Ohio Originator Fuels Expansion With Mortgage Software
The Home Lending Source (HLS), an originator based in Cleveland that recently received an influx of investor capital, is naming Mortgage Builder as its loan origination software (LOS) provider. HLS vice president Zubin Nagpal said that his firm spent a year sourcing a software provider, adding that money was no object. During the early stages, while laying the groundwork for expansion, Nagpal decided to look for an end-to-end system rather than buying one integrated from various components. "We went out there to see the best of the best and picked not only what we thought was best for us at the moment, but what could support the organization in 5 years," he said. HLS CEO Doug Reilly estimated that 10% of gross revenue will go to the LOS, as the originator looks to more than triple business in 2010, to $60m a month. Home Lending Source chose Mortgage Builder’s Application Service Provider (ASP) delivery model, but plans to switch to hosting the software on their own servers in the near future. “This was another part of Mortgage Builder’s appeal," Nagpal explains. "Their offering allows us to start off with their taking care of the hosting and maintenance and then switch to an in-house model later, when we are ready to take it on." Write to Jacob Gaffney.