One of the most advanced internet lending institutions, provided mortgage solutions to fulfill a variety of borrower needs.
Client made a name for themselves during the height of the sub-prime market. They needed to transition to a new product line in order to stay current with the market. The new business plan called for them to originate, process, fund and insure Federal Home Administration (FHA) loans.
The solution seems easy enough, begin origination of a new product. But the challenges they faced were numerous:
- They had a culture of sub-prime mentality.
- They had their entire system configured to do sub- prime lending and funding.
- They did not use the base and total loan amount fields correctly in the initial roll out, making the roll out an insured product difficult.
Mortgage Loan Origination Software:
Review the system for changes that needed to be made to adjust to the new lending environment. Bring in people that understood that line of business to review the strategies for upgrades (i.e. did they also want to do Veterans Administration loans in the future). Visionet proposed changes that allowed them to put in the full product line that FHA offers.
All this was done during the height of FHA changes:
- New transmittal summary
- New UPMIP and annual changes
The systems is now scalable for future solutions without mass reconfiguration. Easily able to roll out new products lines in a matter of weeks not months.