Technology Player Sees 2023 As A Breakout Year
2023 will be a break-out year leading with industry education that drives further adoption of the LoanPASS system, according to the vendor. In conjunction with the scheduled development enhancements for 2023, the year ahead will be a year of flight for this company. Derek Long, COO for LoanPASS states, “As it stands, the LoanPASS features, and functionality are on the same playing field as other advanced FinTech’s including the delivery of underwriting conditions while easily supporting portfolio lending guidelines.”
LoanPASS continues to secure key integration partnerships with core technology firms to meet compliance requirements. Lewis, recent Lending Luminary award winner stated, “When LoanPASS is integrated within core manufacturing process as an integral piece within that process, the customer will see the biggest gains and greatest efficiencies.” Coming this year, LoanPASS is expected to announce fixed and variable cost models – options that LoanPASS believes will give flexibility to all levels and sizes of lenders.
LoanPASS, a fast-growing fintech provider focused on automating product and pricing decisioning for all loan products, expects significant growth in 2023. The LoanPASS rules engine was designed to give lenders complete control over products and pricing. It returns instant, accurate results on any type of loan product and is currently in production with independent mortgage bankers, credit unions, banks, commercial lenders, and other financial institutions as they navigate tough market conditions.
“2022 was all about building a strong foundation”, says Mike Lewis, President of LoanPASS. “We added to our Executive, Development and Support teams increasing our knowledge-based staff by 58%. New client signing was up 165%, revenue increased by 46% YoY, added three new LOS partners and 50+ unique sets of additional lending guidelines.” LoanPASS was also awarded two distinctions in 2022, one of Miami’s fastest growing fintech’s and Top Retail Banking Solutions Provider.
LoanPASS drives down lender’s costs with the flexible and configurable system, speed to market, and open APIs. Bill Mitchell, LoanPASS Chief Revenue Officer says, “Niche products are one of the many important strategic levers that lenders may pull in a changing market. Lenders that choose to offer the products and services that allow for breadth and depth when it comes to serving all markets, can also drive a better customer experience. The fact remains that this day and age of leaner, more productive companies in the lending industry, those who choose not to implement new technology could be in danger of being left behind or losing market share.”
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