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Software Company and Subservicer Join to Improve Borrower Experience

""Mortgage Builder Software"":http://www.mortgagebuilder.com/, a Southfield, Michigan based loan origination software (LOS) company recently announced an alliance with Ewing, New Jersey based ""Cenlar FSB"":http://www.cenlar.com/home.html, a mortgage loan subservicer.
[IMAGE] The two companies have joined forces to provide a process for boarding closed mortgage loans from Mortgage Builder Software's LOS system directly to the Cenlar servicing platform. The new association was formed through the companies' relationship with the St. Louis, Missouri based Lenders One Mortgage Cooperative, an independent association of mortgage bankers.

""Lenders One"":http://www.lendersone.com/ members can use Cenlar's services for customized subservicing on a wide variety of mortgages, allowing them to retain the servicing rights to their loans.

""Through this integration with Cenlar, Mortgage Builder users can immediately place loans on the industry-leading subservicer's system, taking virtually all of the human error out of the process,"" said Keven Smith, Mortgage Builder president and CEO. ""It makes a key part of the servicing-retained strategy much simpler for lenders of all sizes,"" he said.

Smith notes that Mortgage Builder's relationship with Cenlar is timely given the increasing industry trend toward process integration all across the mortgage process.

""With the advent of the GSEs' Uniform Mortgage Data Program (UMDP), digital processes will rapidly become the industry standard,"" he said. ""This partnership between Mortgage Builder and Cenlar FSB positions our clients for early UMDP conformance, reduced costs to originate loans, and a better process for consumers … [and] our integration with Cenlar helps Lender One's independent mortgage bankers compete with even the largest banks in the market and provides yet another among scores of good reasons to become part of that alliance.""

Lori Pinto, CMB, Cenlar's SVP for business development, say that more lenders are discovering the financial benefits that come with maintaining servicing rights, and are using Cenlar's subservicing abilities to avoid layering on fixed operational costs.

""By working with Cenlar, lenders can grow their businesses, offer diverse products and stay flexible in the rapidly evolving market,"" she said, adding, ""Our relationship with Mortgage Builder makes it fast and effortless to board loans to Cenlar's platform, avoiding the ‘fat finger mistakes' that come with manual data re-keying.""

Pinto says that this process is both faster and more accurate, which allows for immediate lender cost savings and more. ""The timeline in getting information out to borrowers is compressed, so welcome packages and coupon books get to borrowers very quickly,"" she says. ""All this speed and efficiency reflects very positively on the lender, making for a better borrower experience, building those critical point of sale relationship and enhancing customer retention.""

About Author: Joy Leopold


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