Document prep division supplements loan originators offering to common client
DENVER, Nov. 30, 2010 – LenderLive Network Inc., a provider of business process outsourcing and technology to the financial industry, today announced it has integrated its Guardian Mortgage Document platform with Associated Software Consultants’ (ASC) PowerLender loan origination system, leveraging the latest MISMO 2.6 specifications. First Eastern Mortgage Corporation, a subsidiary of First Federal Savings Bank of Boston, has leveraged the partnership between ASC and LenderLive.
Through PowerLender, First Eastern generates loan closing documents with the touch of a button. Data housed within PowerLender is exported in the MISMO format into the Guardian forms engines. First Eastern has also chosen to leverage the Guardian web review tool, which provides a means for the company’s supervisors to ensure accuracy in the documents and the final HUD form by reviewing them before they are released to settlement. Additionally, First Eastern wanted to use PowerLender to archive its closing documents, so part of the integration adopted by ASC includes a bidirectional feed of data and images. Each loan package produced by Guardian is seamlessly stored at the loan level within PowerLender.
"In the current mortgage climate, which demands that lenders become more cautious about risk, each lender is making a concerted effort to ensure the loan information is as accurate as possible," said LenderLive president and CEO, Rick Seehausen. "The controls within PowerLender provide a seamless means for the initial GFE data to match what is provided to the borrower for the creation of the final HUD, both by the Guardian forms engine and the settlement provider. Moreover, First Eastern’s use of our web review features compliments their push for compliance in all areas of their mortgage lending."
Tim Liston, ASC’s president, added, "LenderLive, First Eastern and ASC worked well as a team and we were impressed with how LenderLive’s thorough testing program mirrored how we treat any development life cycle. This teamwork resulted in a smooth implementation for First Eastern. Additionally, First Eastern has shown a propensity for utilizing all the best available tools to improve their processes, which is a primary driver for their choice of both companies."
ASC creates and supports loan automation software for the primary (PowerLender) and secondary mortgage (PowerSeller) markets.
About LenderLive Network Inc.
LenderLive is a Denver-based mortgage service provider. Since 1999, the company has offered the single-family mortgage loan industry with private-label service and technology solutions to originate, process, underwrite and close loans on behalf of its clients. This continued support to lenders and servicers brought LenderLive recognition in 2009 as a Top 50 Mortgage Service Provider by Mortgage Technology Magazine. Through comprehensive solutions or component services, LenderLive offers the people, technology and processes that allow its clients to focus on their core business while LenderLive provides their mortgage loan fulfillment needs.
About ASC
Associated Software Consultants, Inc. (ASC) designs and markets loan automation and secondary marketing software for use by mortgage banks, commercial banks, community banks and credit unions. ASC’s business strategy focuses on providing software and support services that enable lenders to improve the volume and quality of their business, streamline workflow and reduce costs. The company’s lending solutions enhance primary and secondary mortgage operations, improve overall profitability and better serve borrowers and other constituents.
For additional information about ASC, visit the company’s Web site at www.asconline.com.