ISGN unveils conglomerate mortgage origination platform
ISGN unveiled a new loan origination platform that combines functionality from the firm's two existing systems, with an adjustable pricing system. The firm released the product Monday at the Mortgage Bankers Association's mortgage technology conference. The new Catapult Mortgage Origination System integrates the workflow model, internal messaging system, and document imaging from its two preceding platforms — Diamond and MORvision. According to the Bensalem, Pa.-based company, Diamond is targeted toward ISGN's larger clients and MORvision is adept for smaller lenders. ISGN Senior Production Manager Greg Ellis said his mission as head of the project is to streamline loan origination process while expanding and updating ISGN's client base. "One of the things ISGN wanted to be able to do in learning from both previous systems was bring to market an origination platform in a new modern (.net) technology that would be suitable to our large customer base and smaller lenders," Ellis told HousingWire. "We wanted to being to market the best feature functionalities." Catapult users will have the option to implement a structured origination system or customize the platform's features to fit their business. The technology comes either as software as a service hosted online by an ISGN server or as a licensed program installed at a lender's site. Pricing depends on how many loans are successfully closed. Although the product is being officially released Monday, a mobile counterpart is still in the works. Eventually ISGN plans to have the entire Catapult portal available at a lender's fingertips, including dashboard updates on loan status, real-time data updates (such as pipeline velocity) and production timelines. According to Murali Gomatam, ISGN head of technology products, Catapult is really about giving lenders the ability to do their business and do it well. "Catapult enables lenders to employ a loan origination system based on an affordable variable cost structure," Gomatam commented. "It's like the saying, 'If you have a hammer in your hand, a lot of nails come into your view.'" Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.