RE/MAX’s Wemlo Launches Loan Brokering System — RISMedia
Wemlo, SM recently announced the upcoming launch of a new technology aimed at transforming the mortgage broker industry.
The wemlo Loan Brokering System℠ (LBS℠) is designed to provide mortgage brokers with specially designed loan software that understands the specifics of their business, compliance priorities and workflows. According to the company, mortgage brokers no longer have to settle for using just part of the large, expensive lending systems that were developed for the retail channel decades ago.
“Unlike other mortgage loan issuing systems and software on the market, the wemlo Loan Brokering System is the first solution specifically designed for the broker channel and based on a close partnership between high-performing mortgage brokers and business-minded mortgage technologists,” said the President of wemlo Ward Morrison in a statement.
“We originally started developing this technology for loan processors when we couldn’t find existing solutions in the brokerage channel that would meet their specific needs,” said Dustin Morton, vice president of product and strategy at wemlo, in a statement. “When we launched processing solutions and showed initial results that showed that deliberate broker-first software could make our processors more efficient and effective, the next step was to make this powerful tool industry-wide available to loan intermediaries, their businesses Software providers are usually also forgotten by old mortgages. “
Wemlos LBS is specifically designed to enable mortgage lenders (MLOs) to take out more loans every month while delivering the seamless digital mortgage experience that homebuyers have come to expect. According to the company, the system interface contains practically all functions that MLOs need, while disruptive external functions are left out. Features include improved Automated Underwriting System (AUS) feedback that offers suggestions for solving common loan structuring challenges; a borrower portal that allows borrowers to track the status of their loan in real time; and on-platform communication options that promote on-time closings by keeping in close contact with brokers, loan processors, title company, real estate agents and borrowers.
A guiding design principle for the software has been to eliminate all manual and duplicate data entry, the company said.
“A fascinating challenge for our development team was to reduce the time our users spend in the system. For us, success comes when MLOs are de-registered from LBS and are able to maintain referral relationships for their next loan, ”said Morton. The system focuses on making the loan and application process more efficient for both lenders and hopeful homebuyers. After the 1003 loan application is completed, the LBS sends broker information and prepares the loan data for submission to the major lender – all with one click. For the next steps, MLOs can either use the capabilities of the wemlo processing platform for themselves or send the loan to wemlo’s external loan processing team.
“There is no other origination technology that has an integrated processing team. We expect the power of LBS to mean more loans per month for MLOs, and when business is booming, wemlo loan processors will be just a click away from helping this bursting pipeline, ”said Chelsea Balak, vice president of operations at Wemlo , in a statement.
Wemlo is part of RE / MAX Holdings. More information is available at www.remax.com.