FICS announces new online mortgage loan application systemMortgagePress.comFICS, Financial Industry Computer Systems, LPOnline, loan application, Loan Producer
Financial Industry Computer Systems Inc. (FICS), a mortgage
technology specialist that provides in-house residential
origination and servicing technology and commercial servicing
technology to the mortgage industry, announced at MBA's 95th Annual
Convention and Expo the release of its new online mortgage loan
application system, LPOnline.
LPOnline offers a completely embedded loan application within
the lenders existing Web site. Borrowers are able to enter personal
and confidential information in their lenders familiar website
rather than being directed to an unfamiliar third party loan
application website. Increasing the comfort level for borrowers
raises the rate of completion and accuracy of submitted loan
applications.
Since LPOnline is directly connected to FICS' back-end loan
origination system, Loan Producer, loan product information, such
as rates tables and minimum credit score per product plan, is
leveraged to minimize the implementation and maintenance of the
online loan application. Having one system of record for both the
online web application system and loan origination system provides
enormous time-savings benefits and ensures accuracy for the entire
loan origination process and staff. It also allows for immediate
upload into the loan origination system and real-time status
updates for the borrower.
"The LPOnline application allows us to use the same loan plans
we have already set up in our FICS loan origination system and is
flexible enough to allow us to choose which loan plans we want the
member to see at any given point," said Susan Mears, vice
president, Mortgage Lending, Scott Credit Union. "Having LPOnline
integrated into our Web site makes for a seamless process for our
members and eliminates the need of having to use additional
software."
During the application process the borrower's credit is
retrieved and compared with a list of products and rates they will
potentially qualify for. Instant pre-approval through automated
underwriting is available giving borrowers an immediate decision.
Once the application is submitted the borrower is able to
immediately review their three day disclosures including the URLA,
servicing disclosure, GFE, GFE list of providers, TIL and HUD loan
booklet. The lender can also choose any additional loan documents
to display to the borrower online.
"LPOnline not only provides the functionality to alleviate the
stress borrowers might associate with completing mortgage loan
applications online, but also provides a time savings vehicle for
lenders by leveraging one database of record for both of our online
web application and traditional LOS," said Susan Graham, president
of FICS. "This innovative addition to our loan origination suite is
another example of how we are continuously working to provide our
customers with solutions that offer the greatest benefit to their
business."
For more information, visit www.FICSLoanWare.com.
