Amid a tumultuous year, LoanLogics has emerged as a vital partner for lenders, banks and credit unions. LoanLogics helps their partners leverage automation to maximize sales opportunities, reduce costs and improve loan quality while riding the ups and downs of the housing market. This past year was challenging for mortgage lenders and vendors alike. LoanLogics boldly launched LoanBeam Wage.
The borrower income engine standardizes income calculations in GSE format for all W-2 wage earners. It utilizes a rules-based capability that can also incorporate a client’s specific rules and includes an income verification wizard and alerts/indicators to identify conditions for review. LoanLogics also utilized its premier cloud partner to fast-track a planned transition of its LoanBeam products and infrastructure, acquired in 2021, to an Amazon Web Services (AWS) cloud environment in just seven weeks while lowering its overall cloud budget by more than 20%.
Loan Origination, Servicing