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Lender Price Adds Mortgage Technology Veterans To Executive Team

Lender Price announced that David Colwell and Linn Cook are joining their management team to head up marketing, business development and strategy, reporting to CEO and founder Dawar Alimi. David and Linn bring many years of experience in the mortgage technology industry to assist in the growth of Lender Price.


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David Colwell will take on the role as executive vice president of business strategy, bringing more than 20 years of experience in mortgage banking, product and pricing engine (PPE) technology and loan origination system (LOS) technology. David will oversee all aspects of revenue generation, strategic planning, business partnerships and financial forecasting.

Linn Cook brings 20 years of experience in finance and mortgage technology sales and marketing, taking on the role as senior vice president of marketing and sales. Linn will draw on his successes in credit reporting, PPE and mortgage LOS technology to drive revenue and increase visibility of the Lender Price brand.


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“At Lender Price, we believe in bringing on talented people with deep industry experience,” said Dawar Alimi, CEO of Lender Price. “David and Linn have shown that they know how to grow technology companies and we’re thrilled to have them join our team. They are both exceptional leaders and their experience in the mortgage technology industry will be invaluable to us.”


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“Lender Price is an amazing technology company and I’m grateful to have this opportunity to work with such a talented group of people,” said David Colwell. “I am looking forward to this journey, and to helping mortgage lenders leverage Lender Price to re-invent the mortgage lending process.”


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“Lender Price’s technology is modern and can handle big sets of data very efficiently,” said Linn Cook. “That means our products are more responsive, more configurable, and more useful to the end user. These are great products and I’m looking forward to setting new sales records every year.”

Lender Price provides mortgage lenders with an online and mobile borrower engagement tool that features a built-in pricing engine and automated generation of loan disclosures. Seven of the top 50 mortgage lenders in the country use Lender Price to drive online interactions with borrowers, resulting in higher application completion rates and more efficient lending.

Ultimate Flexibility: Leveraging An Open API In Mortgage Tech To Bridge To Digital Lending

In any business, companies can only move as fast as the slowest part of the process. For mortgage lenders, the slowest part of the loan process – outside of regulatory mandated waiting periods – has often been the limitations of physical paper. Whether it is the printing, delivery and fulfillment of paper-based disclosures and closing packages or the transfer of data from a paper application to an underwriting system, manually completing any task dramatically slows down a lender’s efficiency.

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Along with the rest of the nation’s industries, mortgage lenders have spent the past two decades transitioning to a digital economy. In its truest form, digital lending refers to a lending process in which all parties conduct all steps of the loan process electronically. This encompasses everything from the initial application submitted by the borrower to delivery and servicing by the investor.

With the rise in consumer interest around conducting financial business digitally, it’s vital for lenders to embrace as much of the digital mortgage as possible. This paradigm shift requires that all documents undergo an entirely paperless closing process—or in other words, are signed, notarized, registered, delivered and stored electronically.

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While the mortgage industry is better positioned than ever to accomplish this feat, there are many other factors impeding fully-realized electronic mortgages from becoming the industry-wide standard. One of the biggest challenges is getting all the technology tools needed to process loans electronically working together. One approach that is helping lenders build the system of their dreams is leveraging an open API to simplify the task of integrating many excellent vendors into one efficient system.

Bridging to the Future with API

The foundation for a successful digital lending strategy is having the appropriate technological infrastructure. With the proper technology in place, borrower data seamlessly moves through each phase of the origination process, along with reducing the risk of human error.

Lenders need three main tools to build a fully digital lending workflow: an intuitive and responsive point of sale (POS) where borrowers can initially complete loan applications and manage their loan status; a loan origination system (LOS) to address all necessary verification and underwriting; and a document and eSignature provider for closing, delivery and servicing.

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Of these tools, the LOS is the foundation into which all other tools must integrate into. While some LOS providers try to offer every tool in one system, most lenders find that they prefer to build a custom tech environment that leverages the expertise and functionality of several different software providers.

This is where an open API becomes essential for the evolution to digital lending. When lenders select an LOS with an open API, they gain access to more resources that can enable them to streamline their lending process. Instead of waiting months or years for two vendors to reach an integration contract, build and code a proprietary integration, test and finally roll out the solution, vendors can instead use the API to build integrations more quickly and accurately using data standards provided by the LOS.

This choice creates an environment of competition where vendors are increasingly challenged to continue refining and improving their solutions to provide the best value for lenders. Lenders are also able to continue configuring their LOS’ long after the initial implementation, which is beneficial during period of growth or changes within the lenders organizations that promote new ways to lend.

This is vital for lenders as they move toward the primary goal of a complete end-to-end digital mortgage. An open Application Programming Interface (API) provides a more efficient and streamlined experience for both lenders and borrowers alike. Lenders will also have singular, standardized proof of compliance and be able to maintain a higher level of data integrity by significantly reducing manual data processing.

Along with time-efficiency, improved data integrity and transparency are additional benefits found in leveraging the appropriate technological tools. The increase in data integrity not only helps expedite the origination process, but also provides clarity on the secondary market. This technology helps both lenders and investor mitigate risk and ensures the loans initially meet the standards required for origination and servicing.

The bottom line is that electronic lending affords all parties involved a wealth of benefits. Lenders and investors who manage their loans electronically will be able to cut down significantly on the time it takes to originate and service these loans, enabling them to handle a greater volume and thus drive greater profits. Not only that, but they’ll be able to show their borrowers a better experience, making it more likely that these borrowers will return for future lending needs.

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Cutting Corners On The Way To The Cloud

It has been almost twenty years since Salesforce first introduced the concept of cloud computing to the business world. Despite its revolutionary concept, or maybe because of it, adoption of Salesforce and cloud computing in general was initially slow. Today, cloud computing is so commonplace that even the mortgage industry, a notoriously slow adopter of technology, has fully embraced it. But in order to truly exploit its potential, a little self-reflection is required: how well do you really know cloud computing?

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The Industry’s Indispensable Shift to Cloud-computing

In the early days of cloud computing, software vendors broadcast their applications through the internet to allow multiple users to access it using “virtualization.” In this model, a single copy of the application resides on a central server and lightweight “thin client” software is installed on each user’s machine. Virtualization was a big hit.

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IT managers loved virtualization because there was only one copy of the software to maintain. Business owners loved it because their IT costs were drastically reduced. Software vendors especially loved virtualization because they could “spin up” their old, on-premise software into a cloud subscription service with minimal cost and effort.

But in reality, virtualization represents an incremental shift in technological innovation. Other than giving users convenient access and their IT teams more free time, the core technology behind virtualized software does not change at all. It’s not as if “going to the cloud” turns legacy software into an entirely new application. In fact, you could take an 8-bit version of VisiCalc, broadcast it through a server and call it a cloud computing system.

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The Value Added for Vendors in a Multi-tenancy Solution

To realize the true value of cloud computing, it’s important to understand the way an application’s underlying database is structured. In a virtualized environment, there is a single, separate and independent instance of the software code and the database. Any upgrades, fixes or integrations to the software must be installed separately in each instance. This is known as single-tenancy.

In contrast, a multi-tenant database model is truly transformative because the software code and data resides in a single, unified database. Every user across multiple clients is using the same application simultaneously. Therefore, distributing updates, fixes or integrations requires virtually zero effort from the vendor because all of their users are in the same environment concurrently.

One of the main advantages of multi-tenancy is the ability to scale an application extremely efficiently. It is similar to fixing a centralized furnace in a 100-unit apartment building versus fixing each furnace in 100 single family homes. Multi-tenancy also ensures that every client is using the same exact version of the application and has access to the same integrations.

Just as having the ability to scale an application extremely efficiently, vendors can become active participants in the implementation, configuration and end-user operation of the system because they have direct access to a client’s system and associated data. The old “batteries not included” paradigm of software delivery turns into a white glove approach, where vendors embed consultative services into their product offering.

Big Data: The Next Level of Cloud-Computing

However, these advantages pale in comparison to the true potential of cloud computing: Big Data. In a multi-tenant system, all the data generated by every client resides in one database. This means that data aggregation and normalization become non-issues, allowing for analysis and forecasting insight that can approach clairvoyant levels.

Imagine being able to determine the precise cost of originating any given loan scenario. Or the secondary gains you receive when you know the exact date when every loan in your pipeline is going to close. This level of predictability can only be achieved using big data, and big data can only be gathered in a cloud solution that has a multi-tenant database architecture.

Is big data making an impact in the mortgage industry? Not yet. Big data is still in an evolutionary phase. Even industries with mature cloud computing capabilities are only beginning to scratch the surface of big data. But as we’ve seen before, technological advancements happen quickly. Moving to a multi-tenant cloud computing model is the first step towards big data.

While transforming a single-tenant database into a multi-tenant one takes time and money, it is important to build evaluating its place in the vendors organizations now. Legacy software vendors have no choice but to start from scratch, a monumental task, but one that is manageable with the appropriate planning.

Vendors should consider a few different things when planning to integrate a multi-tenancy database. First, how well prepared is their organization to support the business model? And secondly, can the vendor deal with client expectations that are completely different from their legacy model? Gone are the days of delivering pre-packaged software (including virtualized software) and expecting an IT professional to install and maintain it. Vendors should note configurability, not customizing, is the way in which caters to a streamline process, while delivering results. A multi-tenant solution operates as such just like the air conditioner analogy mentioned previously.

Twenty years is a long time. Salesforce and other “true” cloud computing vendors have already experienced and adjusted to the growing pains of delivering software in a multi-tenant environment. Legacy software vendors who are just entering multi-tenancy – even large, well-funded vendors – will discover how difficult it is to bridge the gap from their single-tenant virtualization model. Virtualization might be a shortcut to cloud computing, but multi-tenancy is the only path to a big data future.

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Is Your Tech Paying Off?

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What’s the key to maximizing profit and efficiency? Many lenders might say using technology or getting rid of paper and embracing electronic mortgages. And to an extent they are correct. A well-tuned loan origination platform, combined with state of the art document engines, compliance software and settlement services automation can dramatically reduce the time and cost needed to close a loan.

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However, too many lenders pay significant dollars for their technology systems without taking the time to learn how to use them to their maximum effectiveness. This is a simple idea, but the sheer complexity of LOS platforms makes it difficult to achieve, especially when considering the myriad of integrations to third party vendors that are available today. Implementing an effective mortgage lending system requires that lenders have a level support that results in optimal technology adoption and the flexibility to take advantage of best of breed vendors that can meet their unique needs.

Teach Me How to Use It

The key to an optimized lending environment is getting the most performance out of the loan origination system as possible. Too often, lenders continue using old processes with new technology because no one has shown them a better way.

Featured Sponsors:

 

 
When evaluating LOS vendors, lenders should look for two key things to ensure they are getting the most out of their investment. The first is the initial consultation and implementation provided by the vendor. A vendor that is dedicated to the lender’s success will take the time to understand the way a lender currently works and identify key areas where the new LOS can improve performance. This allows the vendor to align the needs of the lender with the capabilities of the software and uncover best practices that will introduce changes to existing processes that result in efficiency gains.

Secondly, vendors should be evaluated on their ability to provide ongoing training and support to continue getting the most out of the system. Training and support should be more than a reference guide or manual. It should address specific tasks and processes by laying out prescriptive recommendations on how best to automate workflow. The best vendors will be proactive about training and support, with the acknowledgement that system adoption is a never-ending process because new features are continuously added.

But an important element that cannot be overlooked is a robust service department that is committed to helping clients. Quality service is not just for troubleshooting, but to fine-tune system adoption. Having experienced, knowledgeable and responsive support fills in the detailed usability gaps that documentation and training cannot satisfy.

Build a Technology Framework that Supports Optimization

Optimizing the use of technology will help lenders improve their efficiency, but to truly maximize their investment, lenders should look for technology that adapts to the unique needs of each company. The LOS has evolved into an extensible system that is augmented with best of breed integrations to quality service providers.

Featured Sponsors:

 

 
In today’s highly specialized world of mortgage lending, flexibility reigns supreme and lenders demand tools that best fit their particular business needs. The right document engine, automated compliance module, settlement services, web portal and other key pieces of the loan process will vary greatly between lenders based on volume, loan products, business model and geography.

To this end, when lenders are evaluating their LOS provider, the first question they need to ask is, “does this system integrate with the services that I want, or am I being forced to use certain vendors regardless of their fit for my needs?”

Innovative lenders will look for LOS providers that foster a best of breed technology environment that is open and accessible, willing to work with the third-party providers to build strong integrations that help the lender truly optimize each piece of the loan process. LOS providers that promote an open API model for integrations provide a simple environment for third party partnerships, resulting in quicker integrations and the ability to fine-tune functionality to be as effective as possible.

In a tech-driven world, the mortgage lenders who will be the most profitable are the ones who can most effectively reduce the time and cost of closing each individual loan. By taking the time to select the right partners, and then learning how to use those systems to the utmost capacity, lenders can position themselves to grow their business and better serve their customer base.

About The Author

Are You Getting The Most Out Of Your Technology?

What’s the key to maximizing profit and efficiency? Many lenders might say using technology or getting rid of paper and embracing electronic mortgages. And to an extent they are correct. A well-tuned loan origination platform, combined with state of the art document engines, compliance software and settlement services automation can dramatically reduce the time and cost needed to close a loan.

Featured Sponsors:

 

 
However, too many lenders pay significant dollars for their technology systems without taking the time to learn how to use them to their maximum effectiveness. This is a simple idea, but the sheer complexity of LOS platforms makes it difficult to achieve, especially when considering the myriad of integrations to third party vendors that are available today. Implementing an effective mortgage lending system requires that lenders have a level support that results in optimal technology adoption and the flexibility to take advantage of best of breed vendors that can meet their unique needs.

Teach Me How to Use It

The key to an optimized lending environment is getting the most performance out of the loan origination system as possible. Too often, lenders continue using old processes with new technology because no one has shown them a better way.

Featured Sponsors:

 

 
When evaluating LOS vendors, lenders should look for two key things to ensure they are getting the most out of their investment. The first is the initial consultation and implementation provided by the vendor. A vendor that is dedicated to the lender’s success will take the time to understand the way a lender currently works and identify key areas where the new LOS can improve performance. This allows the vendor to align the needs of the lender with the capabilities of the software and uncover best practices that will introduce changes to existing processes that result in efficiency gains.

Secondly, vendors should be evaluated on their ability to provide ongoing training and support to continue getting the most out of the system. Training and support should be more than a reference guide or manual. It should address specific tasks and processes by laying out prescriptive recommendations on how best to automate workflow. The best vendors will be proactive about training and support, with the acknowledgement that system adoption is a never-ending process because new features are continuously added.

But an important element that cannot be overlooked is a robust service department that is committed to helping clients. Quality service is not just for troubleshooting, but to fine-tune system adoption. Having experienced, knowledgeable and responsive support fills in the detailed usability gaps that documentation and training cannot satisfy.

Build a Technology Framework that Supports Optimization

Optimizing the use of technology will help lenders improve their efficiency, but to truly maximize their investment, lenders should look for technology that adapts to the unique needs of each company. The LOS has evolved into an extensible system that is augmented with best of breed integrations to quality service providers.

Featured Sponsors:

 

 
In today’s highly specialized world of mortgage lending, flexibility reigns supreme and lenders demand tools that best fit their particular business needs. The right document engine, automated compliance module, settlement services, web portal and other key pieces of the loan process will vary greatly between lenders based on volume, loan products, business model and geography.

To this end, when lenders are evaluating their LOS provider, the first question they need to ask is, “does this system integrate with the services that I want, or am I being forced to use certain vendors regardless of their fit for my needs?”

Innovative lenders will look for LOS providers that foster a best of breed technology environment that is open and accessible, willing to work with the third-party providers to build strong integrations that help the lender truly optimize each piece of the loan process. LOS providers that promote an open API model for integrations provide a simple environment for third party partnerships, resulting in quicker integrations and the ability to fine-tune functionality to be as effective as possible.

In a tech-driven world, the mortgage lenders who will be the most profitable are the ones who can most effectively reduce the time and cost of closing each individual loan. By taking the time to select the right partners, and then learning how to use those systems to the utmost capacity, lenders can position themselves to grow their business and better serve their customer base.

About The Author