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The Best LOS Should Do It All. Here’s What I Mean …

HELOCs should be a part of your offering. In a tight market, you have to offer more products. The trick to getting into this business if you’re a mortgage lender is picking the right LOS that will help you automate both your traditional mortgage products and your HELOCs on the same system. But how do you pick the right LOS for all your needs?

“Using Artificial Intelligence to analyze data is key,” answers Joey McDuffee, VP of Sales and Marketing at Blue Sage. The Blue Sage LOS can easily plug in data sources and solutions into its LOS. Unlike many players in the space, this LOS is based on newer technology and is all API based, which makes it highly customizable.

The Blue Sage LOS is a modern and flexible system that automates the loan origination process from application to post-closing. The platform was designed to be highly customizable, allowing lenders to tailor it to their specific needs and requirements.

However, some lenders don’t want a highly customizable system, some prefer a configurable system, reports Kelli Himebaugh, Chief Revenue Officer at Constellation Mortgage Solutions. “The infrastructure exists in our NOVA LOS to easily move from one lending scenario to another,” she explains.

NOVA combines an end-to-end enterprise solution with a cloud-based platform and dynamic UI experience. This LOS touts an intuitive user experience that lenders are familiar with, along with ease of access via the web from any work environment. “Our configurable systems allows lenders to drill down on real-time data to drive home equity business,” explains Stephen Ryczek, President at Constellation Mortgage Solutions.

In the case of the LOS developed by Mortgage Cadence, driving the best consumer experience is the way to go. “Go for the LOS that allows you to create your own user screens and user workflow collections,” advises Joe Camerieri, EVP of Sales and Strategy at Mortgage Cadence. “Look for the LOS that leverages automated actions based on triggers, like ordering the correct collateral assessment based on LTV and credit score. Look for the tech stack that provides easy integrations of the third parties necessary to close a HELOC. Let your technology drive a consumer-driven process.”

Others say an LOS alone won’t help you do more HELOC business. “Much of the home equity business has traditionally been originated by depositories who will then service these loans in house,” said MortgageFlex COO Craig Bechtle. “More lenders are finding that to really make money on these deals, you must remove every bit of friction in the process. That’s much easier to do with an LOS that has a companion mortgage servicing platform. This makes these loans easy to originate and efficient to service, increasing the lender’s profitability.”

It’s plain to see that every LOS has different strengths and weaknesses. If you are looking at speed to originate, configurability, improving the consumer experience, or an LOS company that will also help you service the loan, there is a great LOS out there to meet your needs.