Financial Industry Computer Systems, (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced at MBA's 95th Annual Convention and Expo the release of its new online mortgage loan application system, LPOnline.
LPOnline offers a completely embedded loan application within the lenders existing website. Borrowers are able to enter personal and confidential information in their lenders familiar website rather than being directed to an unfamiliar third party loan application website. Increasing the comfort level for borrowers raises the rate of completion and accuracy of submitted loan applications.
Since LPOnline is directly connected to FICS' back-end loan origination system, Loan Producer, loan product information, such as rates tables and minimum credit score per product plan, is leveraged to minimize the implementation and maintenance of the online loan application. Having one system of record for both the online web application system and loan origination system provides enormous time-savings benefits and ensures accuracy for the entire loan origination process and staff. It also allows for immediate upload into the loan origination system and real-time status updates for the borrower.
"The LPOnline application allows us to use the same loan plans we have already set up in our FICS loan origination system and is flexible enough to allow us to choose which loan plans we want the member to see at any given point," said Susan Mears, vice president, Mortgage Lending, Scott Credit Union. "Having LPOnline integrated into our Web site makes for a seamless process for our members and eliminates the need of having to use additional software."
During the application process the borrower's credit is retrieved and compared with a list of products and rates they will potentially qualify for. Instant pre-approval through automated underwriting is available giving borrowers an immediate decision. Once the application is submitted the borrower is able to immediately review their three day disclosures including the URLA, servicing disclosure, GFE, GFE list of providers, TIL and HUD loan booklet. The lender can also choose any additional loan documents to display to the borrower online.
"LPOnline not only provides the functionality to alleviate the stress borrowers might associate with completing mortgage loan applications online, but also provides a time savings vehicle for lenders by leveraging one database of record for both of our online web application and traditional LOS," said Susan Graham, president of FICS. "This innovative addition to our loan origination suite is another example of how we are continuously working to provide our customers with solutions that offer the greatest benefit to their business."