Under pressure from a tight credit and regulatory environment, companies in the mortgage space have responded by leveraging technology to gain more ground. In some cases this has meant adapting current systems to accommodate new processes, and in others, it has meant creating entirely new mortgage technology products.
In this section we highlight products that are game-changers for companies working hard to adhere to regulations while still providing great service to their clients. The list features products ranging from new mobile platforms to a loan-level audit capability that will reshape the way audits are done for years to come.
By tackling the challenges head-on, these companies are setting themselves up for long-term success. The efficiencies they see today will continue to pay dividends in the future as they realize significant gains from a faster, more streamlined process.
Path Software (Path) was developed to provide a highly structured, end-to-end LOS that allows for flexible yet precisely configured workflows, maximizing visibility and productivity in a single, integrated platform for wholesale, retail and correspondent channels. The end result is a solution that offers administrators greater flexibility, scalability and visibility into their mortgage operations.
“Path is truly one of a kind,” Dennis Boggs, EVP of business development, said. “The depth and breadth of workflow management and the resulting visibility and accountability sets Path in a class by itself.”
The structure of the software eliminates the need for outside systems for the front and back end and provides data integrity by requiring loan data to match the lock data.
As loan milestones develop and the file evolves toward closing, each user gains added functionality to further process each file, while management gains visibility that can be tailored to the specifics of each organization.
“Path clients work directly with highly trained professional services consultants to configure the software according to the workflows and business rules that make the most sense for their operation,” Doug Mitchell, director of sales, said.
“This is non-standard and way above the norm for most software companies. Path delivers the benefits of customized software without the development headache and expense. We combine our core competency — mortgage software development — with our clients’ core competency — mortgage loan production — to create an outstanding, innovative product,” Boggs said.
Path’s features streamline business and help with compliance issues:
- See faster ROI with 90-day implementation of fully configured software
- Manage documents efficiently with contextual document management (attach documents to specific conditions within the loan file)
- Mitigate risk and increase profits and efficiency by automating underwriting of portfolio loans with your program guidelines
- Establish simultaneous operations in parallel workflows to enforce efficiencies and reduce activities that do not generate profits
- Understand your profits with estimated versus actual loan profit analysis
- Immediately analyze fresh data to make faster, better informed decisions
- Reduce errors using our embedded product and pricing engine – including loan locking
By creating a system that structures workflow and gives complete visibility, Path delivers accountability for every person and department that touches the loan, since all work produced is documented within one system of record for wholesale, retail, and correspondent channels.
“Path eliminates questions and provides real-time, documented answers, giving top-level executives the insight needed to make the best decisions possible for their entire mortgage organization,” Boggs said.
Path’s one system of record for the front end and back end ensures that all data matches, allows reporting on estimated versus actual profit, and delivers accurate pipeline views. Additionally, Path allows simultaneous operations in parallel workflows and eliminates the back-and-forth that frequently plagues production and consumes valuable resources that do not generate profits.
“Path assures loan production is efficient and streamlined with state-of-the-art technology that reconciles disparate automated functions into one platform.
“Path provides unique configurability, a single point of entry, inclusive end-to-end design, and 360-degree visibility into every business channel — from origination to closing to secondary marketing,” Mitchell said.