A new portal promises to help mortgage brokers and loan correspondents improve profits while allowing investors to pick and choose individual loans.
The service, which has been dubbed TPO Connect, was announced Friday by Indianapolis-based Stonegate Mortgage Corp.
The publicly traded company said that third-party originators will have
greater access and control over their loans with the product. It simplifies the loan submission process from origination through loan sale.
Originators can view individual loans at each status level — improving loan quality, reducing risk and boosting transparency for investors and originators.
A streamlined process for delegated correspondents promises to automate diligence and improve purchase time.
As a result, according to Stonegate, its broker and correspondent clients will increase efficiency, cut costs and reduce risk — all while maximizing profits.
Stonegate claims that its proprietary platform
allows investors to participate with indirect access and transparency in the residential market.
“TPO Connect offers new features that make it easier for clients to manage their pipeline and to view individual loans by their current status,” Stonegate Chief Information Officer R. Douglas Gilmore said in the statement. “We sought client input to design a custom product that effectively meets their needs. We are forming a client product council in order to continually enhance the functionality of TPO Connect as market changes dictate.”
Gilmore reportedly was one of the lead architects of the Stonegate Connect, the lender’s strategic product category intended to align investors with originators. TPO Connect is the first external release of Stonegate Connect.
A story from Bloomberg said the system will give investors — 17 which have signed up for the service so far — greater ability to handpick the mortgages they want to buy. Investors will receive detailed information about the more than a thousand brokers and correspondent clients of Stonegate.
