Mortgage Builder Software is celebrating its 15th anniversary serving the mortgage industry. It is the most recent of many milestones for the company, which is among the only software providers offering both loan origination and mortgage servicing on a common operating platform, the company believes.
It is an unusual celebration, however, in that the company is focused less on its achievements and more on CFPB readiness for its clients on both the origination and the servicing sides. “We have had a very good 15 years, but we are concentrating on the current regulatory environment as we celebrate this landmark anniversary,” says Keven Smith, president and CEO of Mortgage Builder. Smith spun off Mortgage Builder in 1999 from loan servicing technology provider GCC Software, where he developed the loan origination software originally as a sideline offering for servicing clients. “Based on the response, we founded Mortgage Builder as a stand-alone company and built it into one of the industry’s most popular LOS technologies,” Smith recounts. “Later, we acquired GCC when its founder, who was also my mentor, retired. It was a perfect fit, as we were even in the same building.” Since those early days, Mortgage Builder has secured its place among the industry’s LOS leaders and GCC’s G/Serv servicing platform has been transformed into Colonnade, complementing the flagship Architect LOS and the available LoanXEngine pricing and CRM technology in the Mortgage Builder software suite.
“Compliance is foremost on the industry’s mind and we were ready months before the implementation of the CFPB rules,” Smith said. “Even though we’ve accomplished a great deal over the last 15 years, we’re not resting on our laurels. Our first observance of the upcoming anniversary was actually to do a compliance event for our users.” In December, Mortgage Builder held a compliance conference for its clients to make certain they were prepared for the new requirements. “The best way to celebrate our past is by helping ensure the future for our users,” Smith adds.
Over the last 15 years, Mortgage Builder Software has become known for its innovations and its “everything is integrated” approach to its software, reducing lender costs. For example, the built-in documents engine provides compliant loan document packages without a fee, so that changes are easily and inexpensively accommodated. Mortgage Builder’s LOS system was also among the very first loan origination platforms to offer multiple delivery options, allowing clients to host the software themselves or have Mortgage Builder perform this function and access the LOS via cloud delivery, even switching methods without service delays. Additionally, Mortgage Builder clients could pay for their LOS usage by the loan, rather than being required to make an outright license purchase with a large price tag attached. This approach, along with Mortgage Builder’s “closed loan success pricing,” helped sunset the era of “big iron” purchases by mortgage lenders. The company was also among the first to make SSAE 16 Type II (formerly SAS 70 Type II) audits a standard annual practice to ensure data security, and offer cyber-liability insurance to back it up. “Many companies still don’t provide those assurances,” Smith says.
With the addition of the Colonnade loan servicing software and the LoanXEngine pricing and CRM system, Mortgage Builder became the first privately financed company to offer front end-to-end-to-end technology capabilities. This unique quality allows lenders to handle mortgages throughout their entire lifecycle, from prospect acquisition through to loan satisfaction. Like Architect, Colonnade was ready for the new CFPB servicer rules, with single point of contact (SPOC), full reporting and monthly statement capabilities, along with details like the new variety of borrower letters required.
“We also provide mailing and fulfillment services to take that burden off new servicers and others that transition from their current systems to Colonnade,” says Kelli Himebaugh, corporate vice president of Mortgage Builder. Himebaugh, who works closely with clients and the Mortgage Builder implementation team, says that the company’s customer focus is amplified by having served the mortgage community for 15 years. “We have longstanding relationships with our users and going the extra mile is chief among our core corporate values,” she notes. “We would not have lasted this long without their support and we will work hard to justify that trust well into the future.”