MortgageFlex Launches Next Generation LOS Platform -- New Technology Offers Lenders Major Advantages

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MortgageFlex Systems announces the launch of the next generation of the company’s flagship LoanQuest enterprise loan origination system. Developed entirely in Microsoft’s latest .NET technology, the system is available as a dedicated hosted solution in a certified SSAE 16 environment or as an installed solution at the clients’ site.

“The decision to make a deep-pocket technology investment, over 10 million dollars, was one we had in the planning stages for a quite a while before we committed to full blown development,” said Lester Dominick, president, MortgageFlex.

MortgageFlex Systems, Inc MortgageFlex Systems., a leading provider of mortgage lending solutions for over 30 years, announced today the official launch of the newest generation of LoanQuest LoanQuest - Loan Origination System , the company’s flagship enterprise loan origination system (LOS). The milestone release combines over 30 years of mortgage lending system functionality and experience with the latest generation of Microsoft technology.

Staying true to the company’s vision, the origination platform allows lenders to differentiate themselves from the competition by providing a lending solution that meets their unique needs while still being affordable and easy to maintain. The system provides extensive user configuration flexibility of the core system and a comprehensive, easy to use tool set for additional system tailoring. The technology platform puts lenders in control of their system functionality, not the vendor. Lenders can build to their strengths while enhancing staff performance, increasing capacity and improving quality and customer service.

During the past three years, MortgageFlex strategically entered into an extensive R&D mode to rewrite its LOS from the ground up including a redesign of the database schema. LoanQuest retains all the functionality developed over the past 30 years while adding significant enhancements that take advantage of the latest technology. LoanQuest has been completely re-engineered utilizing Microsoft’s latest version of .NET architecture including several technologies not available in earlier versions of .NET.

In laying a new technical foundation that will perform effectively for many years to come, the new technology offers significant productivity and quality control features including constantly running compliance logic, a powerful and flexible workflow system, a business rule engine, an imaging system, a product and pricing engine, a network of industry leading service partners, and support for web services and MISMO based interfaces. With LoanQuest, lenders will have peace of mind by being regulatory compliant, having data continuously updated and validated, eliminating data redundancies, reducing processes and processing time using business rules, automating tasks with workflow, and having an enterprise level system that addresses all lending channels including retail, wholesale, correspondent and conduit.

Utilizing world class components such as Microsoft’s Workflow Foundation and InRule’s Business Rule Engine extend the capabilities of this version of LoanQuest far beyond previous versions and other solutions on the market. As a result, the value of MortgageFlex’s solution has increased substantially.

“Lenders are looking to technology to meet their customer service needs in addition to improving their business efficiencies,” according to Craig Bechtle, chief operating officer of MortgageFlex. “Strict regulatory guidelines demand compliance and market requirements have lenders searching for an origination system that allows consumers easy access while saving the lender time and worry about compliance; we believe this next generation of LoanQuest meets these requirements. Loan quality has always been of paramount importance and now lenders can automate manual tasks by employing smart technology that simplifies and promotes the implementation of processes and services through the use of the rules engine. The melding of other technology features like task automation and business intelligence are accomplished by automating work flow steps together with the rules engine and imaging center which results in reduced labor costs while also improving quality,” Bechtle concluded.

“The decision to make a deep-pocket technology investment, over 10 million dollars, was one we had in the planning stages for a quite a while before we committed to full blown development,” said Lester Dominick, president, MortgageFlex. “We were patient while we tested several versions of Microsoft’s .NET technology until a version was released that we were confident could deliver all the functionality we required and was stable and scalable. Our existing and new clients agree that this technology can take them to higher levels of customer interaction, increase compliance and help them achieve cost efficiencies while growing their businesses.”

“Technology buying habits have changed dramatically since 2007,” continued Dominick. “Lenders began buying low-cost solutions that helped them survive in an unpredictable market that stifled growth. Now, lenders are actively competing and many are growing again and they require more sophisticated technology to accommodate those needs. The days of lenders buying just enough technology to get by are coming to a close. They require enterprise-level systems that allow them to automate complex workflows and grow with an ever-changing market.”

MortgageFlex has been hosting clients for over 10 years, and both the company and its data centers are SSAE 16 audit certified. The hosting solution MortgageFlex Hosting is unique among the “cloud” offerings in that each client has their own exclusive instance of the application and their own database. This model provides superior security compared to “multi-tenant” solutions and meets the stringent requirements of banks, credit unions, and other clients that desire a high level of security. The design also isolates system performance allowing individual lender performance tuning. Because the code for each client is managed separately, the client controls testing and the scheduling of updates. With multi-tenant systems there have been occurrences where a patch made to the shared code for one client brought down everyone on the shared system simultaneously. The system can also be installed in the client’s environment, with MortgageFlex technical assistance available.

The demand for this technology has already landed the company 14 new clients ranging from mortgage bankers to community banks, Credit Union Service Organizations (CUSO), national banks, credit unions, as well as state housing finance agencies.

CUMAnet (Credit Union Mortgage Alliance Network) CUMAnet Selects MortgageFlex , Basking Ridge, New Jersey, originates and services first and second mortgages for 51 credit unions in their individual names, according to Jay Romanovsky, Credit Union Relations Officer for CUMAnet, who said “loan processing and fundings per head would increase dramatically” using the new technology, resulting in a “scalable model that will enable us to take on new clients.”

Romanovsky said “fundings are up considerably” for credit unions and volumes are expected to remain strong, beyond the capacity of their former platform, which was manually intensive and missing the automation functions of the MortgageFlex system. “We really like the new system’s processing features and its ability to provide information to borrowers and members in a live environment, accessible via the Web,” he said.

One of MortgageFlex’s latest clients, Guardian Mortgage Guardian Mortgage Release , believes that communications should be open and easy with its customers. To facilitate that approach they wanted a system where a loan officer could start an application and then allow the borrower to finish it at their convenience. “With MortgageFlex, we will be able to respond to an application much faster than before,” said Greg Sweet, senior vice president, Guardian Mortgage Company. “Accuracy is also improved as we don’t need to re-enter application data into a different system to process the application.”

“Lenders are seeking full featured products and LoanQuest has been honed to a rich functionality set during the last three decades by utilizing lenders and industry best practices,” stated Dominick. “We have thirty years of experience and focus in maintaining the absolute highest standards of compliance that is unmatched in the industry. The level of functionality clients have with our new LOS empowers them to effectively manage growth and capitalize on new marketplace opportunities.”


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