Loan Origination Systems Insider

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6 · 05 · 13

As several providers of loan origination systems tout new clients, a recent survey indicates that a significant share of mortgage firms are re-evaluating their systems. For those considering a new LOS, a number of system enhancements and new features are likely to make offerings more enticing.

Mortgage software developer OpenClose unveiled OC optics, a web-accessible loan production analytics and reporting system for employees in loan production, secondary marketing and other areas involved with loan production.

With scorecards and tools to build a variety of reports, mortgage providers can conduct tasks like checking employee, branch and loan offering productivity or keeping abreast of loan types and expiration dates. OpenClose’s late-April product announcement revealed OC implementation occurs within days.

In May, LendingQB said its recent client poll demonstrated its “track record of providing exemplary customer service and technical support” for clients, and those clients identified its LOS’ instant support chat tool as one of the features contributing toward the Costa Mesa, Calif.-based company’s user support services. With this feature, lenders can ask questions, and 52 percent of those surveyed revealed responses occurred within 5 minutes.

Mortgage Builder Software upgraded its LoanXEngine, now in version 7.0, customer relationship management and product pricing eligibility engine. The May 6 upgrade news listed several new features such as integration with Lending Tree’s LoanExplorer, redesigned reporting for non-qualified loans and updated FHA mortgage insurance premiums.

The Southfield, Mich.-based business also shared that participation in its mortgage lending-related work groups has grown over the past few months. Company clients receive instruction, advice and a discussion forum to address issues that affect loan originations and servicing, according to the April 15 media report.

That some month, Questsoft’s seventh annual compliance survey analysis showed almost 19 percent of mortgage lenders were re-evaluating their current LOS, indicating activity stabilization from the previous year’s survey numbers, but still ahead of the approximately 10 percent marker in 2011. Currently, QuestSoft said its mortgage compliance software is integrated with over 40 LOS platforms.

Coincidentally, several new clients signed on with LOS providers over the past couple of months.

For this story, the most recent new client addition was claimed by Mortgage Daily advertiser Ellie Mae, which added Veterans Administration lender Veteran’s United as an Encompass360 customer.

Ventura County Credit Union signed on LendingQB as its LOS provider.

Rounding out May’s new LOS clients list was Solarity Credit Union, who chose MortgageCadence LLC’s cloud-based LOS solution called Symphony.

MortgageCadence also added three new financial institutions to its roster, according to April media statements. Royal Credit Union, Peoples Bank and Trust and Landmark Credit Union all elected to have Symphony serve as their LOS. Peoples’ also signed on to use Prelude, MortgageCadence’s loan origination portal.

“As one of the largest lenders in our area, we know this enhances our competitive advantage,” Chad Alexander, vice president of the McPherson, Kan.-based bank, said in a press statement. “We expect the speed at which we move home loans through the mortgage cycle to rapidly increase, which means our customers move into their homes much sooner. It also drastically cuts our costs.”

As well, Blueberry Systems LLC added Cole Taylor Mortgage the same month. Cole Taylor, a Cole Taylor Bank division, will use Blueberry’s RELAY LOS.

A few mortgage software providers integrated with other systems to offer their clients expanded services.

For instance, Equifax announced last Thursday that its integration with Lender Processing Services Empower LOS integrated with Equifax’s Undisclosed Debt Monitoring product. As a result, Empower users have the ability to monitor and receive notification of borrowers’ new accounts and other financial activities in the time between loan application date and closing.

The risk mitigation solutions suite called LoanSafe and offered by CoreLogic was integrated with QuestSoft’s Compliance EAGLE compliance review system, according to CoreLogic’s May 2 announcement. This integration will be available to LOS users of the following companies: Blueberry, Calyx Software, Ellie Mae, Harland Financial Solutions, ISGN, Lender Processing and OpenClose.

As well, Fiserv partnered with multi-channel marketer ChannelNet to offer more services to its LoanServ clients through enhancements to LoanLink, the company’s consumer-facing web channel. The upgraded LoanLink allows LoanServ users to “quickly roll-out” self-service online sites for borrowers.

“Borrowers today are seeking the most convenient options for managing their loans,” Fiserv’s President of Lending Solutions Kevin Collins said in an early April company statement. “This [LoanLink] ability leads to greater efficiency and cost savings for the financial institution and a superior customer experience for the borrower.”


Mortgage Daily Staff


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