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Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.

Lead Management Lacking in Many LOS Systems

Recent LOS reports, integrations

Oct. 9, 2017

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

A survey of mortgage lenders indicates that loan origination systems are often lacking for the compliance and lead tools. But LOS providers have been busy integrating other services.

The STRATMOR 2016 LOS Technology Insight Survey said that less than a quarter of the more than 250 lenders surveyed indicated compliance tools in their LOS were highly effective and gave them a competitive advantage.

The share which considered audit trail tools that help in responding to repurchase requests highly effective was only 22 percent, and just 21 percent said integrated third-party compliance services were highly effective.

STRATMOR noted that lead generation "was by far the lowest rated functionality." Also sporting low management functionality were eSignature capabilities and product-and-pricing engines.

Digital mortgage origination accelerators announced last week by Visionet promise to help firms that are still using legacy platforms and can't rapidly migrate to newer origination systems.

Cranbury, New Jersey-based Visionet said the path enables lenders to offer a compelling digital experience without investing millions re-engineering old platforms.

"These apps, portal and the omnichannel gateway simplify and expedite the capturing of borrower information, pre-qualification checks, and loan document collection," Visionet stated. "It also notifies borrowers of additional requirements and real-time status of their loan application."

An Oct. 4 announcement indicated that LendingQB struck up a partnership that integrates Floify's automated solution.

Last month, integrations were announced between Costa Mesa, California-based LendingQB and the StreamLoan's point-of-sale platform and ValueInsured.

Mortgage Guaranty Insurance Corp. said last week that its mortgage insurance services are now available through Mortgage Cadence's Enterprise Lending Center LOS.

A Sept. 21 statement from OpenClose indicated multiple credit unions have signed on to use its LenderAssist LOS platform.

OpenClose is Mortgage Daily's partner for the Mortgage Market Index.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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