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Mortgage Tech Rundown: Quontic, PrimeLending, Finastra, and OptifiNow

The latest in mortgage and real estate technology

Digital bank Quontic announced the launch of a new mortgage product that removes much of the traditional underwriting from the mortgage process.

The mortgage product, Streamline Refinance, aims to reward mortgage customers with lower payments, especially those who may have been penalized with higher rates due to income documentation issues.

The refi products is available to those that have paid their existing mortgage on time within the last 24 months.

According to the company, homeowners with a 660+ credit score and a 24-month timely mortgage payment history can refinance mortgages up to $3 million at up to an 80% loan-to-value ratio without providing any verification or income or assets.

“The Dodd-Frank regulations have placed an unnecessary financial burden on non-QM mortgage customers as they typically obtain mortgages at interest rates of anywhere between 1% to 4% higher than conventional mortgage customers,” said Steven Schnall, CEO of Quontic.

“Many are paying upwards of 7% even with today’s average rate of 3.78%,” Schnall added. “The mission of our bank is to serve the underbanked and our Streamline Refinance is a powerful tool to reduce interest rates and mortgage payments for existing homeowners who are paying an excessive rate despite a solid payment history.”

National residential mortgage lender PrimeLending announced the launch of a new streamlined digital mortgage process called Loanplicity.

The digital product provides borrowers with step-by-step guidance from lenders, eliminating excessive paperwork from the mortgage process. Once a borrower becomes a user, they can apply for a loan, prequalify for a mortgage, safely upload personal financial documents and more at any point in the digital process, according to the company.

 “We’re relentless in our pursuit of a streamlined, hassle-free mortgage process for borrowers,” said Steve Thompson, president and CEO of PrimeLending. “Loanplicity represents the perfect combination of powerful technology, mortgage expertise and exceptional service that delivers the lasting positive experience homeowners deserve.”

Finastra announced that its core banking platform, Fusion Phoenix, is now a part of the cloud, furthering the company’s commitment to offering clients choice when it comes to cloud deployment for all major products.

In a press release, the company said it selected Azure as the platform to provide its cloud-hosted solutions, which already include Finastra’s Fusion MortgagebotLOS, Fusion uOpen, and more.

Together with Microsoft, the company aims to offer its clients some of the highest standards of security, resiliency, performance and operating excellence.

“Bringing core banking to the cloud in the United States marks an important milestone in core delivery,” said Vincent Pugliese, senior vice president and general manager, US retail & lending, Finastra.

“Now, new and existing customers of our open, modern core can choose to access it via Microsoft’s enterprise-ready, trusted Azure cloud platform, for faster access to innovation, transformation at scale, and accelerated time to market,” Pugliese said. “Institutions can consume rather than own and run core applications, freeing up IT resources to focus on competitiveness and growth. They can also access enhanced capabilities to mine data for meaningful insight and scale services to keep pace with bank and evolving technology needs.”

OptifiNow announced that Sun West Mortgage Company has launched its cloud-based CRM and marketing automation platform for wholesale, distributed retail and their all-new Home Buyer Connect mortgage lending channels.

“There’s no cookie-cutter approach to mortgage sales and marketing,” said John McGee, CEO of OptifiNow. “For many lenders, their sales and marketing process is their major competitive advantage. It’s important that we really understand how a lender wants to use our system, build it to their specifications and deliver a working system as quickly as possible. That’s why we consider our White Glove service component to be as important as our technology.”

Using the White Glove service approach, OptifiNow worked with Sun West’s sales and marketing teams to customize the platform for each channel. According to the company, Sun West provided the blueprints for business rules, data-driven triggers and more, which OptifiNow used to implement the platform for their wholesale, retail and HBC environments.

“Supporting multiple lending channels is a challenge for any mortgage lender, so we knew it would be hard to find a single CRM solution for our three sales groups,” said John Brumund, executive managing director at Sun West. “We’ve got wholesale, distributed retail and our Home Buyer Connect group, which is a hybrid consumer direct and distributed retail sales model. OptifiNow not only delivered all three channels, but they adapted to our unique way of doing business, especially in the Home Buyer Connect channel where there are so many moving parts.”

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