Sollen signs Lancaster Mortgage Bankers; enhances system management tools
21 May 2007 | 916 views | 0
Source: Sollen Technologies
Sollen Technologies, an Internet-based application services provider of product, pricing and best execution capabilities for the mortgage industry, announced Warren, N.J.-based Lancaster Mortgage Bankers, LLC has chosen to use both Sollen's Lender OnLine and Best Ex. The Web-based applications match the most compatible loan product with the borrower by providing real time pricing information.
Lancaster Mortgage made the transition from a bulk to a flow model and needed a pricing engine that could be implemented seamlessly. Craig Bobroy, transaction manager of Lancaster Mortgage, evaluated many options and chose Sollen because he had previously used the company's solutions and was very pleased with the experience. Sollen was able to develop a private labeled site, integrate custom guidelines and product enhancements, upload all of its 1,800 brokers, and train all sales and operations staff in only three days.
"When you have a short time frame, you go with what you know is accurate and works," said Bobroy. "If you get in with someone else and they are off by a little, that is money out of my pocket and the company's pocket. I know Sollen's system, and I know they can make the customizations exactly like we need them."
Lender OnLine is a Web-based software solution that enables loan searching, validation, loan level adjusted pricing and locking for a wholesale, retail, correspondent or call center application. This program allows the originator to capture multiple lending options in one execution, searching loan types, loan products and documentation at the same time to find the optimal match for the borrower. Also, electronic locking eliminates faxing and reduces time consuming phone calls.
Best Ex, Sollen's Web-based pricing engine and loan product development solution, is a comprehensive tool that allows lenders to search multiple investors for the most profitable placement of a loan. The borrower's information is uploaded and Best Ex instantly provides a list of investors' programs for which the loan is eligible and ineligible based on the entered criteria.
"Sollen Technologies not only provides solutions that are accurate and improve workflow processes, we also provide quick implementation of our products," said Michel Van Hee, CEO of Sollen Technologies. "Since Lancaster Mortgage implemented our solutions, their system usage has placed them as one of our top five customers with no errors reported."
Separately, Sollen Technologies, an Internet-based application services provider of product, pricing and best execution capabilities for the mortgage industry, improved its product and system management tools by simplifying the configuration site interface.
The completely redesigned Web-based configuration site makes product and pricing administration tasks easier and more user-friendly.
"For our configuration site redesign, we took the best ideas and incorporated those enhancements. Our comprehensive overhaul makes product and pricing administration much easier and more efficient," said Michel Van Hee, CEO of Sollen Technologies. "We've provided more powerful and flexible features such as product filtering and the removal of excessive administration steps."
Sollen Technologies enhanced the product and system management site using customer feedback, competitive analysis and incorporating innovative ideas. The easy-to-use and more logical configuration interface sets them apart in the industry. Sollen's original configuration management system was abandoned and a new development effort began with the goal of creating the most user-friendly design possible.
Sollen took an "outside-of-box" evaluation of client needs and wants for the management of product and pricing. Using a service-oriented software architecture approach, complex enterprise functions were integrated and consolidated to streamline Web-based browser interfaces and functionality. Users will discover faster learning curves and increases in productivity are possible with the new design. Web pages offering similar functionality were consolidated and excessive steps from product management and rate sheet generation were removed. The time needed to manage rate sheets and price guides has been reduced.
In addition to the visual changes and more logical flow, the underlying data storage and data management architecture was revamped. Eight years of investor product data has been reformatted, standardized and enhanced to insure visual consistency, improve both client and company management of the data and allow for easier expansion of investor product offerings. Data storage changes were implemented to provide real-time redundancy of client configured data. In the event that primary systems stop working, client data is protected against loss of data or services. Overall, system implementation is faster due to the simplified and more logical architecture used for data and services.