“Throughout the development process, we have found Dayspring Technologies to be extremely efficient, professional, and proactive.

We needed a Business Partner who could manage our projects from start to finish and could make sure that everything stayed on schedule and on budget. That's what Dayspring Technologies does for us.”

Chris Johnson
IS Manager
EF&A Funding, LLC
Custom Software Development - EF&A
Custom Software Development - EF&A
Custom Software Development - EF&A

EF&A Funding

Custom Mortgage-Lending ERP

Client

The CFO/CITO of EF&A Funding, LLC, a multifamily mortgage lender, one of 26 lenders authorized by Fannie Mae to make mortgages under the Delegated Underwriting and Servicing (DUS) program.

Situation

EF&A Funding prides itself on fast loan processing and a deep knowledge of its customers. However, EF&A’s origination and underwriting processes were heavily paper-based. In a real estate market that was heating up, the company was unable to grow its deal volume and take advantage of greater interest in new purchases and refinancings while still maintaining the financial quality of its portfolio.

EF&A’s loan servicing systems didn’t communicate with each other or with Fannie Mae. Throughout the loan origination and underwriting process and through loan servicing, data was re-keyed multiple times. In addition to requiring expensive staff time, re-keying compromised the data quality. Therefore, the reporting available from existing systems didn’t accurately represent the company’s portfolio. Portfolio management was guesswork. Financial data entered as a part of the underwriting process couldn’t be compared to the actual performance of the property over the life of loan, or to the performance of the entire portfolio.

Vision

EF&A envisioned an integrated system on which to run its mortgage business. The software application would shepherd a deal from loan prospecting and pre-qualification all the way through origination, underwriting, and closing, and into the servicing of the loan. Data would be keyed in once-but checked at each stage so that its quality improved throughout the process. Financial data entered at any point during the process, including during underwriting, could be compared with actuals once the loan became part of the portfolio. All data could be compared so that the health of the portfolio could be assessed, the company’s risk exposure in various markets could be revealed, and future sales opportunities could be fed back into the prospecting pipeline.

Execution

EF&A chose Dayspring to be its partner in realizing this vision. We began with a workshop that helped EF&A map its work processes through its various departments. Dayspring developers facilitated two full-day sessions that brought together key people from EF&A’s management team and staff. Working together, Dayspring and EF&A staff traced a loan through its entire life, identifying, along the way, a plethora of Excel spreadsheets, Word documents and Microsoft Access databases, each with different subsets of EF&A’s operating data. These workshops set the roadmap for modular development of the integrated system.

The system integrates with Fannie Mae at key points. Data previously prepared only to meet Fannie Mae requirements—and therefore lost to EF&A—is now captured for EF&A’s analysis and then delivered to Fannie Mae with minimal additional effort.

Modules Include:

  • Underwriting Analysis
  • Annual Financial reporting
  • Annual Property Inspection reporting
  • Annual Insurance reporting
  • Portfolio Analysis Reporting

Technologies employed: Java, Oracle, XML, Apache Tomcat, Excel VBA.

  1. www.efafunding.com
  2. Download PDF file [436k]

Dayspring has served as EF&A Funding’s Custom Software development partner since 1999.

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