Loan origination systems for mortgage firms have recently been evaluated, enhanced and integrated with offerings from other technology service providers.
The 2017 Technology Insights Survey from SRATMOR Group included results data to assess the LOS landscape’s readiness for coming digital mortgages.
According to the report, off-the-shelf LOS systems come up short — with low user satisfaction, and LOS systems are not delivering what they could.
“LOS providers will need to continue to build out digital mortgage capabilities within their solutions, providing more opportunity to collaborate with consumers online and create an end-to-end digital experience,” the report stated. “Digital Mortgage solution providers and LOS providers will need to embrace open APIs so that their systems can easily hook up to each other and provide a more seamless end-to-end experience.”
STRATMOR’s survey findings were based on 262 participants that utilized 17 LOS systems.
LendingQB issued a statement indicating that its end-user effectiveness rating in the STRATMOR report was 93 percent, while it exceeded functionality expectations for 22 percent of its respondents.
Costa Mesa, California-based LendingQB noted that it ranked as the second-largest LOS provider with 11 percent of the respondents being its customers.
A March 16 news release from Black Knight Financial Services said its newly released LoanSphere Empower Now! will enable regional lenders, mid-market lenders and independent mortgage bankers to reap the benefits of its LOS with a greatly streamlined implementation process. The new offering will result in reduced time lines and cost.
In addition to
providing clients with a “a much stronger value proposition than other LOS technology providers,” Black Knight President and Chief Executive Officer Tom Sanzone claims the company is “the only provider that can deliver an end-to-end integrated technology platform that supports the entire mortgage loan life cycle — from origination to servicing to default.”
A March 15 statement said that FormFree’s AccountChek is now available through Ellie Mae Inc.’s Encompass Consumer Connect point-of-sale LOS.
LOS service provider CalyxSoftware said this month that its INK-it product can be utilized to digitally sign Advanced Data Corp.’s Income Tax Verification 4506-T.
