Emerging Software Choices Means More Time and Money for Originators

February 05, 2007

Mortgage originators today should have a degree in technology to manage the software tools required for an average workday. Gone are the times when a few friends from the country club and a telephone were enough to help you make a good living originating mortgage loans.

Today, it is the technologically savvy and computer literate originator that gives borrowers better, faster service and gains a clear competitive advantage. Loan origination systems, automated underwriting engines, paperless processing, are tools of the trade that, if an originator masters, will equate to more closed loans.

But every new opportunity brings with it challenges. Using many of these resources typically comes at a heavy financial cost. Even if one invests the capital, many systems don’t play well together. Originators have a laundry list of websites, passwords, and monthly and annual costs just to manage the software built to manage their tasks.

Strategic partnerships have been emerging between software vendors to create a better solution to these challenges. Value is realized, however, from a dynamic strategic partnership that has a strong business model behind the partnership.

For example, let’s look at the partnership between LoanAce®, Credex™, and MILA:

LoanAce, a free LOS created to fill the gap left in the market by the expensive LOS vendors, Credex, a tool that, among other things pulls credit reports, captures and manages leads, and manages your credit costs through its multiple billing options, and MILA, a full service lender powered by state of the art technology.

What has been devised through these partnerships is one, “Total Origination Solution.”

The originator can pull credit with Credex, merge it into LoanAce, and price and submit a loan to MILA in as little as a few hours. How many passwords, logins, and websites did the originator have to remember? None. All of the needed information is stored within LoanAce. Once you have signed up with Credex, your password is inputted once and memorized for future use. After logging in to MILA the first time, you will be recognized as a user in the future.

Imagine this scenario: You send your potential customer a secure link to gather preliminary information and pull credit. They click on the link and pay for and pull their own credit report with automated notifications to the originator. The originator seamlessly merges the credit report information into LoanAce. Then, with the click of a menu within LoanAce the originator can send the completed loan file to MILA for review and an automated approval. Throughout the process, you have total control over the process and can work at your own desired pace and time.

How much did these money and time saving steps cost you? Nothing.

Aside from the cost of the credit report (which your borrower pays for) you pay nothing for Credex. And LoanAce? It is also free. What about submitting the file to MILA? Aside from the cost of the loan you pay nothing additional for the service.

What does this approach mean for mortgage originators? It means using this software suite will save you money, time, and allow you to better serve the borrower, and manage it all from one central location. No longer are you at the mercy of others. You can manage and control the pace of the process and receive vital information faster than ever before. Instead of struggling with software choices, you can pick one integrated solution; get predictable service and results so that you can spend your valuable time generating new business opportunities rather than tracking down that one password from that one website for that one service.

So what are you waiting for? Sign up to utilize the partnership today at http://www.loanace.com/, at no cost to you, and find out how the “Total Origination System” can boost your business, help you close more deals and move you to the head of the origination pack.

Peter Phelps and Joe Dahleen also contributed to this story.

Source: http://originatortimes.com/content/templates/contrib.aspx?articleid=2287

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