Lenders Now Have A Single Access Point To Dozens Of Real Estate Lending Products, Solutions

LenderClose has integrated with MeridianLink’s LoansPQ loan origination platform. Enabled as an optional feature for LoansPQ users, the LenderClose platform provides API connections to every vendor it takes to approve, underwrite and close a mortgage or HELOC loan. Through LenderClose, lenders access a suite of reports and services – from flood certification and valuation products to title reports and e-recording services. The result is a streamlined and vastly accelerated underwriting process, an increasingly essential capability for all community lenders. With one vendor, one integration and one invoice, lending teams realize multiple points of efficiency.

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“Today, community lenders are working with more vendors and fintechs than ever before to meet increased consumer demand for speed and personalization,” said Doug Glagola, vice president, Enterprise Solutions, MeridianLink. “That’s why it’s so important for lenders to have access to vendor aggregators like LenderClose. Unless that information is integrated seamlessly with the systems they already use, it’s incredibly difficult to provide the instant, accurate and reliable experiences members expect. LenderClose’s technical expertise and community lending market connections make them an ideal partner for our growing ecosystem of lending solutions.”

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The LenderClose/LoansPQ integration means loan officers and processors will have less data-entry tasks and fewer platforms to manage. Forms and other documentation that comes through the LenderClose platform will be automatically uploaded to LoansPQ, saving staff upload and download time. In addition, loan officers will have access to real-time data and reports across both platforms and a digital archive of forms for quick retrieval from anywhere.

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Andrea Remington, loan processing manager for Collins Community Credit Union in Iowa, anticipates the integration will have a dramatic impact on her team’s efficiency. “The ability to access LenderClose through our MeridianLink interface will free up an incredible amount of time for our staff,” she said. “Just the ability to use data that’s been pre-loaded by the originator will save us so much from both a time and errors stand-point. Every organization, especially in financial services, is looking for ways to keep staff engaged. When we find ways to make their lives easier, we have more time to spend on making the experience for the member easier.”

“One of the most exciting aspects of this integration is that our clients asked for it, and we were able to deliver, thanks in no small part to the big thinkers at MeridianLink,” said Omar Jordan, CEO of LenderClose. “Everyone we’ve worked with at MeridianLink – from the C-suite to the developer team – sees very clearly where the market is headed and what our mutual clients need to be successful.”

“Borrowers today enjoy a great and growing number of options for lending,” continued Jordan. “As competitors shout ‘no paperwork,’ ‘approval in minutes’ and ‘turn-around is less than two weeks,’ consumers hear it, and they expect local lenders to play ball. MeridianLink and LenderClose are helping the nation’s community lenders make the changes they need to do exactly that.”

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Integration Streamlines Origination

New Vista Solutions, a provider of settlement services for the residential and commercial real estate markets, has integrated its customer-facing ordering platform with MeridianLink’s LoansPQ Consumer Lending Loan Origination System for second mortgage loans, home equity loans and home equity lines of credit (HELOCs).

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This integration enables mutual customers of LoansPQ and New Vista Solutions to order and retrieve origination products—such as Flood Determinations, Credit Reports, Property Valuations, Title Reports, and Tax, Income and Employment Verifications—directly from New Vista Solutions, without having to leave their LoansPQ systems. The primary benefits of this seamless connection are lower operating costs and improved efficiencies, which result from eliminating the need to rekey data and open two concurrent systems each time the customer wishes to order settlement services.

“We are excited to present access to MeridianLink to the current users of New Vista’s bundled services solution and to avail our best-in-class bundled services to MeridianLink customers that aren’t currently customers of New Vista,” said Jesse Rivera, CEO of New Vista Solutions.

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MeridianLink’s Doug Glagola said, “We are pleased to announce this new relationship with New Vista Solutions and this exciting new integration. This integration eliminates the need for multiple data entries. These efficiencies contribute to savings that can be passed along to the borrowers and the lender’s bottom line in a competitive environment that rewards efficiency and convenience.”

New Vista Solutions has been a leader in the bundled loan products’ space since 2007. It is known for its robust, secure web-based platform and convenient consolidated billing.

New Alliance Forms

FormFree Holdings Corp., a provider of automated deposit and asset verifications, says that its AccountChek solution has been integrated with MeridianLink, an  application service provider for the financial services industry and a provider of Web-based systems for credit reports, online consumer lending and new deposit accounts. As a result of the integration, lenders that use MeridianLink’s services will be able to order, analyze and certify a borrower’s bank assets in just minutes while eliminating falsified bank statements, one of the primary causes of mortgage fraud.

MeridianLink services are available through all major loan origination systems (LOS), which are used daily to create mortgages that are sold to consumers. As a result, more lenders than ever will have access to AccountChek, the patented and award-winning technology that replaces the need for borrowers to submit paper bank statements to show they have the financial resources to qualify for a mortgage.

“The ability to verify a borrower’s assets quickly and electronically is the future of mortgage lending,” said Douglas M. Glagola, vice president of business development for MeridianLink. “When it comes to paperless bank verifications, we’re thrilled to provide our clients with access to the industry’s leading solution in AccountChek.”

“MeridianLink is one of the financial services industry’s most widely respected developers, renowned for its expertise and support,” said Brent Chandler, founder and CEO of FormFree. “By integrating our patented AccountChek solution with MeridianLink, we’re delighted to bring paperless asset verifications to more lenders while making the lending experience that much easier for today’s borrowers.”

AccountChek is available under the “Employment/ID/Verifications” section of MortgageCreditLin, MeridianLink’s Web-based credit reporting system that allows lenders to access a merged credit report using data from the three major credit bureaus within 10 seconds. AccountChek is also being sold alongside other MeridianLink services.

AccountChek collects data directly from virtually any financial institution and generates reports in just minutes, creating enormous time savings for both borrowers and lenders. By eliminating the need for paper bank statements, AccountChek also helps significantly reduce buyback exposure and fraud, while also providing lenders with an easy solution for complying with new “ability-to-pay” rules. Earlier this year, the underlying technology behind AccountChek was awarded a U.S. patent for its propriety process of electronic certification of a borrower’s bank account data.

Pair Use Technology To Enhance Verifications

MeridianLink is now offering employment and income verifications through Equifax’s The Work Number for customers using its Mortgage Credit Link Platform (MCL). The Work Number is a proprietary database owned by Equifax Workforce Solutions, a business unit of Equifax Inc.

As a centralized, Web-based mortgage credit reporting system, MCL integrates its customer’s credit systems with their client’s loan origination systems, providing the seamless transmission, validation and interpretation of data between applications and organizations. By optimizing Equifax Verifications Services’ full range of tools, and leveraging The Work Number® database of more than 241 million employer-direct payroll records, MCL enables credit resellers to deliver the most comprehensive employment and income database in the nation to their lender customers.

“Employment and income verification plays a critical role in originating quality loans. It is also essential that proper documentation be validated and revealed quickly and accurately,” said Equifax Senior Vice Presidents Michael Kuentz and Craig Crabtree. “Combining MeridianLink’s centralized and robust mortgage platform with The Work Number database delivers maximum efficiency across the entire lending industry.”

“MeridianLink is excited to have this integration as an enhancement to our current platform,” said Jason Domazet, Business Development Manager, MeridianLink. “We continue to strive to provide our clients integrations that are an efficient means to order products from a centralized platform for our end users.”