Mortgage fintech continues to be at the forefront of change in the brokerage industry
Posted: October 17, 2021 at 10:23 a.m. CDT|Update: 2 hours ago
DENVER, October 17, 2021 / PRNewswire / – Wemlo,SM the first third-party mortgage processing solution with a premium all-in-one digital platform, today announced the upcoming launch of innovative new technology that aims to transform the mortgage brokerage industry.
The revolutionary wemlo loan brokerage system was developed to empower mortgage brokers.
The revolutionary Wemlo Loan Brokering System℠ (LBS℠) was developed to give mortgage brokers specially designed lending software that understands their business specifics, compliance priorities and workflows. Mortgage brokerages will no longer have to settle for using only a portion of the large and expensive loan origination systems that were developed decades ago for the retail channel.
“Unlike other mortgage origination software and systems on the market, the wemlo loan brokerage system is the first solution designed specifically for the broker channel, based on a close partnership between high yield mortgage brokers. and business-focused mortgage technologists, ”said wemlo president. Morrison neighborhood.
“We originally started to develop this technology for loan processors when we couldn’t find existing solutions to meet their specific needs in the broker channel,” explained Dustin Morton, vice president of product and strategy for wemlo. “When we launched processing solutions and began to see results showing that broker software could make our processors more efficient and effective, the next step was to bring this powerful tool to loan brokers. the whole industry, whose activities are also generally forgotten by inherited mortgages. software providers. “
Wemlo’s LBS was created specifically to enable Mortgage Originators (MLOs) to close more loans each month while providing the seamless digital mortgage experience expected by today’s homebuyers. The system interface is strategically streamlined to include virtually all of the functions MLOs require, while leaving out superfluous functions that only get in the way. Cutting-edge features include enhanced feedback on the Automated Underwriting System (AUS), which provides suggestions for solving common loan structuring issues, a simple borrower portal that allows borrowers to track status of their real-time lending and communication options on the platform that promote on-time closings by keeping the broker, loan processor, securities company, real estate agents and borrowers in close contact.
The LBS is deliberately simple to use, and a guiding design principle for the software was to eliminate manual and duplicate data entry. “A fascinating challenge for our development team was to reduce the time our users spend in the system. For us, success comes when MLOs are disconnected from the LBS and able to cultivate referral relationships for their next loan,” he said. said Morton. The system aims to make the loan and application process more efficient for both loan originators and potential buyers. Once the 1003 loan application is finalized, the LBS sends the broker information and prepares the loan data to be submitted to the wholesale lender, all with one click. For the next steps, MLOs can either leverage the power of the wemlo processing platform for themselves or send the loan to the wemlo third-party loan processing team.
“There is no other origination technology with an integrated processing team. We expect the power of LBS to mean more loans per month for MLOs, and when business is booming, wemlo loan processors are just one click away from supporting this exploding pipeline, “noted Chelsea balak, vice president of operations at wemlo.
Wemlo’s planned all-inclusive pricing removes hidden costs, giving brokers everything they need to run their brokerage smoothly and efficiently, for a flat monthly or yearly fee.
Wemlo,SM NMLS # 1853218, is a technology-driven mortgage processing company reshaping the mortgage broker channel. The company developed the first-of-its-kind service for mortgage brokers, combining third-party loan processing with an all-in-one digital platform. Its product is marketed and sold to mortgage brokerages and loan originators across the country.
Wemlo is part of RE / MAX Holdings (NYSE: RMAX), which also includes RE / MAX®, one of the world’s leading franchisors of real estate brokerage services, and Currency Mortgage®, the premier national mortgage brokerage franchise brand in the United States
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