The new product was rolled out during the Mortgage Bankers Association's recent National Technology in Mortgage Banking Conference and Expo.
LoanMomentum is developed specifically for servicing residential and commercial construction loans. ISGN claims it offers a better way to manage the ever-changing data inherent in construction lending, in addition to driving maximum efficiency and creating borrower-level insight.
The streamlined, automated and configurable system enables lenders to increase volume without adding to overhead costs. Additionally, it simplifies tasks so staff can be more productive. For example, it eliminates redundant and time-consuming data entry with interfaces such as Origination, Lock Box Payment, Check/Wire/ACH and Core Servicing, the company says in a release.
LoanMomentum also expedites the property inspection process by electronically transmitting all field transactions, including photos, between inspectors and the bank's platform, which results in faster turn times and reporting.
The solution also sports a borrower portal that gives borrowers access to their loan information, including transaction history, billing history, sources of funds detail and loan budget status, from any browser-based device. Borrowers can initiate requests for the update of contact information, loan draws, progress inspections, budget change orders and new loan/new starts online.
‘U.S. home construction increased 4.4 percent during the final month of 2014, with the annual total the strongest in nearly a decade,’ says Paul Imura, chief marketing officer and senior executive for ISGN. ‘This resurgence in new home construction is an ideal opportunity for lenders to either enter the market or increase their existing portfolio; but to capitalize on these tailwinds, lenders must keep pace with increased demand while reducing overhead and maintaining compliance.’