Technology Spotlight: Lender Cashes In, Gains Efficiency

*Lender Cashes In, Gains Efficiency*
**First Centennial Mortgage Profiled**

***First Centennial Mortgage has maximized secondary market revenue and efficiencies using the Secondary Interactive platform. Many lenders transition to mandatory delivery specifically for the financial gain, however, as exemplified by First Centennial, the operational benefits can be equally significant. Here’s how significant:

****According to executive management at First Centennial, a substantial operational impact was felt on the lock desk, where the company leveraged automation to create a more efficient workflow, enabling them to redeploy resources and save overhead costs. The workflow is driven by SI’s real-time data, another advantage for First Centennial, providing the opportunity to create a faster, more efficient flow of the file – the quicker those loans are out the door and purchased, the bigger the mark up for the lender.

****According to First Centennial’s Executive Vice President, Dave McCormick, “For a lender, identifying leakage is the Holy Grail – figuring out where your risk or problem areas are can be critical to secondary market health. Using SI’s tools, and more specifically, reporting tools, we are able to identify the smallest amount of leakage down to a very granular level. The difference between great programs, such as SI, and others in the market is the ability to identify errors and leakage. SI’s platform spotlights the issues using real time data, which then allows First Centennial to maximize secondary marketing revenue and efficiencies through best execution and loan allocation optimization.”

****First Centennial also benefits from the integrated platform with Optimal Blue (“OB”), ensuring loans being committed in the platform are guaranteed to have a saleable loan matched to Optimal Blue’s investor overlays. One mismatched loan can be very expensive to correct, and the unified platform between SI and OB enables First Centennial to deliver loans with virtually no opportunity for slippage.

****McCormick continued, “For lenders without a product eligibility and pricing engine (PPE), this process can be daunting. We got comfortable with a PPE and best efforts first, getting the staff used to a centralized lock desk. After that, making the move to mandatory was not difficult. SI was a great partner, who made the transition seamless – from educating us to securing investor relationships. SI held our hand throughout the process to ensure a smooth experience.”

****Don Brown, co-president of Secondary Interactive said, “First Centennial is a lender that “gets it”. They understand how to succeed, and their staff is made up of intelligent, talented people that know how to take advantage of automation to create benefit. Whether our clients are looking for a partner or looking for the best technology, SI is the right platform. There is no better opportunity for a lender than the use of real time, accurate data. We are the only platform that has it and it shows – our customers are successful and empowered. We appreciate customers like First Centennial, we invest in their success and when they win, we do too.”

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