Today’s LOS Has To Do Everything

*Today’s LOS Has To Do Everything*
**By Tony Garritano**

TonyG***As we all know the LOS was designed to mimic loan documents initially. Today the LOS does much more and tomorrow the best LOS will do even more. My point is that the LOS can no longer just automated data collection and forms. Case in point, Mortgage Builder, the Southfield, Mich.-based provider of loan origination and loan servicing software systems (LOS and LSS), has officially re-named its loan servicing software platform. Many reporters in this space act as if this is just about putting a new name on an old piece of technology, but it’s much more. Here’s what I mean:

****The LSS platform G/Serv is now formally known as “Colonnade,” reflecting the theme of the company’s signature LOS, Architect, as well as several other components in the Mortgage Builder lineup. By way of background, the company acquired the loan servicing system last year from GCC, Mortgage Builder’s former parent company prior to spinning off 15 years ago. GCC’s servicing platform has been an enduring favorite of mid-tier mortgage lenders and community banks for decades.

****The real story isn’t just in the new name, it’s that this company is reinvesting in its product to offer a full lending solution. Not every private company has the resources to do what Mortgage Builder is doing. “We are investing significant resources in the continued development of Colonnade to enhance its capabilities as a standalone system, as well as a paired platform with the Architect LOS,” says Keven Smith, president and CEO of Mortgage Builder. “We’re finding that more mainstream lenders are interested in retaining servicing to both add revenue and control their own destinies in this uncertain regulatory environment. Cloud delivery makes it simple to implement and train new servicing department personnel, and those are key considerations in this emerging trend toward servicing.”

****“We selected Colonnade as the name of our servicing platform for its connotation of stability and support.” says Kelli Himebaugh, corporate vice president of Mortgage Builder. “Colonnade is designed to provide the structure servicing departments need and do the heavy lifting for them” she notes. G/Serv users will love the new look and feel of the platform, and servicing newcomers will be pleased to discover how far servicing software has come when they experience Colonnade,” she says.

****Colonnade’s new brand name follows Architect, Mortgage Builder’s newly released LOS, Blueprint, Architect’s advanced electronic document management feature, and Surveyance, its enhanced originator portal and mobile device module.

****Mortgage Builder is among the very few companies that offers lenders automation from initial customer contact all the way through to the final payment of the mortgage obligation, Smith points out. “As a privately held company, we are able to invest in constant improvement for our products rather than cater to the demands of shareholders, and that has been central to our success,” he says. “We answer to our customers, and our offerings reflect what they tell us about their needs.  More of them are needing servicing solutions that are cost-efficient, compliant and robustly featured,” he explains, “and that is how we’re delivering Colonnade.”

****Himebaugh stresses the advantages of having both the lender’s LOS and LSS share historical DNA and architectural design features. “Problems arise when origination systems try to communicate with servicing systems, even when integrations have been put in place. Fields don’t match, data elements don’t line up and manual intervention is often required,” she says. “Loans flow seamlessly from Architect into Colonnade, avoiding those issues because they are built to work together. It means that fewer financial and technical resources are required to achieve maximum lending automation efficiency.”

Tony Garritano
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 tony@progressinlending.com.