Sthenia Solutions releases Loanmarq SoftwareMortgagePress.comLoanMarq Software, Sthenia Solutions, finance management application
Sthenia Solutions has launched LoanMarq, a complete finance
management application for the mortgage, banking, and real estate
industries that brings borrowers, lenders, loan officers,
appraisers, agents, title and escrow officers together in a simple
Web-based community. LoanMarq streamlines the real estate loan
process by tracking progress from origination, processing,
underwriting, to closing, and increases transparency and
accountability for the consumer and associated industry
professionals.
LoanMarq uses an innovative Web 2.0 framework for
service-oriented collaboration, workflow, productivity and process
management that is easy and flexible to use, and eliminates the
expense and complexity of owning and managing in-house software.
Borrowers and professionals are given insight and visibility that
demystify the loan process thanks to LoanMarq's system of tracking
73 different "milestones" and as many as 31 different documents
involved in a typical transaction. Industry-standard security and
access controls, schedule updates and reminders, plus contact and
vendor management tools deliver a higher level of customer service
to give loan officers a tangible competitive advantage in working
with real estate agents and other business partners.
"LoanMarq simplifies the entire operation from start to
successful conclusion, while building consumer confidence and
satisfaction," said Paul Piers, CEO of Sthenia Solutions. "It will
drastically change the dynamics of the process by increasing
communication between all the participating entities while
decreasing the time and expense that has been somewhat inherent
with these types of transactions until now."
While LoanMarq is intended to improve the consumer's experience,
it also decreases the expense involved in facilitating a mortgage
transaction across all vendors, because it delivers
productivity-enhancing efficiency, automates loan status updates,
as well as eliminates document tracking with phones, e-mail or
fax.
"With mortgage professionals being challenged to produce more
with less resources, including staff, we've been impressed that
LoanMarq has actually improved our overall transaction turn time,"
said Mike Christl, president and CEO at California Equity Partners,
a Los Angeles-based financial services firm. "LoanMarq lets our
customers and our team see the exact status of the loan at any
point in time, everyone is kept informed and organized, which saves
us time, money and headaches."
LoanMarq facilitates the working relationship and creates a
collaboration environment for the following parties who are
integral to the process:
• Borrower
• Coborrower
• Buyer's agent
• Seller's agent
• Processor
• Loan officer
• Secondary loan officer
• Underwriter
• Title agent
• Builder
• Appraiser
• Insurance agent
LoanMarq tracks and records all documents in the transaction
process, including:
• Loan application
• Sales contract
• Credit report
• Lock confirmations
• AUS findings
• Preapproval letter
• Mortgage disclosures
• Signed mortgage disclosures
• Borrower's required documentation
• Appraisal order
• Appraisal
• Final inspection
• Title order
• Title commitment
• Proof of insurance
• Flood certification
• Proof of flood insurance
• Underwriting conditions for all vendors
• Loan commitments
• Closing documents
• Settlement statements
Along with relationship and document management, LoanMarq
manages and schedules 73 different milestones in the transaction
process. Whenever a milestone is requested, due, or completed,
LoanMarq communicates with the necessary parties via email,
calendar alert or text message. LoanMarqs milestones include all
typical stages and elements of the loan process such as
preapprovals, credit reports, rate lock expiration date,
disclosures due, and final inspection due, and is able to manage
first and second mortgages simultaneously.
For more information, visit www.sthenia.com or www.loanmarq.com.
