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LOS Directory Launched

Mortgage News

A new directory of loan origination systems includes more than two dozen technology providers — though the Web site of one provider is dead. Another LOS firm reported that it has seen a decline in the share of software-as-a-service sales as more lenders seek to own the software, and two other firms touted new customers.

An LOS Directory has been launched by MortgageDaily.com. Initially, the new table includes 25 entries.

The LOS Directory lists the product, the company that provides the technology and a link to news about the provider. Links to each Web site are also featured in the directory.

The Web site www.gogallagher.com, however, was not functional as of today.

While systems sold on a software-as-a-service basis have seen their share of the LOS market rise, Mortgage Builder reported yesterday that a recent trend has developed where clients are instead purchasing the software.

Possibly influencing this trend is that mortgage firms have shifted from survival mode to a long-term focus, the statement suggested. In addition, originators could be concerned that their LOS providers — faced with increased compliance challenges — might disappear.

“Apparently, the predicted demise for the purchase model, with its greater upfront expense but lower long-term costs, was premature,” Mortgage Builder speculated. “It could, the company feels, mean that the industry is more optimistic about its future than at any time in the last 24 months.”

Mortgage Builder made its announcement as the Mortgage Bankers Association is holding its National Technology in Mortgage Banking Conference & Expo in Chicago. The conference runs until tomorrow.

Mortgagebot LLC, a Mequon, Wis.-based technology provider, said last month that its point-of-sale platform was adopted by Community Bank of Carmichaels, Pa. The bank is utilizing Mortgagebot to “open up new mortgage business channels, eliminate paper applications, enable loan officers to take applications 33 percent faster, and grow its mortgage volume by 68 percent.”

Heartland Financial USA Inc. added the mortgage processor module and new account setup module to its Cypress Software Systems LOS, a March 22 press release said. Heartland hopes the enhancements will help it meet regulatory requirements, including those under the Real Estate Settlement Procedures Act.

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