Loan origination system (LOS) provider Liquid Logics is offering its LOS to originators for free – as long as they sell their business to any member of a consortium of wholesale lenders backing the technology.
Participating originators are free to write loans for any lender using the LOS, but as per the terms of the offer, they must pay a technology fee for each loan not flowing to the consortium.
‘Lenders are looking for loan sources that can consistently provide high quality loans at the same time brokers, credit unions and community banks are seeking technology to help them originate loans for others in full compliance with the new rules,’ says Peter Kallodaychsak, vice president of business development for Liquid Logics. ‘Our technology meets both needs.’
Kallodaychsak says the deal is a ‘win-win’ because ‘firms that originate loans for the consortium avoid paying for the most current LOS technology. At the same time, our lenders don't have to worry about whether the loans they're buying are fully compliant.’
Liquid Logics' LOS comes bundled with the company's Bullseye automated underwriting system and offers tight integration with a number of product and pricing engines, including Mortech's Marksman product.
The Liquid Logics LOS also offers a fully integrated consumer-facing portal that gives the consumer more control in the origination process without compromising tight compliance control.
There is a one-time setup fee for initially installing the software.