ISGN, a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, announces the launch of its new Catapult Mortgage Origination System, a next-generation loan origination technology developed from the continuing evolution of ISGN’s Diamond and MORvision systems. Catapult has replicated and enhanced the rich functionality of Diamond’s powerful rules engine and fully integrated product and pricing engine. It also integrates the powerful functionality of MORvision, a flexible and scalable LOS, thereby creating a best-of-breed product designed for Diamond and MORvision users in a pure ASP.NET, browser-based system.
The Catapult Mortgage Origination System has been designed to upgrade existing MORvision users to the new system without them having to incur the expense and time of implementing a new loan origination system. The data and customization in a lender’s existing MORvision system can be migrated directly into Catapult. ISGN’s MORvision and Diamond systems still will be available to lenders and offer continued customer support.
Lenders and other originators today are faced with the challenge of fixed overhead costs for loan origination systems, which can reduce their profitability when loan production slows. Many also are dependent on expensive remote connection tools, such as Citrix or Terminal Services, for employees who work at home or at other sites outside the home office, adding to production overhead costs. The Catapult Mortgage Origination System is offered either as Software as a Service (SaaS) on the Internet hosted by ISGN or as a licensed solution installed at a lender’s site. Both demonstrably lower a lender’s operational costs to use the system, which incorporates a pay-per-loan model in which lenders only pay for the LOS technology when they originate loans. And Catapult’s integrated product and pricing engine means that lenders will experience higher profits and fewer loan buy-backs, because the engine ensures that loans meet precise investor guidelines and are accurately priced in the secondary market.
Catapult will include mobile device functionality enabling access by laptop and notebook computers, smart phones, iPads and other tablets. Lenders and their associates gain flexibility and freedom in working with borrowers and other customers, and originating loans outside the traditional home office without the added expense of engaging remote connection tools and services. ISGN anticipates rapid growth and acceptance of mobile tablet devices in the mortgage industry. Catapult offers comprehensive functionality from point-of-sale to closing and delivery of loans to the secondary market. The system also includes full integration with third-party vendors though ISGN’s Plug-In Partner Network.
“Catapult enables lenders to employ a loan origination system based on an affordable variable cost structure,” said Murali Gomatam, head of technology products at ISGN. “Lenders no longer need to invest large amounts of capital upfront, plus annual maintenance costs, to obtain the powerful functionality of a superior LOS.”