Mortgage Builder Software, a provider of loan origination software (LOS) technology, has announced its strategic alliance with Cenlar FSB, a subservicer of mortgage loans. Mortgage Builder has integrated with Cenlar to provide a seamless process for boarding closed mortgage loans from its LOS system directly to the Cenlar servicing platform. The new association began with both companies’ relationship with the Lenders One Mortgage Cooperative, an alliance of independent mortgage bankers that originates more loans than any non-bank mortgage company in the United States.
Lenders One members use Cenlar’s capabilities for customized, private-label subservicing on a wide variety of mortgages they originate, giving them numerous financial and competitive advantages by retaining the servicing rights to their loans. Mortgage Builder is a preferred LOS software choice for Lenders One members and the two companies found common ground through the alliance, both enjoying high reputations for the quality of their offerings.
“Through this integration with Cenlar, Mortgage Builder users can immediately place loans on the industry-leading subservicer’s system, taking virtually all of the human error out of the process,” says Keven Smith, Mortgage Builder’s president and CEO. “It makes a key part of the servicing-retained strategy much simpler for lenders of all sizes.”
Lori Pinto, CMB, Cenlar FSB’s senior vice president for business development, notes that more lenders are discovering the significant financial benefits of maintaining servicing rights, and using Cenlar’s subservicing capabilities to avoid layering on fixed operational costs.
“By working with Cenlar, Lenders can grow their businesses, offer diverse products and stay flexible in the rapidly evolving market,” said Pinto. “Our relationship with Mortgage Builder makes it fast and effortless to board loans to Cenlar’s platform, avoiding the ‘fat finger mistakes’ that come with manual data re-keying. The timeline in getting information out to borrowers is compressed, so welcome packages and coupon books get to borrowers very quickly.”
Mortgage Builder’s Smith noted that his firm’s relationship with Cenlar is especially timely, given the increasing industry trend toward process integration all across the mortgage process, from origination to servicing and on to investor delivery.
“With the advent of the GSEs’ Uniform Mortgage Data Program (UMDP), digital processes will rapidly become the industry standard,” said Smith. “This partnership between Mortgage Builder and Cenlar FSB positions our clients for early UMDP conformance, reduced costs to originate loans, and a better process for consumers. Our integration with Cenlar helps Lenders One’s independent mortgage bankers compete with even the largest banks in the market,” he says, “and provides yet another among scores of good reasons to become part of that alliance.”
For more information, visit www.MortgageBuilder.com or www.cenlar.com.