An LOS To Satisfy All Lenders

Most loan origination or LOS offerings look to target specific size lenders with different offerings for a top 50 lenders vs. a smaller lender, for example. Wipro Gallagher Solutions (WGS), a Wipro Limited company and provider of loan origination software solutions, has launched its NetOxygen SaaS loan origination solution for mortgage lenders of all shapes and sizes.

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NetOxygen SaaS brings the power of NetOxygen, an enterprise class loan origination system that helps lenders reduce origination costs and boost production efficiency through automation.  NetOxygen connects to a front end portal and fintech offerings thus providing seamless interactions to improve borrower experience. NetOxygen SaaS enables quicker deployment and scalability to match business growth with an all-inclusive, per transaction pricing, which is based on business outcomes.

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NetOxygen SaaS provides comprehensive product coverage across mortgage, home equity, HELOC (home equity line of credit) and unsecured credit lines origination. The platform integrates an extensive vendor ecosystem which provides multiple options for standard services like credit, appraisals, fraud checks, etc. NetOxygen SaaS supports retail, correspondent and wholesale markets, and also enables niche offerings like construction lending for one close, multiple close, homestyle renovation and FHA construction.

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Key features of NetOxygen SaaS include:

>>Sophisticated workflow engine, allowing lenders to implement distinct lending policies and procedures;

>>Automated underwriting for improved efficiency;

>>Comprehensive pool of rich APIs, to enable easy integration with other applications;

>>Advanced feature supporting ADR and OCR capabilities;

>>Self-service tools to enable lenders to perform more tasks, with ease and speed.

“NetOxygen SaaS offers an extensible and scalable platform that caters to lenders’ ever-changing business needs and provides an all-encompassing solution to improve end-to-end loan origination,” said Scott Dunn, Head Product Management, Strategy and Compliance, Wipro Gallagher Solutions. “Among the platform’s many differentiators, what stands out is the ability to quickly configure business rules, products, fees and deliver industry leading functionality  for compliance, imaging, reporting, and documents generation in combination with best-in-class providers.”

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An Inspired Approach To LOS Implementation

*An Inspired Approach To LOS Implementation*
**By Tony Garritano**

TonyG***Yesterday I told you about a creative LOS. Today I want to continue that conversation. Lenders are open to changing their LOS but it’s hard to change. So how does the LOS company speed up the implementation without compromising quality? A good LOS can reach this balance. I talked to LendingQB about this topic. Here’s what they said:

****“We know that lenders are very entrenched with their LOS,” Linn Cook, Marketing Director at LendingQB noted. “Regardless, most LOS systems are still installed software. You can’t just open your browser and access your LOS. When you are talking about installed software you’re looking at it from a 1999 point-of-view. You have to have the network and the people to run an installed piece of software. You are not just purchasing the software. Lenders don’t even think of these costs in most cases. They see this as the cost of doing business.“

****LendingQB shared with me that 90% of questions in an RFP relate to system features. They don’t have questions or rubrics to score service. This may be why studies tell us that 35% of complex implementations fail and 65% go over budget and aren’t delivered on time.

****“Having direct access to the client’s software allows us to do more,” said Cook. “We can deliver updates every week instead of every quarter. We can be a true partner and build custom rules as the client needs them.  The clients tell us what they want and we do it. Lenders need to understand that the fact that the LOS claims that it is Software as a Service doesn’t mean that service is a core competency, it just means that they are web based.”

****And sometimes, as they say, the proof is in the pudding. All lenders want a fully configured LOS, but with most LOS companies that costs extra. In a SaaS model it shouldn’t. For example, OGI Mortgage Bankers, a fast-growing mortgage lender based in Los Angeles, California was able to launch and begin using a fully custom configured LendingQB platform immediately within seven weeks of signing the contract.

****“Since I stepped in this business 25 years ago, I’ve never seen an implementation happen so quickly and thoroughly,” said Harry Oh, president and CEO of OGI. “We made the decision to use LendingQB right before New Year’s Day but we didn’t expect to start using the system until after Easter. Being ahead of schedule saves us more than time and effort, it saves us money.”

****OGI is like many modern mortgage bankers in that they wanted to simplify their technology by replacing outdated client-installed software with a web-based system. “When we started the company in 2009, we bought a whole system – software, hardware, networking equipment – and spent an entire year getting it setup. It cost us a lot of money just to configure and learn how to use the system,” said Oh. “Then our vendor got acquired. That’s when we realized we had the wrong approach to technology. We’re a mortgage lender, not an IT company. We don’t need to own everything.”

****In response, Oh actively began looking exclusively for web-based LOS providers. Although only a handful of mortgage LOS vendors offer a true web-based system, OGI felt it was a better long-term strategy. “We see other industries enjoying the benefits of web-based applications, so to us it’s a proven model,” Oh noted. “But we didn’t make any compromises in order to get a web-based system. Price, quality and service still matter.”

****LendingQB takes all new clients through a comprehensive deployment process that is unlike anything Oh had seen before. “The day after we signed with LendingQB, their deployment team was sending us emails and scheduling meetings,” Oh said. LendingQB started with a detailed workflow discussion of OGI’s operations, and then provided them with an online tool to track task assignments and deployment status updates. “They were involved with our implementation at the ground level, gathering information from us and making changes to our system directly.”

****After seven weeks of aggressively implementing the platform, OGI’s staff was fully trained and ready to start working in the LendingQB environment. “When I think back to our first system and the amount of time and resources we poured into purchasing it and getting it setup, it’s night and day,” remarked Oh. “LendingQB is like a part of my staff. They set milestones and kept us on track and prioritized. They did most of the configuration for us and responded quickly to any changes we wanted to make. Their organization and commitment to us was impressive.”

Technology Spotlight: Lender Demands Flexibility

*Lender Demands Flexibility*
**radius financial group inc. Profiled**

***With LO Comp, UAD, UMDP, Dodd-Frank, and all the rest, what is a lender to do? Well, of course, they have to automate more. But beyond just turning to technology, lenders need to and are demanding more flexibility from their vendors. For example, PROGRESS in Lending has learned that radius financial group inc. has chosen MortgageFlex Systems, Inc. for their loan origination needs. Here’s why they decided to go with Mortgageflex:

****The hosted LoanQuest system selected includes the enterprise-level loan origination system and a Web Consumer portal that allows consumers immediate access to loan status.

****“Our business needs required a system that is flexible enough to conform to our origination workflow requirements, not the other way around. LoanQuest proved that it was versatile and could be adapted as needed without significant programming resources,” stated Keith Polaski, principal, radius.

****“We understand radius’ business requirements and are confident we will meet and exceed their needs,” said Craig Bechtle, chief operating officer, MortgageFlex. “We’re looking forward to a long and beneficial partnership.”

****radius required a cost effective system that could be tailored to their specific needs. MortgageFlex met those requirements with a hosted option that is an exception among the “cloud” offerings in that each client has a distinct instance of the application and their own unique database in a secure, SSAE16 certified facility.

****This unique arrangement gives customers the flexibility to adapt the application without restrictions. This was a core requirement of radius’ LOS selection criteria.

****“Not sharing application code gives customers the advantages of premises installation without the hard costs,” said Bill Black, chief information officer, MortgageFlex. “We focus on providing the customer a secure and highly-available platform so the customer can focus on their business.”

****Customers have the ability to add fields as needed without programming, control and monitor workflow activities, and drive system performance using integrated business rules.

****MortgageFlex offers several hosting options, including transactional and SaaS. The transactional option allows lenders to “pay-as-used” on a per loan basis and is very beneficial for lending organizations that do not have technical infrastructure and support readily available. Hosted options also give lenders high levels of security with SSAE16 certified facilities and full Disaster Recovery sites.

****radius also required a system that could integrate easily with existing Xerox Blitz Docs software being used for e-signing and e-delivery. An established system-to-system interface with Blitz Docs has been in place for LoanQuest users for some time.

****“We are proud of our partner network and have been very deliberate when selecting our business partners. A strong partner is invaluable and can expand system capabilities exponentially,” Bechtle stated.

****Founded in 1999, radius financial group inc. is a full-service mortgage banker specializing in residential, commercial and private financing. Since its inception, radius has experienced year over year revenue growth, despite the recent credit and housing crisis, and was recently recognized by Inc. Magazine as one of America’s fastest growing companies in 2010, ranking #554 in the Inc 500/5000 list.