*An Interesting Trend*
**By Tony Garritano**
***People tell me a lot of things. I have a lot of close friends in this industry. And when I can I try to share it with you. Today I heard that Mortech, a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, have identified a trend involving more mid-tier lending institutions moving into the correspondent lending channel and seeking out suitable automation to make their new divisions profitable from day one. Here’s what they are seeing:
****“With some of the nation’s largest banks exiting the correspondent lending business, there is more opportunity for lenders of all sizes, but many don’t have the technology,” said Don Kracl, president of Mortech. “Those firms that can come up to speed quickly and have an opportunity to gain significant market share in the first quarter of 2012, but they have to take action before others move in to fill the gap.”
****Mortech executives became aware of the trend when inquiries for the firm’s MarksmanLMP ticked up in the wake of Bank of America’s announcement to discontinue its correspondent channel. MarksmanLMP offers a Channel Manager product for mortgage bankers with third party origination businesses. Mortgage professionals can use the Channel Manager service to distribute correspondent pricing to their clients, deliver fully-adjusted rates, use as a locking platform and several other features. Numerous correspondent lenders already count on Mortech software for lending automation.
****“Our most recent build added new features designed for ease-of-use and seamless interactions between lenders and their correspondents,” said Kracl. “We are excited for our clients and are standing by with the technology they need to capitalize on these new opportunities.”
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.