LOS Enhancements Improve Originations

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Upgrades, merging technologies and acquisitions have resulted in enhanced quality control, faster speeds and stronger security for users of loan origination systems. Several mortgage firms implemented new technology that includes appraisal integration, end-to-end solutions and one system that is allowing select lenders to implement its customizable cloud-based software.

Earlier this year, CoreLogic integrated its LoanSafe Risk Manager with Ellie Mae’s Total Quality Loan Program which has resulted in increased quality of loans originated through Encompass360, CoreLogic and Ellie said in a joint announcement.

LoanSafe Risk Manager’s automated collateral review tool assesses appraisal quality and evaluates early payment default and loss severity risk, while the fraud detection tool has pattern-recognition fraud scoring and data alerts. The integration of these tools with Ellie’s Total Quality Loan Program gives Encompass users additional predictive collateral and fraud risk scoring capabilities, the companies said.

Moving from multiple systems to one end-to-end solution, LenderOne Financial has selected Encompass360 as its loan origination platform after a nine-month evaluation process, according to LenderOne’s chief operating officer, David Pearson. He said Ellie’s platform fit well into the Overland Park, Kansas-based organization and allows them to remain paperless.

Encompass upgrades in July included 230 enhancements relating to compliance, borrower management, new loan pricing, commission management and web-delivery options, Ellie, a Mortgage Daily advertiser, announced. Updates included greater speed and flexibility in viewing documents, remote access, seamless updates, commission calculation, data integration for new loans with existing customers, as well as the calculation of net tangible benefits for refinances under the FHA streamline refinance program.

Another Mortgage Daily advertiser, Calyx Software, announced the launch of Point 7.6 and PointCentral. The Dallas, Texas mortgage solution provider said the latest updates were in response to client requests and compliance needs. An April press release indicated the changes were made to create streamlined mortgage operations and improved interface with vendors while offering stronger security and more user flexibility.

The following month, ComplianceEase awarded Point 7.6 with its RegulatorConnect Certification. Point 7.6 has the capability to export data in RegulatorConnect’s License Examination File format; a requirement state-regulated lenders must now use under new state examination procedures. ComplianceEase’s senior vice president, Jason Roth, said building export capability into loan origination systems allows for quicker and easier examinations.

Fiserv Inc.’s Common Origination Platform has been selected as the LOS of choice this year by three banks located around the country. Cornhusker Bank, a Lincoln, Neb.-based community bank chose the platform to integrate with its existing account processing platform from Fiserv. The system allows them to maintain a single origination system across all lending channels and products, Fiserv said in a May announcement. Headland National Bank, located in Headland, Ala. and MCNB Trust & Co. have also selected the Common Origination Platform for consumer and commercial lending.

Republic Bancorp, a Louisville, Kentucky community bank, selected the LoanQuest LOS as their loan origination platform of choice, as announced in spring by Jacksonville, Fla.-based MortgageFlex Systems

Financial Industry Computer Systems Inc. released an upgraded version of its LOS platform, Loan Producer version 6.00. The Dallas, Texas-based LOS provider said it has streamlined workflow and usability with an intuitive and simple navigation process to manage loan applications. Using a .Net Framework offers more flexible configurations and scalability, the company said in a May press release.

Select lenders are able to create their own loan origination system using Acris Technology’s Mortgage VCO Lend. By allowing access to the source code for its VCO Lend, the company can offer mid-size and larger mortgage bankers the opportunity to customize the loan processing cloud-based software applications. Lenders can get monthly subscription licenses from the Laguna Hills, Calif.-based technology company. Its features include proprietary file and task queuing, advanced analytics, built-in lead management, rules-based loan automation and embedded paperless doc management.

Blueberry Systems announced their “light-switch” implementation of its LOS, Relay, at Starkey Mortgage. In addition, the company said that Norcom Mortgage and Insurance, and Citizens First Wholesale Mortgage had also signed on to implement the Relay system.

The Greenwood Village, Colo.-based technology provider early in the year announced the integration of their Relay LOS with DocMagic, a solution designed to keep lenders in compliance with local, state and federal regulations, the announcement said. The integration consolidates all the loan data in one system and eliminates redundant data entry while delivering speed and accuracy to save lenders time and money, Blueberry said.

The implementation of LendingQB by 12 new clients and iServe Residential Lending has increased employee productivity, cut technology costs in half, and reduced costs per loan by 30 percent for lenders using the new platform, LendingQB announced on July 25. iServe’s director of operations, Michael Wilson had said in an April press release they were previously using three separate systems and after adopting the new platform the company realized savings in technology costs and greater employee productivity with tighter workflows.

Interest in the Costa Mesa, Calif.-based LendingQB might have been piqued after they published a free white paper in late May, designed for lenders who were considering the replacement of their LOS. The Five Steps to Making Better Technology Decisions addressed challenges lenders face when evaluating various mortgage technologies.

Last month, the Costa Mesa, Calif.-based LendingQB announced the addition of another new client, Ventura County Credit Union, to its California roster.

Lender Processing Services Inc. acquired LendingSpace, a mortgage loan origination software solution company over the summer. LPS said in a July 3 press release that the acquisition will complement its other origination technology solutions.

This summer, Mequon, Wis.-based MortgageBot announced that University First Federal Credit Union and Bank of Lake Mills have selected its LOS front-end point-of-sale automation and newly integrated web-based Avista program.

Merging technologies have resulted in the Mortgage Builder LOS offering appraisal management capabilities using the InHouse Connexions appraisal management platform. Mortgage Builder Vice President Kelli Himebaugh said the cloud-based technology provides full reporting and complete control over the appraisal process.

Mortgage Builder followed up its technology integration announcement with a round of updates mid-June that included a web portal upgrade called Surveyance, and redesigned electronic document management solution, Blueprint. The upgrades help lenders go paperless and provide full support for mobile devices, the Southfield, Mich.-based company said.

The latest release of prime+ 12.1 was announced last month by Mortgage Cadence for its Prime Alliance customers. The update offers 45 new tools and alerts designed to increase efficiency and speed loan closings, the company said.

Republic Bancorp, a Louisville, Kentucky community bank, selected the LoanQuest LOS as their loan origination platform of choice, as announced by the Jacksonville, Fla.-based MortgageFlex Systems in a recent announcement.

Designed to reduce risk and shorten loan origination cycle times Genpact launched the Quantum Mortgage Operation System. The customizable, end-to-end platform offers more transparency and combines automated decisioning for more accurate underwriting, the New York-based business process and technology company said in an April 16 announcement.

Mortgage Expert

Mortgage Daily Staff



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