Home / Headlines / Flagstar Introduces Updated LOS
Print This Post Print This Post

Flagstar Introduces Updated LOS

Better customer experience was a key factor for Michigan-headquartered Flagstar Bank in introducing an updated loan origination system(LOS)—Loantrac 2.0. This updated and upgraded version of its original LOS is currently being rolled out in phases with delegated correspondent customers. The bank said that the new LOS has been redesigned to focus on ease of use and transparency for brokers and correspondents.

Along with the new interface that mirrors the bank's website, Loantrac 2.0 gives correspondents the ability to serve their clients nationwide with no geographical restrictions. Flagstar said that it expects to have all third-party originators on Loantrac 2.0 by September 2019.

“We heard the feedback from our customers, and we made changes to give them a better experience,” said Brian Vieaux, Head of Third Party Originations at Flagstar.

The bank said that the correspondent lenders who were surveyed after taking a trial of the new LOS found the new system to be much faster with downloads and most up to date compared to other investor portals used by them. The survey also revealed that correspondents found that they could view and send documents "almost instantly and verify" what they sent. They also saw a decrease in suspense conditions in the new portal.

Some of the key features of the new system include simplifying document uploads with a drag and drop feature, which allows customers to upload multiple documents at once and aligns the views of users and the Flagstar team. The new LOS also offers delegated correspondents with a registration and delivery experience that is customized to their needs along with a customizable dashboard based on customer ID, to give them an aggregate view of their pipeline in one place in a format of their choosing. The bank said that Loantrac 2.0 also offers intuitive navigation and a cleaner view "saving customers time and trouble." It revamps the sellers guide into a one-stop shop for important information on products, procedures, underwriting guidelines, and announcements.

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
x

Check Also

Freddie Mac Settles $22M Non-Performing Loan Sale

The sold pool included $22.0 million in UPB and an average loan balance of $253,100. Here's how much NPLs the GSE has sold to date.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.