As more lenders look to increase their correspondent lending channel, the smart ones are turning to technology to boost this emerging line of business. For example, Data-Vision Inc., a provider of Internet lending technologies that enables mortgage lenders to quickly and affordably implement Web portal and e-lending capabilities, and Associated Software Consultants, Inc. (ASC), developer of the PowerLender Loan Origination System, today announced that Farmington Bank has successfully launched its new Correspondent Lending Portal (CLP). Here’s how it all came together:
“Being able to provide an electronic lending portal to our correspondents is imperative in today’s banking market,” stated Jim Wilson, senior vice president and director of residential and consumer lending at Farmington Bank. “The CLP solution allows us to streamline processes and significantly increase production while driving cost efficiencies.”
Data-Vision’s Correspondent Lending Portal (CLP) offers a real-time cloud-based link between Farmington Bank and its correspondent lenders. Deeply integrated with PowerLender by Associated Software Consultants (ASC), Data-Vision’s CLP provides a robust solution for pricing, registration, and ongoing communications for correspondent lending. By working directly with ASC and Farmington Bank, a joint client, Data-Vision was able to offer a system that benefits both Farmington Bank and their correspondents.
Data-Vision President, Randy Schmidt, stated, “The collaboration with ASC was exceptional, which allowed us to deliver this powerful solution to Farmington Bank. The CLP solution delivers real-time pricing, immediate registrations, pipeline management, secure messaging and document exchange. This allows for faster and more complete data transfer with less overall maintenance and better communication between all parties.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.