Liquid Logics has said that it will make its LOS available for use at no cost to mortgage loan originators who sell their business to any member of a consortium of wholesale lenders backing the technology. Originators are free to write loans for any lender with the LOS but pay a technology fee per loan for any volume not flowing to the consortium. Here’s how this works:
“Lenders are looking for loan sources that can consistently provide high quality loans at the same time brokers, credit unions and community banks are seeking technology to help them originate loans for others in full compliance with the new rules. Our technology meets both needs,” said Peter Kallodaychsak, Vice President of Business Development for Liquid Logics. “It’s a win-win because firms that originate loans for the consortium avoid paying for the most current LOS technology. At the same time, our lenders don’t have to worry about whether the loans they’re buying are fully compliant.”
The Liquid Logics LOS comes with the Bullseye automated underwriting system built in. It benefits from a tight integration with a number of Product & Pricing Engines, including Mortech’s Marksman PPE. The LOS offers a fully integrated consumer-facing portal that gives the consumer more control in the origination process without compromising tight compliance control. The software was designed to be a full-cycle solution, uniquely suited to meet today’s compliance demands.
Liquid Logics began as a custom software development shop for First Horizon’s subprime division in 2004 and later provided custom software development for other lenders, primarily as a provider of gap technologies for users of Ellie Mae’s Encompass LOS. The Liquid Logics LOS was rolled out as a standalone offering in 2008. The firm still offers its Bullseye AUS, AppraisX AMC software, and Executive Insight Dashboard individually, but has combined these and other technologies into the new Liquid Logics LOS.
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 firstname.lastname@example.org.