LoanLogics offers lenders cost-cutting alternatives with technologies built on leading edge architecture that can scale seamlessly as needed and enable more automation in the mortgage process. Two specific areas LoanLogics has focused on in 2020 include a new on-demand document processing technology (IDEA OnDemand) and greater automation for HMDA reporting and the generation of LARs, which enable lenders to automate more than 90% of their HMDA review tasks. With the launch of LoanLogics IDEA OnDemand, LoanLogics brought to market a real-time digital assistant that classifies and extracts data from documents as they are received throughout loan production. On the compliance front, the company also enhanced its HMDA audit product to validate and transform data for automated loan activity report (LAR) generation, enabling lenders to easily create and submit LARs to the CFPB with just one click.
- Nearly doubled processing of loans per month in 2020, adding more automation and more certainty for clients
- 40% increase in revenue, including 5 of the top 10 and over a quarter of the top 50 lenders in the country