What Vendors Do Lenders Prefer?
PROGRESS in Lending surveyed its 90,000 plus readers and they know what technology providers they want to work with this year. In total, 66% of respondents said they wanted to use all-in-one providers; and just 34% said they were looking for best-in-class providers.
Lenders want to deal with one vendor when ever possible. And recent acquisitions prove this point. For example, Goldman Sachs invested in all-in-one LOS Blue Sage recently. “With Goldman Sachs as an investor, we continue to strengthen our balance sheet while gaining access to Goldman’s incredible resources, industry relationships and expertise in helping companies like ours to accelerate growth and scale to meet the needs of our customers and prospects,” said Carmine Cacciavillani, President and Chief Executive Officer at Blue Sage.
Blue Sage will use the capital to continue investing in growth initiatives, including developing additional features that will further strengthen its Digital Lending Platform. “Goldman Sachs also brings a deep understanding of technology and operational expertise to assist in scaling our business,” said Cacciavillani. “Goldman Sachs’ expertise will contribute to executing our vision.”
Similarly, with the acquisition of Assimilate, SitusAMC built upon the recent expansion of the firm’s residential origination offerings, including the launch of the firm’s SAFE Act licensed loan processing and fulfillment service, and the acquisitions of ComplianceEase and ReadyPrice. In 2021, SitusAMC will begin to offer integrated solutions for brokers and lenders utilizing ReadyPrice seeking to outsource component services, processing, or the end-to-end fulfillment process to SitusAMC.
Best-in-class offering will always have a place in the mortgage industry as they continue to innovate. Specialists provide a lot of value and have always been the lifeblood of mortgage lending, but where an all-in-one option exists, the convenience of just dealing with one vendor and one system can be the deciding factor in some cases.
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