysis, giving private lenders a competitive advantage when it comes to managing investors, underwriting, loan servicing and real time accounting.”

In a time where connectivity is key, Spence added that he is pleased with the greater data efficiency and security of information that this partnership allows.

DOLPHIN ANNOUNCES A NEW STANDALONE UNDERWRITING SYSTEM

Dolphin announces a new standalone Underwriting system to meet with new compliance for Filogix and Equifax.

MIC Underwriter can now offer lenders the ability to automatically receive Filogix broker applications directly on laptops, home computers or private corporate servers for full data privacy and protection.

Private lenders do not need to login to a portal or web application and do not need to input any of the data as all data is directly downloaded onto your private computer.

MIC Underwriter is directly connected to Filogix broker applications and all data flows from the application into MIC Underwriter. This new product can be downloaded on your own computer to receive broker applications directly on your Computer in order to maintain compliance with Filogix and Equifax.

New Equifax rules for September 14th 2020.

For further information please contact [email protected] or 604-220-0605.

Dolphin Would Like To Inform You Of a Filogix Seminar

TO LISTEN CLICK HERE

Equifax Changes And How They Impact Your Business

Filogix Connects June 29, 2020 10:00 AM PDT / 1:00 PM EDT Recording here.

This seminar will discuss the latest Equifax changes and how they impact your business. Tim Rye, Head of Filogix along with Roger Mitchell, Head of Vertical Markets, Strategy and Innovation at Equifax will share with you what you need to know.

Dolphin Enterprises is a member of the Filogix Mortgage Marketplace. Lenders using Dolphin’s MIC Manager software can now receive mortgage applications directly from any agent using Filogix Expert.

MIC Manager is the only current Filogix connectivity that can be stored onsite for complete privacy of data security for private lenders.

Dolphin Enterprises created the first MIC Manager software on the market implemented in 2002. Dolphin with its MIC and Syndicated Lender is the only private lending solution with a true accounting and Chart of Accounts fully integrating all aspects for private lending administration.

DOLPHIN IS NOW LIVE ON FILOGIX

Dolphin would like to advise that the last date to be live on the Filogix feed to meet the July 1st deadline is June 25th. As per Filogix, all applications to meet the Equifax deadline must be received by June 22nd. This deadline date is for the ability for brokers to email applications including the Credit Bureaus.

Dolphin built MIC Manager Underwriting Application 4 years ago specifically to directly input all data for broker applications from Filogix – eliminating any data entry and data errors. The system also inputs and maintains all broker applications at no cost for broker management and portfolio analysis.

Since Dolphin has been successfully live with the Filogix link, there will be no issues once you are live on June 25th.

Please email Shannon directly at [email protected] or call 604-220-0605 for any additional information regarding Filogix and MIC Manager.

MIC Manager is a complete END-to-END Solution for MICs. MIC Manager’s private lending solution allows data to be directly inputted from Filogix Expert.

MEDIA RELEASE – DOLPHIN ENTERPRISES ANNOUNCES INTEGRATION WITH FINASTRA

Broker applications are now automated directly into Dolphin’s MIC Manager

VANCOUVER, BC, May 27th 2020 – Dolphin Enterprises, www.dolphinent.com, a leading provider of end-to-end software for Mortgage Investment Corporations (MICs), announces their partnership with Finastra, the makers of Filogix www.filogix.com. The partnership provides seamless integration of mortgage applications from Filogix into Dolphin’s MIC Manager platform, making it faster and easier for Dolphin users to approve and manage mortgages in their portfolios.

Click for the latest on Dolphin in the news

MIC MANAGER LIVE ON FILOGIX

MIC Manager is a complete END to END Solution for MICs. MIC Manager’s private lending solution allows data to be directly inputted from Filogix Expert.

MIC Manager allows deals to flow seamlessly from Filogix – underwriting/servicing to payouts and renewals.

With MIC Manager there is no need for any data entry as all data is automatically inputted and managed. MIC Manager is a complete END to END solution, and all data is available for effective underwriting, portfolio analysis, reporting and true cash accounting.

Receive and send unlimited broker applications with Filogix to MICs
Application data is directly inputted into MIC Manager
No need for manual duplicate data entry from any Broker Applications
Deal flows directly from underwriting to servicing and administration to full payout and renewals
Complete accounting for private lenders with a fully integrated General Ledger
Dynamic conditions on Commitment letter
Acceptance Letter option for broker deal confirmation
Customized Commitment, Payout and Renewal letter
Multiple EFT payment funding transactions for lawyers, brokers and borrowers – all in one transaction
Full integration from Brokers to Private lenders through the Filogix Mortgage Marketplace.
MIC Manager is a complete END to END Solution for MICs. MIC Manager’s private lending solution allows data to be directly inputted from Filogix Expert.

MIC MANAGER ANNOUNCES FULLY INTEGRATED EFT FUNCTION

Dolphin announces a fully integrated EFT system and new improvements to MIC MANAGER END to END financial platform.

Dolphin announces the first financial platform built for MICs that executes all financial transactions for any Canadian lending institution. MIC Manager with its latest EFT function in the Accounts Payable module provides MIC Managers full capacity to execute all MIC payments electronically to any financial institution.

The latest MIC Manager EFT update delivers a fully integrated electronic banking system throughout the entire software for any function and any type of financial transaction. With the new EFT function, MIC Managers can now send monies to any vendor and any financial institution and receive monies from any Canadian banking system. MIC Manager has full capacity to electronically receive and send funds for payments to vendors, investors, agents and borrowers while also able maintaining the ability to receive any type of loan transaction fully integrated to a Chart of Accounts for real-time accounting.

Shannon Dolphin CEO states,”MIC Manager software enables private funds to execute all banking electronically by removing the dependence on paper and cheques while providing a full real time accounting system. The EFT function will work with any Canadian financial institution for all types of financial transactions. This is the first time a MIC specific software can manage all electronic transactions for all Canadian banks without any internal transaction fee or 3rd party software. We are pleased to offer this solution especially at a time when there is a need for more electronic commerce.”

Dolphin’s MIC Manager has been implemented for 18 years and has been built for MICs and enhanced by requests from clients and changes in the industry with new features and improvements. MIC Manager is the only End to End solution with a customizable back end Accounting system. With the ability to send monies electronically from all functions in MIC Manager the system now includes all financial requirements in a software for MICs.

Current updates in MIC Manager include:

– EFT from the CASH module for any vendor directly from MIC Manager
– EFT for Accounts Payable to view details including show invoice posted and payment posted
– The ability to export specific Ledger details from the General Ledger to excel for audit purposes
– Arrears reports with the ability to export to PDF and excel
– Pending payments and interest outstanding report for arrears management
– Added business type (e.g. retail) to Mortgage Balance as requested during COVID
– Introduced new field for Paid out date with supporting “Estimated Paid Out List” report
– Enhanced Search criteria by multiple criteria for the Mortgage Portfolio

MIC Manager with its internal email capability and EFT function offers private lenders a complete electronic banking system to manage all required MIC transactions fully configurable and customizable for any private lender.

These are just a few of the latest updates in MIC Manager. Please contact [email protected] to discuss MIC Manager or discuss new developments.