*The LOS Conversions Continue*
**By Tony Garritano**
***As I’ve been saying on and off for over a year now, loan origination system (LOS) conversions are at record highs. With the industry in regulatory flux, more and more lenders are open to switching their LOS if there is a better system on the market that can help them cut cost, gain efficiency and stay ahead of new rules and res. For example, I learned this morning that ELFCU, Eli Lilly Federal Credit Union, based in Indianapolis, Indiana, is converting to Mortgage Cadence’s Symphony platform this spring. Here’s why:
****Symphony offers cloud-based architecture and ushers mortgage loans from origination through closing, including documents, imaging and secondary marketing.??“The traditional multi-system approach to originating mortgage loans inherently introduces inefficiency and inaccuracy. In addition, managing compliance has become increasingly difficult,” said Elaine Rinehart, Assistant Vice President, Business Analysis and Applications.
****“Symphony from Mortgage Cadence covers all the bases in one complete system that our members, loan officers and mortgage teams can access for quick approvals and up-to-the-minute information from any internet-connected device,” she continued.?? Mortgage Cadence offers a complete product suite, wrapping traditionally separate point-of-sale, loan origination, secondary market, and document systems into one.
****“Incorporating Symphony’s automation and workflow features into our mortgage operation provides countless benefits. Eliminating paper checklists and introducing system-generated and delivered disclosures and closing documents are just two of the many system characteristics that will quicken our lending pace and improve the financing experience for our members,” Rinehart stated.
****“Producing quality, compliant loans is just like manufacturing anything else. The process requires tools, technology and all-inclusive systems that ensure processes and rules are consistently followed,” said CEO of Mortgage Cadence Michael Detwiler.
****Eli Lilly Federal Credit Union has served the employees of Eli Lilly and Company since 1930. With more than $1 billion in assets and 60,000 members from its original sponsor and recently added Select Employee Groups, ELFCU provides a variety of financial solutions. Yet ELFCU is not just a credit union. As financial wellness providers, their employees promise to help members achieve financial wellness in life with their own money management plan.
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.