HousingWire sat down with two executives from PrimeLending — Tim Elkins, executive vice president and chief information officer, and Steve Thompson, president — to find out what factors went into the company’s recent decision to switch to a new LOS.
Q: What led your company to shop for a new LOS?
Steve: There were several factors.
—Rising origination costs and challenging market conditions
It’s no secret this has been a very challenging time in the mortgage banking industry. In order to maintain our leadership position and stay competitive, we must look for new ways to create efficiency, reduce costs and provide flexibility for the future.
While some lenders are downsizing or exiting mortgages altogether, we are strengthening our position and confirming our commitment to remain a recognized leader in our industry. We could see that a new system would be a game changer – giving us the agility and control to not only respond rapidly to changing requirements, but also streamline and simplify our workflows and improve efficiency at virtually every phase of the loan origination process.
—Recruiting and retaining the best talent
No system or technology can ever replace personal attention and professional expertise in the mortgage process, but a more powerful platform and set of digital tools can equip our team to achieve more. From greater autonomy and flexibility to streamlined processes to more transparency along the way, a new LOS would empower our employees to work smarter, provide a better customer experience and support an ideal work/life balance.
—Changing consumer demand
To win new customers and sustain long-term success in the mortgage industry, we must continue to deliver an exceptional mortgage experience. Consumer needs and wants are driving changes that are disrupting and transforming what defines exceptional service.
To ensure we can delight our customers and exceed their expectations, we need to have the right technology in place. That meant embarking on a year-long initiative to evaluate and select the best technology solution for PrimeLending.
Q: Why did you choose the Blue Sage digital platform?
Tim: Choosing a provider for a new LOS was no small challenge – we required a system that would give us agility and control to respond rapidly to changing requirements. We insisted the system be reliable, fast, and secure to enable our employees to deliver the high level of service our customers demand.
We expected the new system to streamline and simplify our workflows and improve efficiency at virtually every phase of the loan origination process. And finally, we wanted a solution that was superior to any other current mortgage platform – we wanted to set the bar much higher.
After an exhaustive search that included site visits and product demonstrations with the leaders and emerging players in mortgage origination technology, we decided on Blue Sage. Offering an unmatched combination of innovative technology, mortgage industry expertise and a shared set of team-focused values, Blue Sage would give us a tremendous advantage now and in the future. It was a great fit – there is simply nothing else on the market like it.
Q: How does going with a new LOS affect the loan origination experience for PrimeLending loan originators?
Tim: Transparency. Automation. Speed. Convenience. Flexibility. Compliance. Blue Sage will offer these benefits and more to our employees, who in turn can provide a better experience to our business partners and customers. Here are a few examples of immediate benefits our production and operations teams will enjoy:
- Faster, more efficient service thanks to cloud-based processing. Designed and built for optimal performance on cloud technology, the new LOS not only works more quickly, it ensures less downtime.
- Instantaneous loan scenarios and pricing information that our loan originators can present during the initial discussion.
- Fully-integrated programs and services, so data is entered and files uploaded only once – eliminating costly keying errors and unnecessary delays.
- Specialized products, such as renovation, construction, and buydowns, are built into the normal workflow, so loan originators will have easier, faster access to information on these programs.
- Faster access to new programs and easy API integration, thanks to system’s ability to adapt to regulatory changes or product enhancements.
- An intuitive interface and design so that our team can navigate the system quickly. It’s so simple that LOs can enter an application with minimal training, making onboarding new employees much easier.
Q: What’s next for PrimeLending?
Steve: We will maintain our strategy to build business around our talented, modern loan originators and surround them with the technology, tools, products, resources and support needed to create a competitive advantage in the modern marketplace. We will continue to:
- Open branches and add loan originators in growing markets;
- Enhance our suite of more than 400 products, including offering niche solutions and specialized programs that better meet the needs of customers; and
- Implement technology solutions that create efficiency, reduce costs and provide flexibility – ultimately allowing us to provide a superior experience for homeowners, business partners and our employees.
Our ultimate mission is simple, to be the premier mortgage lender in America. Implementing Blue Sage as our LOS will help ensure our leadership position now and in the future.