Although the Consumer Financial Protection Bureau's new ability-to-repay/qualified mortgage (QM) and servicing rules went into effect in January, there are quite a few lenders and servicers out there that are still upgrading their systems in order to more cost effectively meet compliance. As a result, many of these ‘laggards’ are now fast-tracking their technology upgrades. That means they are looking for reliable, proven solutions that can be deployed quickly and efficiently.
Mortgage Builder Software, a provider of loan origination and servicing software systems, reports that three new clients managed to implement its Web-based software in under 90 days.
Two of the three went live with Mortgage Builder's Architect loan origination system (LOS) platform in fewer than 60 days, the company reports. This compares favorably with competing LOSs that can take up to six months or longer to deploy, the company claims in a press release.
‘Different lenders have differing requirements, and we have been doing this long enough to thoroughly understand how clients of all sizes work,’ says Keven Smith, Mortgage Builder's president and CEO. ‘We're celebrating our 15th anniversary in 2014, so it seems appropriate we are also demonstrating our expertise at helping clients upgrade their lending systems in the shortest possible time during this landmark year.’
The three lenders for which Mortgage Builder achieved these rapid deployments include Darien Rowayton Bank, Darien, Conn. (52 days); AmericanWest Bank, Spokane, Wash. (82 days); and Landmark Professional Mortgage Co., Salem, Ore. (52 days).
‘One of the things working in our favor was an accelerated training schedule,’ says Kelli Himebaugh, corporate vice president for Mortgage Builder. ‘Our Architect LOS is very intuitive, and that results in reduced time required for users to become adept at the system. Lenders understandably want to be confident that their process and QM compliance situations are in order and ready to use as swiftly as possible.’