Consumer
Lending Capabilities Added to LoanQuest LOS
Enhancement Expands Lenders’ Cross-sell Capabilities
and Provides Technology to Meet Market Fluctuations
The enhancement expands lenders’
cross-sell capabilities exponentially and means that now, when borrowers apply
for a mortgage loan and also want a personal loan, all their data is readily available,
eliminating the need for separate and cumbersome lending systems.
The addition of consumer lending was
a logical next step for the MortgageFlex customer-centric LOS and opens the
consumer channel by allowing lenders to process:
--personal signature loans,
--personal lines of credit,
--installment/credit loans, and even
--single-pay loans like bridge loans
that are secured by existing property.
“The use of common technology to originate both consumer
and mortgage loans greatly reduces operating costs for lenders”, said Craig
Bechtle, chief operating officer, MortgageFlex. “By capturing client
information during the loan process and storing it in a single, searchable
database, lenders can prospect at will, tapping an underutilized resource.”
When surveyed before the product enhancement, one long-time
customer said: “Past and present experience tells us we can expect MortgageFlex
to continue being the type of partner that will work closely with us to
understand the challenges that lenders go through. They understand the need,
especially today, to be flexible and quick to market.”
The decision to add this functionality to the LOS was
driven by customer requirements and industry needs. “MortgageFlex works closely
with our customers to determine enhancement opportunities,” Bechtle continued.
“In our last product release, over 60 percent of our enhancements were
generated by customer suggestions.”
Bechtle said that “as more companies turn inward for
prospect mining, and to implement reverse mortgages, embrace consumer lending
and find themselves forced into servicing loans, there is one question to ask –
‘Can your existing technology meet
whatever the future may bring?’”
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About
MortgageFlex Systems Inc.
MortgageFlex
Systems, Inc., a provider of innovative software and systems solutions to
mortgage companies and lending institutions, was named one of the “Top 50
Providers of 2008,” by Mortgage Technology Magazine, and a finalist in the
publication’s 2008 Technology Awards competition. Headquartered in
For information
about products and services, please call 800-326-3539 or visit www.mortgageflex.com.
Media
inquiries may be directed to Joyce Saunders at 904-356-2490, ext. 3260.