Through new technology and through alliances that synergize existing technology, mortgage service providers are upgrading their loan origination systems.
Mortgage technology provider Ellie Mae Inc. recently heralded more than 300 enhancements of its Encompass mortgage management solution.
Intended to help with efficiency, compliance and loan quality — some of Encompass’ new attributes include support for regulation compliance, better document management ability and increased channel management features.
That same month, Ellie — a Mortgage Daily advertiser — said Citadel, an Exton, Penn.-based community credit union, selected Encompass as its new LOS. Ellie’s press statement said Citadel also signed on to use the service provider’s Total Quality Loan program, which helps improve loan origination workflow processes and integrates with Encompass.
Earlier this year, the mortgage technology company also announced Ohio-based First Federal Lakewood as an Encompass client. According to the Jan. 14 press release, First Federal Lakewood researched 10 different LOS providers before settling on Encompass.
“The fact that First Federal Lakewood selected Ellie Mae as its technology partner over nine other providers means a lot to us,” Ellie Mae President and Chief Executive Officer Jonathan Corr said in the statement.
On Jan. 26, Troy, Mich.-based United Wholesale Mortgage gave news of its new EASE LOS, which United Wholesale’s website lists as the Easiest Application System Ever and took approximately one year for the company to develop, was designed with mortgage brokers and correspondents in mind.
“Making it incredibly easy to partner with us is a huge focus at USM,” United Wholesale President and Chief Executive Officer Mat Ishbia said. “We want to be the most service-focused wholesale lender in the country. Leveraging state-of-the-art technology is a big part of the value we deliver to our partners.”
EASE features include the use of drag and drop technology for delivering various loan documents and auto-population of information from documents into Easy Qualifier, the product and pricing engine designed specifically for EASE.
While Calyx Software’s Calyx Network is no newcomer in the LOS arena, the recent interface update provides new service for credit unions, mortgage bankers and brokers. With this upgrade, the Jan. 7 press statement said Calyx Point users have the ability to directly connect with lenders and service providers, automate data exchanges and make loan originations more seamless.
Black Knight Financial Services also provided enhancements to its Empower LOS. In the recent media release, the Jacksonville, Fla.-based company said Empower’s new functionality is aimed at helping lenders automate manual originations processes while providing a go-to source for system updates so lenders can maintain obligations under the Integrated Mortgage Disclosure rule, which was set by the Consumer Financial Protection Bureau and will be effective on Aug. 1.
Further north, Fiserv Inc. showcased the availability of LoanLaunch. Formerly called the Common Origination Platform, the Jan. 26 company announcement, said LoanLaunch offered an enterprise loan originations framework from a single platform that could support everyone involved in the originations process from consumer to lender.
Also that month, the DH Corp., also known as D+H, announced its agreement with Optimal Blue to broaden solutions offered through D+H’s MortgagebotLOS. With the platform integration, Mortgagebot lenders will have access to Optimal Blue’s production and pricing capabilities from a single point of access. Users who access Optimal Blue’s secondary marketing and loan lock capabilities through also will be able to have these functions synchronized in real time in MortgagebotLOS.
In December, OpenClose gave news of its newest customer, Pacific Union Financial LLC. Pacific Union signed on to use OpenClose’s LenderAssist as its new LOS.
“We were attracted to OpenClose’s use of a single code base throughout its platform and were impressed with the company’s industry reputation for providing very hands-on, responsive installations and ongoing customer support,” Pacific Union Executive Vice President and Chief Information Officer Bill Berg said.
Touting itself as one of the 10-largest retail mortgage lenders in the nation, Guaranteed Rate told media in September that it was getting closer to providing the world’s first, completely digital mortgage with the unveiling of the company’s cloud-based document sharing service Transfersafe. With Transfersafe, borrowers have the ability to sign and upload their loan documents while having the ability to get immediate responses through the technology’s borrower-friendly interface.
