NYLX, a provider of automated mortgage data applications and solutions, announced AppNavigator, a cross platform automated mortgage loan locking application to automate the flow of high volume, best effort lock requests to investors. In addition, through data validation and profiling, an entire pipeline of lock requests can be locked or distributed to secondary resources as appropriate. AppNavigator provides quality control and automation solutions in many industries. Automated loan locking is the first application specifically designed to address a market need in the mortgage industry. Paul Griffin, the developer of AppNavigator, stated, “AppNavigator is so customizable, it can literally be designed to work in any secondary process and with any secondary systems. Loan lock detail is captured, populated on investor sites and flowed back into secondary systems for a complete closed loop process.”
Current NYLX customer, Cornerstone Mortgage, was the first lender to deploy AppNavigator. Driven by the need to eliminate human error, the firm’s president, Mike Powell, was looking to replace unpredictable, manual processes and improve quality. “Pricing will make or break your business, with the cost of mistakes starting at about $1,000. We needed a solution that could accurately and quickly lock our pipeline and allow secondary resources to focus on higher value activities.”
NYLX saw the benefits Cornerstone Mortgage was experiencing and wanted to help distribute this value more broadly to others in the industry. Joining forces with Lenders One, a national alliance of independent mortgage bankers, NYLX launched the application at its recent midyear member conference. Luke Pille, Lenders One director of national programs, explained, “We partnered with NYLX in 2006 to provide our members with a best in class product and pricing engine, knowing the company understands the needs of small- to mid-sized lenders.
“AppNavigator is a groundbreaking new product that helps Lenders One members better manage their secondary staff by enabling unattended investor lock functionality. As a result, secondary managers and staff can concentrate more on core tasks such as best execution and pricing analysis. In addition, AppNavigator is compatible with virtually any LOS or PPE, so it can benefit any lender that wants to improve its accuracy and efficiency.”
John Alexander, president of NYLX, stated, “The AppNavigator solution for automated loan locking takes Secondary Marketing efficiency to the next level. While some of the early deployments have focused on best effort locks, the power of the application is in product segregation and resource matching across your secondary operation.” Most recently, NYLX has implemented an AppNavigator solution for First Preferred Mortgage. They will be using the application for best effort locks, but see this as only the beginning of how they will eventually apply the solution. The benefits of AppNavigator for any mortgage company include elimination of human error, timely submission of locks minimizing market volatility exposure and process analytics and data validation for any volume of locks.
For more information, visit www.nylx.com.