Many mortgage professionals today utilize software solutions to streamline processes and increase profitability. However, Origence, an end-to-end mortgage loan platform, discovered the majority of market leaders were utilizing outdated software at least a decade old, if not older.
While the mortgage industry is often the last industry to adopt new technologies, Origence found these outdated solutions were hurting the market in the following four areas:
- Lenders not meeting customer experience expectations
- Decreased efficiencies in the mortgage process
- Rising origination costs
- Sub-optimal pull-through
“We wanted to bridge the gap between what we knew we could deliver from an automation standpoint and what was currently holding back the marketplace,” said Roger Hull, chief product officer at Origence.
In efforts to bring automation to the front and center of the lending process, the Origence Mortgage LOS Platform provides an end-to-end mortgage loan solution that significantly increases loan pull-through, productivity and lender profitability while improving the borrower experience.
With the Origence Mortgage LOS Platform, a lender will have access to a mortgage lending platform that includes lead management, POS and LOS to increase pull-through and throughput, while reducing cost and cycle time. Origence Mortgage LOS Platform users will see an increase in productivity and throughput.
One lender utilizing the platform found an increase in throughput at 8x the rate (from 1,000 fundings per month to 8,000) and 4x an increase in productivity over a 14-month period.
“We are taking the lead to provide a new type of experience for both lenders and borrowers alike,” said Tony Boutelle, president and CEO of Origence.
The company was able to solve the following four pain-points they found held the industry back:
- Origence reimagined the borrower experience from point-of-sale to closing by streamlining and automating the entire lending journey, connecting lenders and borrowers in new and unexpected ways.
- Origence has increased efficiency through automation, focusing on cycle time reduction, staff productivity and unified systems.
- The Origence Mortgage LOS Platform has opened up new opportunities for profitability by replacing manual steps in the origination process with an automated enterprise solution.
- Origence integrated a lead management solution into its POS and LOS. This keeps borrowers on track, increasing purchase close rate and throughput.
Origence injects automation at every turn, with workplan automation, automated file assignments, automated third-party order outs, compliance automation and easy lender configurations. On the borrower side, it offers autonomous origination capabilities.
“It’s rewarding to see the level of efficiency and profitability Origence brings to the table for our lending partners,” Boutelle said. “The entire Origence team has been committed to helping redefine the origination experience, and we’re excited to see this new solution make its way onto the desks of mortgage professionals, and in the hands of consumers.”
PRODUCT: Origence Mortgage LOS Platform
SNAPSHOT: The Origence Mortgage LOS Platform is designed to help lenders close more loans with an unprecedented level of efficiency and lower cost – through smart automation. The end-to-end LOS includes point-of-sale and fulfillment systems focused on reducing friction in the mortgage process while simultaneously increasing pull-through rates.