LendingSpace, a provider of mortgage technology solutions, has announced that Greenlight Financial Services, one of the fastest-growing, direct-to-consumer mortgage lenders in the country, has selected LendingSpace as its Software as a Service (SaaS) provider. The LendingSpace Enterprise Lending System will serve as the mortgage loan origination system for Greenlight and its online lending channel, Greenlightloans.com.
"At Greenlight, we rely on highly effective processing systems that incorporate the very latest computer technology. This allows us to pass on significant savings to the consumer," said Joann Pham, CEO, Greenlight Financial. "The cost benefits of LendingSpace and its pay-per-closed-loan loan origination system are very significant, and the comprehensive nature of the system helps to ensure efficiency, security and compliance—a major challenge for all lenders in an environment of such rapid regulatory change."
The LendingSpace Enterprise Lending System is an end-to-end SaaS solution with all tools needed to originate and manage conventional, FHA, VA, and reverse mortgages. Components and features of the system include lead management, point of sale, automated decisioning, loan origination system (LOS), LendingXchg and Vendor Management, customer portals, compliance, document management, and imaging, secondary marketing, and enterprise reporting.
"Greenlight's sophisticated, Web-based approach to direct-to-consumer lending has enabled the firm to grow rapidly. With LendingSpace they have a fully integrated system that efficiently and cost-effectively addresses everything, including compliance, from lead management through post-funding activities," said Ravi Varma, chief executive officer of LendingSpace.