Subservicing giant integrates with software leader to move data smoothly and efficiently
July 29, 2010, Southfield, MI — Mortgage Builder Software, an industry leader in innovative loan origination software (LOS) technology, announces its strategic alliance with Cenlar FSB, the nation’s largest subservicer of mortgage loans. Mortgage Builder has integrated with Cenlar to provide a seamless process for boarding closed mortgage loans from its LOS system directly to the Cenlar servicing platform. The new association began with both companies’ relationship with the Lenders One Mortgage Cooperative, the renowned alliance of independent mortgage bankers that originates more loans than any non-bank mortgage company in the United States.
Lenders One members use Cenlar’s capabilities for customized, private-label subservicing on a wide variety of mortgages they originate, giving them numerous financial and competitive advantages by retaining the servicing rights to their loans. Mortgage Builder is a preferred LOS software choice for Lenders One members and the two companies found common ground through the alliance, both enjoying high reputations for the quality of their offerings. “Through this integration with Cenlar, Mortgage Builder users can immediately place loans on the industry-leading subservicer’s system, taking virtually all of the human error out of the process,” says Keven Smith, Mortgage Builder’s president and CEO. “It makes a key part of the servicing-retained strategy much simpler for lenders of all sizes.”
Lori Pinto, CMB, Cenlar FSB’s senior vice president for business development, notes that more lenders are discovering the significant financial benefits of maintaining servicing rights, and using Cenlar’s subservicing capabilities to avoid layering on fixed operational costs. “By working with Cenlar, Lenders can grow their businesses, offer diverse products and stay flexible in the rapidly evolving market,” she says. “Our relationship with Mortgage Builder makes it fast and effortless to board loans to Cenlar’s platform, avoiding the ‘fat finger mistakes’ that come with manual data re-keying.” Ms. Pinto explains that this speedier and more accurate process results in immediate lender cost savings, but there is a great deal more to the benefits of integrating the two companies’ technologies. “The timeline in getting information out to borrowers is compressed, so welcome packages and coupon books get to borrowers very quickly,” she says, noting that Cenlar’s private-label services carry the lender’s name and logo. “All this speed and efficiency reflects very positively on the lender,” she continues, “making for a better borrower experience, building those critical point of sale relationships and enhancing customer retention.”
Mortgage Builder’s Keven Smith notes that his firm’s relationship with Cenlar is especially timely, given the increasing industry trend toward process integration all across the mortgage process, from origination to servicing and on to investor delivery. “With the advent of the GSEs’ Uniform Mortgage Data Program (UMDP), digital processes will rapidly become the industry standard,” he says.
“This partnership between Mortgage Builder and Cenlar FSB positions our clients for early UMDP conformance, reduced costs to originate loans, and a better process for consumers.” It is also another benefit for Lenders One Cooperative members, Smith says. “Our integration with Cenlar helps Lenders One’s independent mortgage bankers compete with even the largest banks in the market,” he says, “and provides yet another among scores of good reasons to become part of that alliance.”
About Mortgage Builder
Southfield, Michigan-based Mortgage Builder Software, Inc. has been providing industry-leading loan origination software (LOS) to mortgage banks, community banks, credit unions and other financial institutions for more than twelve years. Mortgage Builder was the first LOS to provide its full capabilities in Application Service Provider (ASP) form, as Software as a Service (SaaS), and in the traditional licensed, server-based configuration, providing complete flexibility to suit all clients’ business models. Mortgage Builder is an end-to-end, “everything’s integrated” lending solution for both retail and wholesale mortgage production channels, automating origination, closing, post-closing, delivery, tracking and reporting functions. Essential enhancements like pricing and product eligibility (PPE), electronic document management (EDM) and electronic loan delivery functionality are built-in and available on demand, while compliant loan documents are provided at no additional cost. The company has been named by Mortgage Technology Magazine as one of the industry’s Top 50 Service Providers for the fourth consecutive year, and was the winner of the magazine’s prestigious 2008/2009 Help Desk Award for outstanding customer service and the industry’s best technical support. For more information, visit www.MortgageBuilder.com.
About Cenlar FSB
Cenlar FSB, headquartered in Ewing, N.J., is a federally chartered wholesale bank specializing in mortgage and HELOC subservicing and is the leading subservicer in the country, handling more than half a million loans annually, in all 50 states. Cenlar is committed to delivering quality, professional service through its customized private label program to its client base, which includes commercial banks, savings institutions, mortgage bankers, credit unions and other market participants. For more information on Cenlar FSB, visit the company’s Web site at www.cenlar.com.