LoanLogics, a provider of loan quality technology for mortgage manufacturing and loan acquisition, has helped increase Planet Home Lending’s correspondent division productivity by 300 percent. By using LoanLogics IDEA for indexing loans and LoanHD platforms for loan reviews, Planet Home Lending has raised the division’s monthly loan volume and reduced the time needed for loan reviews, without adding staff.
Planet Home Lending began using LoanLogics’ technology at the beginning of 2017, and has since tripled its acquisition of correspondent loans, from roughly 300 loans per month to over 1000 loans per month. With the help of LoanLogics’ technology, Planet Home Lending also significantly reduced loan file review time from three to seven days at the beginning of 2017 to currently only 24-48 hours.
Planet Home Lending evaluated several technology vendors for indexing and data extraction capabilities before settling on LoanLogics, according to Rob Jannotte, senior vice president, production technologies, with Planet Home Lending. “The technology from LoanLogics clearly stood above the rest in terms of indexing, but their data extraction and audit rules automation tools were far and away superior to other vendors.”
LoanLogics IDEA (Intelligent Data Extraction and Automation) accelerates the indexing of loan files and transforms digital images, as well as scanned documents, into searchable, comparable data elements.The LoanHD platform displays these data elements as LoanFacts, enabling 100% data comparison of extracted data and loan origination system data to provide full transparency as part of the mortgage loan review process.
Planet Home Lending’s implementation of LoanLogics’ technology went very smoothly, according to Jannotte. “We were up and running in 60 days, which I attribute to the expertise and flexibility of LoanLogics staff and just the right amount of training,” he said. During the testing phase, Planet staff was able to see proof that files were being indexed correctly. They could also see the accuracy of the data extraction.
In all ways, Planet Home Lending’s expectations were far exceeded by LoanLogics’ technology. “In my 20 years of experience implementing mortgage technology, the LoanLogics collaboration is without a doubt one of the most successful technology implementations,” Jannotte said.
“The Planet Home Lending implementation and use of LoanLogics’ technology is a great success story,” said Brian Fitzpatrick, CEO of LoanLogics. “We are continually innovating and updating our technology to help mortgage lenders cut the costs and time spent on loan indexing and loan reviews, which significantly improves lenders’ productivity and ROI.”