Even with the overall decline in the mortgage industry, Xetus has enjoyed record growth in 2009, with overall revenue growing by 400 percent. “We have had a remarkable year. We are so pleased that XetusOne has significantly increased efficiency and volume for so many new users,” said Scott Stein, Xetus vice president of sales and marketing. “This is a huge advantage from an IT perspective and we are seeing more and more institutions implement XetusOne because of it,” said Stein. Users have no software to download or install–they access their loan files anytime, anywhere through a standard Web browser."
Xetus also cites compliance as a key reason for its success. “Every time a user signs on to XetusOne, they are guaranteed to be using the most up-to-date version, allowing users to stay compliant with any new rule or regulation, including all RESPA forms,” said Stein. Compliance has propelled a lot of FI’s to automate to an LOS system or switch to a system that provides an assurance that they will always be compliant, even as the rules keep changing and evolving.
Xetus also cites mortgage originators’ continuous push to a paperless, more transparent approach to loan origination as a reason for its growth. When originating with XetusOne, any member of the mortgage team has access to the loan folders requiring their attention. Managers have the ability to look into the details of any loan in process to ensure they are following the proper procedures. This transparent, paperless environment allows a much greater degree of collaboration without having to deal with paper files. “On average, our users have realized a 55 percent improvement in efficiency without having to hire additional staff,” said Stein.
Xetus’ pricing model has been extremely popular as FI’s deal with a tough economic environment. “Our pay-per-loan pricing offers users more flexibility than the typical per-seat or per-user licensing fee with annual maintenance. With pricing starting at $15 per loan, we are beginning to ‘shake up’ the LOS industry,” said Stein.
XetusOne is allowing FI’s to grow their businesses, reduce their per-loan costs and handle complex regulations with a unique and flexible solution. “As we begin 2010, in addition to expanding our presence in the subordination area, we are considering new products based on the present challenges in the marketplace – such as loan modification and REO,” said Stein.
For more information, visit www.xetus.com.