Have you ever got out of bed and wished you could just go back to sleep? I’m sure that you have. We all lead busy and stressful lives. But the best of us move on and strive to be better every day. Here’s how one LOS is doing just that:
LendingQB, a provider of end-to-end loan origination software (LOS), has officially launched its Lean Lending strategies for the mortgage industry. Lean Lending utilizes lean manufacturing principles to help lenders reduce origination costs by up to 50%. Lean Lending guides lenders to streamline processes, ensure compliance, and drive continuous organizational improvement.
>> Streamlining processes by reducing costs by consolidating or eliminating certain functions. For example, lenders create a dedicated team to handle disclosure and re-disclosure activities instead of requiring a large staff of loan officers and processors.
>> Ensuring compliance by flagging compliance issues early in the process. For example, a GFE Tolerance Monitor flags changes and detects when fees break the 10% tolerance, which prevents the loan from proceeding with a GFE tolerance violation.
>> Continuous improvement by LendingQB working with the lender to ensure that they’re fully utilizing the LendingQB platform. For example, LendingQB will review and re-train the lender’s staff on the latest technology at no additional cost.
“It can take up to 3 years for lenders to understand a new LOS platform and create the best practices to take advantage of new technology,” said Binh Dang, LendingQB president. “LendingQB can shorten the learning curve to just 6 months by providing a lean set of best practices.”
About The Author
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.