Wemlo Introduces Third-Party Processing Solution – NMP Skip to main content

Wemlo Introduces Third-Party Processing Solution

Navi Persaud
Oct 18, 2021

Wemlo announced the first third-party mortgage processing solution, Loan Brokering System.

According to Wemlo, the Loan Brokering System was created specifically to enable mortgage loan originators to close more loans each month while providing the digital mortgage experience expected by today's homebuyers.

The system interface includes an enhanced Automated Underwriting System feedback, which provides suggestions for resolving common loan structuring challenges, a simple borrower portal that allows borrowers to track the status of their loan in real-time, and in-platform communication options to keep the broker, loan processor, title company, real estate agents, and borrowers all in close contact.

“We originally began developing this technology for loan processors when we could not find existing solutions that met their specific needs in the broker channel,” explained Dustin Morton, vice president of product and strategy for Wemlo.

“For us, success comes when MLOs are logged out of the LBS and able to cultivate referral relationships for their next loan,” added Morton.

The system is focused on making the loan and application process more efficient for both loan originators and hopeful homebuyers, according to the company. After the 1003 loan application is finalized, the LBS sends broker disclosures and prepares loan data for submission to the wholesale lender — with one click. For the next steps, MLOs can either leverage the power of the Wemlo processing platform for themselves or they can send the loan to Wemlo's third-party loan processing team.

Published
Oct 18, 2021
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