LenderLogix, Lightspeed, a provider of mortgage automation software and application programming interfaces (APIs), has launched Lightspeed, a white-label streamlined point-of-sale (POS) system serving small to medium-sized mortgage lenders.
Patrick O’Brien, founder and CEO of LenderLogix, said the product was designed in response to a need for a more efficient and cost-effective way of managing the loan application process.
“Many POS platforms in the market today operate as second loan origination systems in terms of features, architecture and required maintenance, effectively putting them out of reach for the majority of the market,” O’Brien said in a prepared report. Are.” statement. “…that’s why we created Lightspeed to provide practical POS functionality at a price point that makes sense for the average mortgage lender.”
According to the company, Lightspeed provides lenders with a POS functionality that can compete in today’s market at low cost and the investment support for its implementation.
According to the company, the platform uses “animated iconography and dynamic messaging” to help borrowers navigate through a single, auto-advancing application of questions. When the application is complete, loan originators give borrowers a customized list of requirements and a secure document upload link.
O’Brien said, “As a result of this early engagement, mortgage lenders can increase lead capture and conversions while providing a consistent brand identity across branches and teams – all while providing executive officers with more granular insight into marketing and sales performance. “
The company was featured in HousingWire’s Tech 100 for 2022. Its other products include QuickQual, which is used by lenders in 42 states. QuickQual is an adjustable pre-approval letter that gives the option to update payment and closing cost scenarios and agent letters.
Its Fee Chaser integrates with the loan origination system and sends borrowers a one-time-use link to pay fees securely. Mortgage lenders using this functionality receive more than 50% of their payments within 15 minutes and a minimum of 10% more upfront payments, according to the company.
