In response to preferences long expressed by consumers to lenders, Avista Solutions, an award-winning developer of the Avista Agile loan origination software system (LOS), has unveiled its completely redesigned consumer website capability that puts much greater functionality into the hands of borrowers. The extensive makeover improves the borrower experience and helps lenders meet the growing desire of consumers to obtain more information and functionality independently when visiting lender websites.
The new Web portals are private labeled by Avista and branded to be consistent with the lender’s own Web site. Visitors can submit applications online, obtain automated approvals, receive online disclosures, and if “just looking,” can receive notification when the rates they want are available. Payment calculators, loan type scenarios and other tools are available, with customer-input information feeding directly into the lender’s Avista Agile LOS. Borrowers stay abreast of their loan’s progress with automated email updates and online status, saving expensive and time-consuming phone calls back and forth with the lender’s staff.
“Best of all, it works for all the lending business models,” says Avista CEO Mark Phlieger. “Whether originating loans through retail, wholesale or correspondent channels, or all three at once, the new site capabilities are working for lenders around the clock. Borrowers can lock online using the built-in product eligibility and pricing engine, submit through automated underwriting and get immediate decisions and pre-approvals.”
Phlieger notes that the redesign was as much an Avista idea as one coming from their lenders. “Our clients told us that their customers have a strong desire to do more online and not always have to talk to a loan officer in order to learn about their options,” he explains. “With the new portal, consumers can do as much or as little as they like, and lenders achieve greater efficiency and reduced workloads.”
Other departments benefit from the new automation too, according to Phlieger. “By improving the point of sale tools and making them work better with internal systems like AUS technology (automated underwriting systems), secondary marketing gets a better look down the pipeline at transactions they might not have seen for days or even weeks. Execution improves and so does
profitability.” The new portal capabilities, like all Avista Agile LOS products, are delivered over the web, giving lenders all the latest technology without a large upfront investment and the need to worry about servers, data centers and all the other technology burdens. Lenders pay for the technology by the loan, giving them far greater control over expenses.
For more information, visit AvistaSolutions.com.