Tracking The LOS Wars

*Tracking The LOS Wars*
**By Tony Garritano**

***Competition among loan origination system providers is fierce. Recent acquisitions are prompting some lenders to wonder if their LOS will be maintained and new regulation has other lenders looking for a better option. Mainstay LOS companies will surely survive, but there may also be an opportunity for newer companies with a better approach and more advanced technology to claim a niche for their company. For example, LendingQB, a newer Web-based LOS, has had a banner second quarter, signing twelve new clients, which are either already in production or in the midst of implementation. New clients include mortgage bankers, community banks and credit unions. Here’s their story:

****Customers that are in production with LendingQB have been able to immediately eliminate the need for multiple systems, cut technology costs by up to 50 percent and reduce the cost to originate loans by as much 30 percent, according to the company. LendingQB emphasizes a seamless workflow that eliminates non-value added activities through automation. Examples of this include automated underwriting, business rule automation and lights-out integrations to select third-party vendors. LendingQB touts that its goal is to unifiy all mortgage lending activities on a single database of record, enabling higher level functions such as rapid generation of management reports and internal communication. The entire platform is Web-based and accessed through a common Web browser, making it highly scalable and extremely efficient to deploy.

****“We’re seeing a rapid growth in our pipeline since we introduced LendingQB late last year,” said Binh Dang, president of LendingQB. “There’s a real movement among mortgage lenders to switch their LOS platforms. Dissatisfaction with service and the uncertainty of the longevity of their vendors are part of the reason. But there’s also a real desire for technology advancement; lenders are treating their business in a more sophisticated manner, especially in regards to quality control and business analytics. They want a level of technology sophistication that matches their desire to grow efficiently as the mortgage industry recovers. We’re glad that these new clients recognize the value we bring to their business.”

****LendingQB’s platform is comprised of LO, TPO, and consumer direct point-of-sale Web portals for all lending channels, the PriceMyLoan pricing engine and automated underwriting system (AUS); loan processing; electronic documents, closing; secondary marketing; and interim servicing. All functions are incorporated into a seamless workflow. Also, LendingQB LOS incorporates business intelligence (BI) and data analytics functionality along with detailed reporting that helps lenders locate and translate their data into actionable information, enabling them to make informed business decisions that establishes a competitive advantage and leads to greater profitability.

****We’ll keep you updated on LendingQB and all the other LOS offerings as we are informed about how they’re doing.