Lenders One Brings Together Its Members and Providers To Help Members Increase Profitability and Navigate Current Market, Announces Interest in Equity in Three Technology Companies to Serve Membership
Lenders One, which is managed by a subsidiary of
- Mortgage Automation Technologies’
The Big Pointof Sale is an efficient and cost-effective POS system designed by industry professionals that offers a configurable solution with a mixture of consumer and origination portals in multiple formats including a web landing page, mobile application, and a line of kiosks. The Big Pointof Sale offers simplified consumer workflows that allow for consumers and loan originators to collaborate with the back-office team to keep everyone informed throughout the loan process.
- Polly, a leading provider of innovative mortgage capital markets technology, is transforming the industry with its modern, data-driven capital markets ecosystem. Banks, credit unions and mortgage lenders nationwide trust Polly’s revolutionary Product and Pricing Engine (PPE), Loan Trading Exchange and actionable data and analytics to automate and optimize the entire capital markets value chain, enabling their secondary teams to scale mortgage operations far more effectively and profitably.
- Secure Insight is a robust, cost-efficient and airtight defense against closing and wire fraud giving lenders the protection and the critical information that they are legally entitled to – and deserve.
“Altisource’s interest in these companies supports the Lenders One mission to be the one-stop source for mortgage lenders to access best-in-class solutions that improve their profitability and meet the evolving needs of borrowers,” said
To help its members improve their profitability, manufacture loans more efficiently and close more loans, over the last year Lenders One has enhanced several of its solutions previously released, including:
- L1 Credit and Resellers. L1 Credit is a full credit reporting agency (CRA) that offers members tri-merge credit reports and other Fair Credit Reporting Act (FCRA) related products required to manufacture a loan including fraud reports, undisclosed debt notifications (UDN), verification of employment (VOE), verification of assets (VOA), tax return information (4506-T) and Social Security verification (SSV) reports.
- Lenders One Loan Automation 2.0 (LOLA 2.0). LOLA automates the loan manufacturing process to improve members’ operational efficiency and make it easier for members to order and receive L1 Solutions through a single point of entry without the need for human intervention. LOLA 2.0 enhancement highlights include one-click order fulfillment for various products and services from within the LOS, with most automated orders processed under one minute reducing the opportunity for human errors related to data entry and processing. Users can now work on their loan files while orders are being processed without needing to save and exit the file. Plus, new automation customizations allow users to write their own fields and rules to trigger LOLA orders.
- Three Walmart Branch In-Store Locations are open for business. In October and
November 2022, Lenders One opened three mortgage lender in-store branch locations at select Walmart locations in New Jersey( Boontonand Newton) and Florida( Orlando). These openings are part of Lenders One’s nationwide initiative to offer prospective homebuyers access to mortgage origination solutions where they shop within their community with a strong focus on consumer education, underserved markets and affordable homeownership. The Walmart-based in-store branch Lenders One locations in Newton, NJand Orlando, FLare powered by Family First Funding, LLCand the Boonton, NJin-store branch is powered by MLB Residential Lending, LLC.
- New Lenders One NMLS CE Course Provider:
OnCourse Learning. Since 2010, Lenders One has provided members with complimentary, NMLS-approved continuing education courses. The valuable member benefit continues with a new Preferred Provider - OnCourse Learning. Through OnCourse Learning, Lenders One members will be able to complete the annual NMLS online CE courses with no registration or NMLS credit banking costs.
Additionally, since the last Summit, Lenders One has added 12 new preferred providers and four new capital markets providers.
New Preferred Providers:
- AcuClix: Social media compliance software and compliance reviews. AcuAuditor software provides RESPA Section 8 compliant monitoring and reporting for Marketing Service Agreements (MSAs), Desk Rentals and other types of co-marketing relationships.
- ActiveComply: A cloud-based solution that helps mortgage lenders, banks and credit unions engage with social media safely and meet their compliance and archival requirements. Made for the financial industry by the financial industry.
- Argyle: Income and employment verification from mortgage application to closing with a single borrower authentication. With Argyle, borrowers connect their real-time payroll records directly to your website or app. You reverify as many times as you need from a single touchpoint.
- Asurity: Compliance-focused SaaS solutions, including Propel, a flexible loan document platform that ensures compliance, RegCheck, a best-in-class mortgage loan compliance solution to keep you in check, and RiskExec, a reporting and analysis platform for HMDA, CRA,
Fair Lendingand Fair Servicing.
- ForumPay® Cryptocurrency Closings Through Premium Title Services. A convenient and easy to use offering to convert cryptocurrency to USD for loan closings.
- Lender Toolkit: AI Underwriter™ accurately underwrites all aspects of a loan in 90 seconds or less providing a sales advantage, operational efficiency, and higher profits. PowerTools® offer pre-built solutions to customize your Encompass® LOS and optimize your mortgage manufacturing process.
- LendingPad: Modern LOS serving lenders, brokers, bankers and credit unions. Offers centralized and compliant automated technology to the mortgage industry, with solutions spanning the entire mortgage lending process to lower your business costs.
LexisNexis Risk Solutions: Fraud prevention, identity verification, due diligence, compliance PEP and watchlist screening, credit risk assessment, know your customer and big data solutions for the financial services industry. Matchbox, LLC: Matchbox was created to aid mortgage bankers in their operational processes with specific focus in the technology and secondary areas.
- Snapdocs: A complete eClosing solution for borrowers, lenders and investors with exclusive member pricing and complimentary consulting.
- TrustEngine: The TrustEngine Borrower Intelligence Platform goes beyond standard alerts and triggers, offering deep behavior analysis to generate granular borrower segments and predict mortgage loan needs, facilitating more relevant borrower outreach (formerly known as Sales Boomerang and MortgageCoach).
- Universal Component Lender Services: UCLS provides component and advisory services to master servicers and service providers looking to enhance their performance, borrowers’ experience, compliance and financial outcomes.
New Capital Markets Providers:
- Cornerstone Servicing: Cornerstone Servicing is a mortgage loan servicer with a caring heart and passion for excellence. Its end-to-end servicing solutions combine superior service, leading technologies, digestible communications, and proactive processes to help make homeownership easy for the life of a loan. Cornerstone’s remarkable servicing experience promotes happy homeowners, healthy mortgages and higher returns and sustainable growth for lenders.
- Deephaven: Deephaven Mortgage is a pioneer in the Non-QM space and provides mortgages to the millions of Americans who, for one reason or another, are unable to qualify for a traditional, government-backed loan. Deephaven’s team of industry experts is known for their experience, knowledge and focus in the Non-QM space.
- NP, Inc.: NP, Inc. TPO Lending provides the most comprehensive Non-QM product line in the industry, offering very competitive pricing and the ability to close loans quickly and efficiently. They assist with out-of-the-box scenarios, including more lenient credit seasoning requirements, higher debt-to-income ratios and exceptional Jumbo and Non-QM products – and they keep loan files on track every step of the way.
PCB Bank: PCB Bank Mortgage Warehouseproudly provides flexible funding solutions to mortgage bankers nationwide through warehouse lines of credit, with the ability to serve anyone from an Emerging Banker to fully delegated Mortgage Bankers. Their veteran warehouse lending team offers a wealth of mortgage industry experience and a desire to foster lasting relationships through the delivery of expert guidance and customer service excellence.
Since the last Summit in
“Amid today’s challenging mortgage origination environment, I am excited about the milestones achieved by the Cooperative over the last year and optimistic about our ability to continue to help the L1 members better compete,” said Justin Demola, CMB, President, Lenders One. “Our longstanding mission is to help members reduce costs, improve their profitability and better compete against larger, well-funded mortgage lenders. Our support and release of these innovative solutions are key to accomplishing that mission.”
Lenders One (LendersOne.com) was established in 2000 as a national alliance of independent mortgage bankers, banks, credit unions, correspondent lenders and suppliers of mortgage products and services. Participants on the Lenders One platform originated approximately
Chief Financial Officer
President, Lenders One
Altisource Portfolio Solutions S.A.