Remax-owned Wemlo develops broker-facing loan origination system

Wemlo, a technology provider owned by Remax Holdings, created the Loan Brokering System to fill what it believes was a missing niche in the market.

“In my opinion, most of the systems out there are really not just for brokers and Wemlo are only for brokers,” said Dustin Morton, vice president of product and strategy at Wemlo and the shared motto of Franchising. “For example, the other systems that brokers use frequently will have steps to close disclosures or requirements and tasks that they have to navigate that just don’t apply to their business.”

The system will be rolled out first to Motto Mortgage franchisees and then to the wider mortgage broker market in January.

Dustin Morton is Vice President of Product and Strategy for Wemlo and Motto Franchising

Tom Maynor

LBS builds on many of the processing technologies Remax acquired as part of the Wemlo deal last September, but it has replaced and improved so many things that it is bringing an entirely new technology to market, Morton said.

“I think the idea started with solving problems and challenges for Motto Mortgage franchisees,” he said. “But once we see these issues and understand that our client faces the same challenges as brokers across the country, one wonders why this solution isn’t available to everyone who needs it.”

The differentiator between Wemlos LBS and other broker systems on the market is how efficiently they package the information for transmission by the lender. “We’re creating references on the Wemlo side so the process is as quick as possible,” said Morton. “And I’m not sure of any other system that prepares the information for delivery to a wholesale lender.”

After the loan application is completed, the system sends the credit information and with one click prepares the data for transmission to the wholesale lender.

“We have been advising and working with brokers for several years and really understand their weak points and try to find existing solutions, and we come up short,” said Morton. “And after years of this experience, finally grabbing the bull by the horns and building it for ourselves and offering the solutions that actually master your daily challenges is something we are really looking forward to.”

Launching on themed franchises first gives the company an edge by acting as a test run. “I think improvements we get from the field through live transactions across the country will show us what extra functionality we can add before we get it to market,” said Morton.

Other broker-oriented systems on the market include products from Calyx and Black Knight.