LoanTrader Realizes Significant Operational Efficiencies Via Automated Underwriting EngineMortgagePress.comLoan Trader, Automated underwriting, rules administration system
LoanTrader is operating more efficiently, productively and
cost-effectively as a result of the automated underwriting
environment of LoanTrader Technologies' powerful new Loan
Transaction Management System (LTMS). LTMS was officially unveiled
Oct. 29 at the Mortgage Bankers Association of America's 87th
Annual Convention in San Francisco and includes a powerful new
engine, the Rules Administration System (RAS), which automates the
price and underwriting discovery process and reduces the amount of
time and resources it takes to underwrite a loan file. The end
result is a real-time product and price discovery at the
point-of-sale.
LoanTrader recently reduced its staffing resources needed to
facilitate loan transactions through its marketplace, primarily
within the sales/member (customer) services areas. LoanTrader's
LTMS pushes loan decisioning to the front-end, point-of-sale,
thereby decreasing the need for step-by-step, transactional
support. LoanTrader no longer needs to identify dedicated resources
and personnel to hand-hold a file through the marketplace.
"These positions existed to support and troubleshoot a
marketplace dependent on back-end decisioning processes and
step-by-step transaction management," said LoanTrader CEO, John Le.
"This staffing adjustment is directly related to greater
operational efficiencies achieved through the implementation of
LTMS."
Additionally, the increased momentum of Mortgage Broker interest
and the independence of the LoanTrader Marketplace has enabled
greater sales efficiencies. "We attribute this to successfully
moving past the early adopters/innovator stage to the mainstream
market," said LoanTrader co-founder and executive vice president of
marketing, Robert Palmer.
Mortgage industry professionals now look to LoanTrader as an
important Internet business partner and view the company's
participation in the marketplace as a normal part of their daily
operations. Currently, more than 5,500 Mortgage Brokers participate
in the LoanTrader.com Marketplace, and an estimated 200 new brokers
sign up each month. Most of these new registrations are a result of
referrals from satisfied members and not attributable to direct
sales efforts.
"The heavy sales recruitment efforts of the past are no longer
applicable at this stage of the game," said Mr. Le. "Our focus
continues to be centered on streamlining the underwriting process
so our broker and lender customers experience the benefits of
real-time processing today."
