Path Software, a modern and flexible mortgage loan origination system, has developed a new third-party origination (TPO) capability. Known as Path TPO, the new functionality enables clients to quickly and inexpensively enter the TPO market, generating loans from smaller lenders and mortgage brokers. It’s delivered through the client’s current Path platform in a secure, compliant and seamless workflow environment that is configurable for increased efficiencies.
Path TPO addresses several market needs. It helps lender-clients access additional revenue streams during this down market, enabling them to maintain productivity among their processors, underwriters and closers. Meanwhile, it provides a new resource-light lending approach for smaller lenders that will no longer need to carry the cost of in-house underwriters and processors. Finally, it gives mortgage brokers a broader selection of wholesale partners.
“Our new Path TPO channel offers a great way to increase volume and revenue without increasing customer acquisition costs since third parties already have clients and referral sources,” said Michele Parson, Path Brand Marketing Manager. “Best of all, it’s provided within the trusted cloud-based Path platform our customers are familiar with, providing an efficient and compliant workflow for quick decisions and satisfied customers.”
Path TPO is designed to work within the existing Path platform for quick set up and simple integration. Brokers will be able to prequalify loans in under 10 minutes, order credit reports, easily upload documents and offer their borrowers eSigning options, access automated underwriting systems, monitor loan status and deliver fully compliant loan packages.
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