0
0
Last week, LoanLogics participated in the California Mortgage Bankers Association’s Mortgage Innovators (virtual) Conference, as both a sponsor and exhibitor. During the two-day event, we were featured during a 2020 Housingwire Tech 100 sponsor spotlight break. One of the publication’s managing editors, Brena Nash, sat down with me on a video chat to answer three questions about what driving factors contribute to LoanLogics being (a now 7x consecutive) HousingWire Tech 100 winner.
Below I share a synopsis of my responses.
Where do you think tech disruption is happening in the industry right now and where do you think lenders need to focus?
What we emphasize with our clients is an “automate first” approach. That means, you need to automate as much as the process as possible before introducing knowledge-based workers. Right now, origination and refi volumes are through the roof despite what you might expect in a pandemic. Much of the industry is solving throughput challenges by adding more physical bodies to manage the workload, not automation.
Lenders instead need to be looking at partners that give them the ability to sell, do more with less and use technology to automate as many tasks as necessary, whether it’s with document ingestion, data entry and/or the audit process. Stare and compare is still rampant in doc processing and needs to be disrupted. That’s where we are focused with our clients to introduce tech disruption.
LoanLogics is involved in many parts/channels of the mortgage industry. What’s one piece of advice you would give a lender looking at their tech stack right now?
Technology has evolved. We still see a lot of lenders using old legacy technology. People are afraid to do something different from the way things have always been done but that is exactly what they need to do to increase productivity, borrower satisfaction, and make it seamless. Lenders need to ask themselves if their partners are offering the “latest and greatest”, like when it comes to the cloud and API integrations.
Not all cloud applications are the same. Cloud-native architecture is the most current in cloud computing and can maximize technology scalability through reusable microservices. For vendors, it eliminates the cost of managing physical hardware enabling better price / performance along with best in class tools for security and rapid development benefits. For lenders that means
- delivery of new capabilities through rich modern interface design to enhance user productivity
- the right amount of compute power so that it is always available and performing as expected
- application search responsiveness that is highly optimized
- and real-time monitoring of your doc processing pipeline with delivery of real-time notifications to improve user efficiency.
LoanLogics has been focused on both designing cloud-native solutions, like IDEA OnDemand and building/leveraging APIs to connect to lender’s existing tools and processes for better value and application performance.
It has been a busy year, how has LoanLogics helped its clients compete?
We’re helping them automate first. We’re helping them increase volumes without throwing more expensive human resources, that are prone to make errors, into the process.
We work with some of the country’s largest correspondent lenders. Their volume is off the charts like everyone else’s. They leverage our doc processing services and loan quality platform for audits without having to add resources. They can handle the scale, a fast turnaround to sellers, and keep satisfaction high using automation.
LoanLogics IDEA OnDemand, our new doc processing digital assistant, that we rolled out in spring and demonstrated at the Mortgage Innovators Conference (and in a recent LoanLogics webinar) is also providing great opportunities for customers. It offers that real-time, in-line doc processing capability to reduce cost, errors, and delays.
Finally, our loan quality audit services have also provided great lift to our clients. This year we helped them stay ahead of their growth. Instead of falling behind the 10% QC threshold, we were able to meet our SLAs for a multitude of audits like pre/post close to TRID, due diligence and in support of mortgage servicing rights acquisition. This is directly attributed to the 7500+ business rules and our audit by exception technology platform, LoanHD.
Watch the video interview I did with Brenda from HousingWire discussing the questions above HERE.
Read the formal write up for LoanLogics’ HousingWire Tech 100 win HERE.
