Technology Spotlight: Calming The Chaos With End-To-End Automation

*Calming The Chaos With End-To-End Automation*
**Omega Financial Services, Inc. Profiled**

***PROGRESS reported on the launch of a new LOS a while back in the form of LendingQB. We said that we would keep you updated on its progress and we don’t break our promises. As more lenders look to migrate toward a more end-to-end solution, systems like LendingQB are gaining traction. For example, Omega Financial Services, Inc., a retail and wholesale mortgage banker, has implemented LendingQB’s Web-based loan origination system to automate each of its business channels. LendingQB’s platform will reduce Omega’s cost per loan, maximize productivity across operations and decrease its existing technology costs. Here’s how:

****Acting as an advisor to Omega, Joe Cilento, a mortgage industry veteran and consultant, guided the selection and implementation of Lending QB’s LOS platform after performing a company-wide review of operations.

****“I have conducted numerous mortgage technology evaluations and implementations; the rollout of LendingQB’s Web-based platform was one of the smoothest I’ve been involved with,” said Cilento. “The extensive level of support that LendingQB provided and their ability to easily configure tailored workflows are the main reasons Omega’s implementation was so successful.”

****LendingQB’s LOS integrates Omega’s entire workflow and lending functions to enable the straight through processing (STP) of loans. From the point-of-sale (POS) through closing and funding, LendingQB consolidates all of Omega’s lending activities onto a single platform. Regardless of employees’ roles, LendingQB contains Omega’s users to a single database and software environment to ensure the same data is being used in different departments. The result is fewer manual touch points, which turns Omega’s lending practices into a profit optimization workflow.

****“We were previously using a well-known LOS that has been trying to assemble an end-to-end solution, but we found the system inadequate to handle our needs from soup-to-nuts so we began looking for a solution that could,” said Armando Morell, information systems director at Omega Financial Services, Inc. “We retained mortgage consultant Joe Cilento to help us perform the evaluation process and concluded that most LOSs try to achieve an end-to-end solution by way of integrating with multiple best-of-breed vendors because they are lacking key functionality in a number of different areas. Of all the solutions we looked at, there wasn’t an all-in-one Web-based LOS on the market that could seamlessly automate every single area of the lending process like LendingQB is able to.”

****Once Omega’s LOs and brokers run product and pricing scenarios in LendingQB’s retail or broker portal, they can pull credit and the automated underwriting system (AUS) returns an instant, accurate decision that analyzes investors’ entire underwriting manuals, which carries the same weight as a human underwriter’s decision. The loan then seamlessly moves through Omega’s workflow with minimal human intervention. Omega says the efficiencies gained using LendingQB’s end-to-end LOS will optimize employee performance, reduce their cost per loan and also attract top tier sales talent. In addition, Omega’s LOs, brokers and AEs can use LendingQB’s mobile application for smart phones, which allows them to check rates, return product eligibility and pricing, and manage their pipeline from the field.

****LendingQB’s platform is comprised of LO, broker, and consumer direct point-of-sale Web portals for all lending channels; product and pricing engine; proprietary AUS; loan processing; electronic documents, closing; secondary marketing; and interim servicing. LendingQB also accompanies business intelligence (BI) and data analytics functionality along with detailed reporting that helps lenders locate and translate their data into actionable information, enabling them to make informed business decisions that establishes a competitive advantage and leads to greater profitability.

****“Paramount to running an efficient lending operation is the seamless connection of every workflow the lender uses to eliminate unnecessary human interaction and thus improve productivity,” said Binh Dang, president of LendingQB. “The only way to achieve this is to implement an all-in-one platform that uses a single database and is discriminating with outside integrations, as too many interfaces and separate databases creates data integrity issues and hampers efficiency and accuracy.”