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Sthenia Solutions releases Loanmarq Software

National Mortgage Professional
Mar 24, 2014

Sthenia Solutions releases Loanmarq SoftwareMortgagePress.comLoanMarq Software, Sthenia Solutions, finance management application

Sthenia Solutions has launched LoanMarq, a complete finance management application for the mortgage, banking, and real estate industries that brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple Web-based community. LoanMarq streamlines the real estate loan process by tracking progress from origination, processing, underwriting, to closing, and increases transparency and accountability for the consumer and associated industry professionals.

LoanMarq uses an innovative Web 2.0 framework for service-oriented collaboration, workflow, productivity and process management that is easy and flexible to use, and eliminates the expense and complexity of owning and managing in-house software. Borrowers and professionals are given insight and visibility that demystify the loan process thanks to LoanMarq's system of tracking 73 different "milestones" and as many as 31 different documents involved in a typical transaction. Industry-standard security and access controls, schedule updates and reminders, plus contact and vendor management tools deliver a higher level of customer service to give loan officers a tangible competitive advantage in working with real estate agents and other business partners.

"LoanMarq simplifies the entire operation from start to successful conclusion, while building consumer confidence and satisfaction," said Paul Piers, CEO of Sthenia Solutions. "It will drastically change the dynamics of the process by increasing communication between all the participating entities while decreasing the time and expense that has been somewhat inherent with these types of transactions until now."

While LoanMarq is intended to improve the consumer's experience, it also decreases the expense involved in facilitating a mortgage transaction across all vendors, because it delivers productivity-enhancing efficiency, automates loan status updates, as well as eliminates document tracking with phones, e-mail or fax.

"With mortgage professionals being challenged to produce more with less resources, including staff, we've been impressed that LoanMarq has actually improved our overall transaction turn time," said Mike Christl, president and CEO at California Equity Partners, a Los Angeles-based financial services firm. "LoanMarq lets our customers and our team see the exact status of the loan at any point in time, everyone is kept informed and organized, which saves us time, money and headaches."

LoanMarq facilitates the working relationship and creates a collaboration environment for the following parties who are integral to the process:

• Borrower
• Coborrower
• Buyer's agent
• Seller's agent
• Processor
• Loan officer
• Secondary loan officer
• Underwriter
• Title agent
• Builder
• Appraiser
• Insurance agent

LoanMarq tracks and records all documents in the transaction process, including:

• Loan application
• Sales contract
• Credit report
• Lock confirmations
• AUS findings
• Preapproval letter
• Mortgage disclosures
• Signed mortgage disclosures
• Borrower's required documentation
• Appraisal order
• Appraisal
• Final inspection
• Title order
• Title commitment
• Proof of insurance
• Flood certification
• Proof of flood insurance
• Underwriting conditions for all vendors
• Loan commitments
• Closing documents
• Settlement statements

Along with relationship and document management, LoanMarq manages and schedules 73 different milestones in the transaction process. Whenever a milestone is requested, due, or completed, LoanMarq communicates with the necessary parties via email, calendar alert or text message. LoanMarqs milestones include all typical stages and elements of the loan process such as preapprovals, credit reports, rate lock expiration date, disclosures due, and final inspection due, and is able to manage first and second mortgages simultaneously.

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Mar 24, 2014