Wemlo,SM recently announced the upcoming launch of a new technology that aims to transform the mortgage brokerage industry.
The wemlo Loan Brokering System℠ (LBS℠) was developed to empower mortgage loan brokers with purpose-built loan software that understands the specifics of their business, compliance priorities and workflows. According to the company, mortgage brokerages will no longer have to settle for using only a portion of big, expensive loan origination systems that were developed decades ago for the retail channel.
“Unlike other mortgage loan origination systems and software on the market, the wemlo Loan Brokering System is the first solution built specifically for the broker channel based on a close partnership between high-producing mortgage brokers and enterprise-focused mortgage technologists,” said wemlo president Ward Morrison in a statement.
“We originally began developing this technology for loan processors when we could not find existing solutions that met their specific needs in the broker channel,” said Dustin Morton, vice president of product and strategy for wemlo, in a statement. “When we launched processing solutions and began to see results showing that intentional, broker-first software could make our processors more efficient and effective, the next step was to bring this powerful tool to loan brokers industrywide whose businesses are also typically forgotten by legacy mortgage software providers.”
Wemlo’s LBS was created specifically to enable mortgage loan originators (MLOs) to close more loans each month while providing the seamless digital mortgage experience expected by today’s homebuyers. The system interface includes virtually all the functions MLOs need, according to the company, while leaving out extraneous functions that just get in the way. Features include enhanced Automated Underwriting System (AUS) feedback, which provides suggestions for resolving common loan structuring challenges; a borrower portal that allows borrowers to track the status of their loan in real-time; and in-platform communication options that foster on-time closings by keeping the broker, loan processor, title company, real estate agents and borrowers all in close contact.
A guiding design principle for the software was to eliminate all manual and duplicative data entry, said the company.
“A fascinating challenge for our development team was to reduce our users’ time spent in the system. For us, success comes when MLOs are logged out of the LBS and able to cultivate referral relationships for their next loan,” said Morton. The system is focused on making the loan and application process more efficient for both loan originators and hopeful homebuyers. After the 1003 loan application is finalized, the LBS sends broker disclosures and prepares loan data for submission to the wholesale lender—all in one click. For the next steps, MLOs can either leverage the power of the wemlo processing platform for themselves or they can send the loan to wemlo’s third-party loan processing team.
“There’s no other origination technology that comes with a processing team built-in. We expect the power of the LBS to mean more loans per month for MLOs, and when business booms, wemlo loan processors are only a click away from supporting that bursting pipeline,” said Chelsea Balak, wemlo vice president of Operations, in a statement.
Wemlo is part of RE/MAX Holdings. For more information, please visit www.remax.com.