Full-service lender taps mortgage services provider for improved broker relationships
DENVER, April 20, 2010 – LenderLive Network Inc., a provider of business process outsourcing and technology to the financial industry, announced it has helped Caliber Funding LLC streamline the upfront disclosure and good faith estimate (GFE) issuance process for brokers by creating completed signature-ready documents with a single click.
Arizona-based Caliber Funding started its partnership with LenderLive in 2007 with document preparation for back office services. Since then, the industry has changed drastically and more broker-specific regulations have been put into place. Caliber wanted to make it easier for brokers to meet regulatory requirements by using LenderLive’s document expertise.
"We realize that brokers are struggling to stay in business and any services we can offer them will help the origination experience as a whole," said Phil Shoemaker, chief strategy officer of Caliber Funding. "The obligatory requirements of RESPA reform made broker origination even more difficult. We relied on LenderLive because of the company’s knowledge of what is needed in the originations process and its sound technological infrastructure. We built a front-end broker portal to help a broker create a RESPA compliant GFE prepared by the Guardian Mortgage Documents forms engine, a solution owned by LenderLive. This GFE and related documents are produced in a manner that gives the broker control over the GFE issuance process while creating a GFE that Caliber is likely to accept. The result is a better experience for both the broker and their borrower."
Caliber Funding evaluated five of the top service providers in the industry for four months and selected LenderLive because of its advanced technology, its agility and flexibility in making systems changes, its track record and its pricing model.
"Our goal is to make sure we are providing our customers with the service and technology they need to improve their processes," said Rick Seehausen, founder and CEO of LenderLive. "In working with Caliber, we have been able to assist in keeping brokers, an embattled segment of the industry, as viable participants in originations."
Caliber expects to expand its relationship with LenderLive by implementing e-signature capability to further streamline the upfront disclosure process in the future.
"We are probably one of the most technically advanced and innovative lenders in the market today, and we take great care in choosing our technology partners," Shoemaker said. "The relationship with LenderLive and the services the company provides are core to our strategy as well as our technology platform. LenderLive has been very accommodating in supporting our technology initiatives and business goals."
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 our lender 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.