Seamless Solutions for Mortgage LendersA revealing approach to technology, workflow and business strategiesthat impact your bottom line.
FACT SHEET More than just a Loan Origination System A web-based approached to mortgage loan management There are a number of problems and What does LendingQB do? What makes LendingQB different? shortcomings with today’s LOS LendingQB is a software system that platforms. Lenders are relegated to • Consolidate all your lending activi- consolidates all aspects of mortgage using two, three or even four different ties onto a single platform for a true lending into a single, fully integrated pieces of software to adequately end-to-end experience. LendingQB is platform. From loan origination to manage their loan process. This designed to keep your users in a funding, LendingQB is a true creates numerous issues including single software environment, regard- end-to-end system that leverages the poor integrations, lack of data less of their role or responsibility. power and cost-efficiency of web-based consistency, feature/functionality Whether it’s an originator taking a computing for a smoother, more loan application or producing deficiencies, weak reporting, scalabil- efficient mortgage lending workflow. ity limitations and a general failure to disclosures, processors managing deliver on the end-to-end promise. electronic documents, underwriters Why is LendingQB important? clearing conditions or secondary Mortgage lenders demand technology These issues hold lenders back from marketing locking rates and manag- that is easy to use, easy to deploy and intelligently navigating through an ing pricing, LendingQB utilizes a eliminates the risk and frustration of ever-changing business landscape to single database of record to ensure data confusion caused by multiple reach the path of greater profitability that everyone is working off the same software environments. By addressing and organizational optimization. Your data. each component of the mortgage LOS shouldn’t just originate, process lending process and building a robust and fund loans; it should make it • Gain total control over your work- set of features, LendingQB provides flow. Mortgage lending is a compli- easier to run your business at a lower mortgage lenders with a cost. It should be treated as an cated process with many moving comprehensive platform for managing invaluable profit and business strategy parts. Maintaining a smooth, efficient their entire lending process. center, not just an expensive piece of and compliant workflow is a constant technology. challenge that saps a lender’s time and resources. LendingQB’s business At LendingQB, we’ve spent years rule automation is designed to allow engineering a next-generation LOS lenders to create workflow-specific that takes a strategic, holistic view of a checks and balances that prevent lender’s unique business model – one bottlenecks and mitigate risks. that leverages technology in ways you didn’t think was possible. Whether • Get rid of software and move you’re a retail lender wanting to everything to the cloud. LendingQB expand your online lending footprint, is a true web browser-based LOS that a wholesale lender trying to attract doesn’t use desktop virtualization, broker business or a national lender thin-client software or other types of looking to boost your data analytic smoke and mirrors to achieve a capabilities, LendingQB gives you the software-free computing environ- power to grow now and well into the ment. An Internet connection and a future. web-browser are all that’s needed for anywhere, anytime access to the industry’s most advanced loan management platform.
FACT SHEET Who is LendingQB? Key Features The PriceMyLoan - LendingQB connec- • 100% web browser-based, SAS70 II certified, PCI compliant solution tion. LendingQB actually started its life • Integrated with Fannie Mae’s DO/DU and Freddie Mac’s LP automated underwriting systems back in 2004 as an automated underwriting • Paperless electronic document management system and loan pricing engine known as • Fully integrated investor automated underwriting and loan pricing engine PriceMyLoan. For five years, we provided scores of lenders with the most advanced • Flexible business rule automation technology for determining investor loan • Privately-branded originator portal for loan eligibility, pricing, loan file and document product eligibility and pricing. But our submission experience working with lenders and seeing • Online loan application and rate engine tools for consumer-facing websites the frustration they had implementing PriceMyLoan with their LOS gave us the idea Loan Origination Features to build our own comprehensive lending • Anytime, anywhere loan officer or branch access via web-browser platform with PriceMyLoan already built in. • Full complement of standard loan application forms: 1003 URLA, GFE, TIL, etc. The result is LendingQB. • Full complement of standard FHA & VA forms Binh Dang, President • Accurate point-of-sale loan eligibilty and pricing using investor automated underwriting and Binh is a technologist with a desire to create loan pricing engine an enlightened software company – one that delivers true value to their customers • Connected with every credit reporting vendor in the industry and provides a great working environment • Mobile app for Apple® iPhone and Android™-based smartphones for his employees. "I started LendingQB because I wanted to help lenders Automated Underwriting and Loan Pricing Features understand that technology doesn’t enable value, it actually can be used to create it.” • Accurately determine loan eligibility based on investor guidelines and overlays • Complete utilization of borrower credit report data Prior to LendingQB, Binh oversaw the • Comprehensive library of pre-built investor loan products creation of PriceMyLoan and was director of Information Technology for TrueLink, a • Investor guideline updates and management provided by LendingQB technology company that built the first • Customizable overlays for lender-specific eligibility criteria web-based credit reporting system. Binh • Automated rate sheet process updates pricing continuously received a BS in Computer Science from the • Create separate price groups to manage different sales channels and pricing tiers University of California, Irvine. • Originator compensation automatically calculated into pricing Gigi Campbell, Vice President of Business Development Secondary Marketing Features Gigi is a consummate evangelist for • Submit lock requests via LendingQB automated underwriting and loan pricing engine LendingQB with a genuine desire to help • Buy-side and sell-side rate locking lenders before, during and well after they • Easily generate rate lock confirmation email notifications become clients. “If our clients are happy, I’m happy. Our approach is more than to just • Rate lock tracking and audit history provide software; we stand by our clients as • Risk management reporting a long term partner with a shared goal for • Purchase advice reconciliation success.” Electronic Document Features Previous to LendingQB, she directed sales and business development for PriceMyLoan. • Upload or fax documents directly onto loan files Gigi has worked in enterprise software sales • Edit any electronic document: rearrange, insert, delete or split documents and business development for more than 20 • Barcode scanning technology automatically indexes and routes documents to borrower files years. • Highlight documents and place annotations on documents electronically
FACT SHEET Enterprise Process Assessment How a ‘cost per loan’ assessment can change the way you look at technology LendingQB provides every lender with an Enterprise Process Assessment (EPA). ENTERPRISE PROCESS The EPA is an analysis of a lenders mortgage workflow process. It deconstructs ASSESSMENT (EPA) each step of the loan cycle, from the moment an originator comes into contact What is it? with a borrower, to the point that a closed loan is sold to an investor. The reason we do this is because we want to understand a lenders goal in the context of The Enterprise Process Assessment their entire operations. And in our mind, theres no better goal than to focus on (EPA) is a complimentary analysis of a keeping your cost per loan to a minimum. lender’s workflow process from a cost perspective that is conducted by Why cost per loan? Because its the most basic expression of a mortgage lenders LendingQB. A series of questions are operational performance. If your cost per loan is low, then you can be pretty darn presented to a lender and a sure that youre running an efficient operation. That means your people are good, visualization mapping of the process is your management is good and you make good use of your technology. But if constructed based on responses. cost per loan is high, then you need to think of ways to get it lower. LendingQB compiles the EPA information into a report that is The EPA is a discovery process that provides us with detailed insight on how your provided to the lender for the purpose operation runs based on a measurement of its cost per loan. Every step in your of evaluating their own business and process is mapped out and assigned values. Once thats been established, then it understanding the potential impact of becomes much easier for us (and you) to calculate the underlying value of a technology. solution, be it an e-document system, an automated underwriting engine or any other technology improvement or process improvement you have in mind. Why is it important? Most importantly, the EPA is about YOU, the lender. Its not about us, or our The EPA is important because it creates technology or our services; we have plenty of time to talk about that later. We a framework for lenders to understand provide lenders an Enterprise Process Assessment without any commitment or their own business within a context fees. We simply want to learn as much as we can about you before we explain that is both tangible and measurable. how LendingQB can help. And if you learn something new about yourself along Lenders can use an EPA to evaluate the the way, then even better. quality of their current workflow performance, identify areas of need and 4 Steps to Understanding How Your Business Works determine the impact of proposed changes to their technology or STEP 1: PROCESS VISUALIZATION workflow. We sit down with you and construct “swim lanes” that visualize your lending workflow process, detailing each step that every employee takes as the loan flows from origination to funding. STEP 2: ASSIGNING TIME VALUES Once your process has been mapped, we ask you about the amount of time and resources each workflow step consumes. STEP 3: DETERMINE PROCESS VALUE Based on your staff’s rate of pay and the assigned time values, we calculate a cost value for each workflow process step. We can then aggregate time values and derive an overall cost per loan that’s based on your specific workflow. STEP 4: PROCESS IMPROVEMENT SIMULATION Using the derived cost per loan, we ask you about different strategies you would like to apply to your process and determine the relative value of those strategies – providing you with real context for your technology evaluation.
FACT SHEET Automated Underwriting and Loan Pricing An intelligent way to drive your growth and profitability When do you know a loan is really a What does LendingQB What makes LendingQB automated loan? This is a critical question that automated underwriting and underwriting and loan pricing every lender struggles with. The loan pricing do? traditional method of relying on a different? The LendingQB automated Fannie Mae or Freddie Mac • Real credit report data makes a real underwriting and loan pricing engine automated underwriting decision difference. It’s remarkably easy to analyzes borrower, loan and property only answers basic questions of loan distinguish an automated underwrit- information and combines it with credit eligibility. It won’t tell you whether it ing engine from what is typically report data to determine loan eligibility satisfies a detailed set of loan product known as a product and pricing and price. In order to attain a high level overlays, and it has nothing to do with engine (PPE). Credit reports. Only an of accuracy, LendingQB builds every the rate or price you can lock at. engine that can pull, parse and utilize loan product from the ground up, 100 percent of a borrower’s credit As a result, lenders don’t know incorporating eligibility guidelines, report is capable of making a compre- whether they can fund a loan until overlay rules, loan level price they’ve invested a considerable hensive automated underwriting adjustments and a continuous feed of amount of time and resources decision. This is because loan product rate sheet data to generate real-time checking rate sheets, researching guidelines and overlays require this results. investor overlays and calculating loan data. Any engine that either cannot or level adjustments. These actions add does not utilize 100 percent of a credit Why is LendingQB automated up to an inefficient process that report can only make best-guess underwriting and loan pricing lowers pull-through ratios and estimations of eligibility because of important? increases opportunity costs. the limited range of data they have to Every lender employs a process that work with. LendingQB’s Automated Underwriting “scrubs” loans for suitability and the likelihood of funding. The LendingQB and Loan Pricing engine compresses investor-level underwriting and • Focus your operational efforts on automated underwriting and loan high quality loans. Think about how pricing engine automates this real-time pricing into a single, virtually instantaneous step that is performed much of your profit is wasted because “scrubbing” process and pushes it closer where it matters most, directly at the processors, underwriters and second- to the point of sale. As a result, point of sale. Originators simply feed ary marketing staff put their efforts originators are empowered to make better decisions and submit loans with 1003 loan application data and a live into loans that end up going a higher probability of approval and credit report into the engine and nowhere. What if you could stop funding. Lenders report increases in obtain amazingly accurate decisions those loans from entering your pull-through between 25 and 50 that can be submitted, approved and pipeline in the first place? That’s percent and an average productivity locked within minutes instead of exactly what LendingQB’s automated gain of 20 percent with underwriting hours or days. underwriting and loan pricing engine and secondary marketing staff. does. It places a highly selective filter And the fact that automated under- on your loan origination process and writing and loan pricing is seamlessly only allows loans that have a high embedded in our overall platform means that there is no risk of data loss probability of closing to enter your or interruption to your workflow. pipeline, bolstering productivity and LendingQB is a true end-to-end pull-through rates simultaneously. system, after all.
FACT SHEET How does LendingQB build a loan product? Previously known as PriceMyLoan, Loan eligibility and pricing go hand in hand, so LendingQB combined them into a single engine that is LendingQB started building and maintain- seamlessly integrated with the LendingQB end-to-end LOS. It does more than just provide originators ing loan products for our automated with loan eligibility and a price; the LendingQB automated underwriting system generates conditions, underwriting and loan pricing engine in manages rate locks and facilitates electronic document submissions. That’s the power of a true end-to-end 2004. Weve amassed an extensive investor system. library of over 400 pre-built products from more than 40 different investors, not including the dozens of custom products we DATA INPUT built for our clients. Our meticulous build Loan Application Data Credit Report Data The originator brings in data process is what makes our automated Borrower Property Loan 100+ Credit Vendors directly from a underwriting and loan pricing engine the loan file residing in most advanced of its kind. LendingQB. STEP 1: Derive guidelines and overlay DATA rules. Automated Underwriting Loan Pricing PROCESSING Lenders and investors provide us with their The automated Fannie Mae Guidelines Margin Rate Sheet underwriting and product guidelines and overlays and we loan pricing engine translate them into our proprietary syntax. automatically Custom Lender SRP This syntax provides us with the flexibility Freddie Mac Overlays Adjustments processes and we need to faithfully reproduce even the matches data to most obscure eligibility rule. Originator comprehensive FHA TOTAL Matrices Compensation Matrices loan products built STEP 2: Derive pricing matrices. by LendingQB. We apply detailed loan level price adjustments by studying pricing matrices ENGINE RESULTS provided by lenders and creating rules. Any Originator obtains Loan Eligibility Conditions Fully Adjusted Pricing accurate eligibility special adjusters can be applied or removed and pricing results at the request of a lender on the fly. within seconds. STEP 3: Map rate sheets. SUBMIT Rate sheets are tricky business because of Originator selects the amount and the time sensitivity of product and price, pricing data. Weve refined our system to Register Loan eDocs Rate Lock Request uploads loan package via Edocs. efficiently process reams of data from Operations staff dozens of sources in the span of a few notified via email. minutes. Our rate sheet mapping identifies pricing data in a way that prevents slight RESPOND changes to the format from breaking the Conditional overall process. Approve Loan Lock Rate approval certificate and rate lock STEP 4: Test. Then test again. confirmation We employ a rigorous dual testing process emailed to originator. to all of our product builds in order to ensure a high degree of fidelity. Every GOAL: Increase pull-through rates and GOAL: Increase loan volumes by providing a product is built twice by different engineers operational productivity by accurately filtering complete loan transaction system that and referenced against each other in order out loans that do not meet detailed loan enables originators to move swiftly from to root out the slightest discrepancies. product guidelines. origination to closing.
FACT SHEET TOTAL Scorecard Interface A smarter and more cost effective way to get decisions on all your FHA loans Every lender knows that FHA loans • Access TOTAL Scorecard entirely How does LendingQB’s TOTAL require an underwriting decision from within your own platform. If you Scorecard work? TOTAL Scorecard, the eligibility engine have your own LOS platform, we’ve An FHA loan decision is actually provided by the Department of developed a dedicated API that comprised of two components: a credit Housing and Urban Development makes it easy for you to use our TOTAL decision and an eligibility decision. The (HUD). Most lenders, however, don’t interface. The API enables lenders to TOTAL Scorecard engine provided by realize that Fannie Mae’s Desktop send loan and credit data straight to HUD is responsible for the credit Underwriter (DU) is not the only way our interface and receive a decision, decision, and the eligibility decision is rendered using an automated to get TOTAL decisions. along with a printable certificate that underwriting system such as Fannie can be integrated within your Mae’s Desktop Underwriter or In 2009, LendingQB obtained website, LOS or any other system that LendingQB’s automated underwriting approval to interface with TOTAL can utilize webservices to send and engine (also known as PriceMyLoan). Scorecard. This was no small matter. receive XML data. LendingQB went through a rigorous Here’s how it all works: due diligence and testing process • Access TOTAL Scorecard entirely with HUD that carefully analyzed our within the LendingQB Platform. You CREDIT DATA LOAN DATA automated underwriting capabilities, don’t have to switch applications, which is the main component that navigate to a new browser window or was required. The approval of our jump through any mindless hoops to TOTAL interface meant that lenders now had send a loan through TOTAL. Just take a an alternative means of obtaining loan file originated in the LendingQB approvals for their FHA loans. platform and submit directly to TOTAL. CREDIT You’ll get a response, a certificate and DECISION Using LendingQB’s TOTAL interface, all conditions automatically popu- lenders can determine whether a loan lated back onto your loan file. is FHA-eligible and use the decision to LENDINGQB deliver loans to Ginnie Mae and • Reduce TOTAL Scorecard fees by private investors. The LendingQB 80%. This not a typo. Lenders pay $25, interface is identical to Fannie Mae’s in $30 or even $35 to run TOTAL through ELIGIBILITY CONDITIONS that it utilizes loan data and credit Fannie Mae’s Desktop Underwriter. DECISION report data to render a credit decision LendingQB’s cost? $5. Imagine how via TOTAL, and then a loan eligibility much money you could save on every decision is generated using FHA TOTAL decision that you currently run FHA CERTIFICATE guidelines stored within our propri- through DU. For many lenders, this etary automated underwriting engine. cost savings could run into hundreds of thousands of dollars annually. But if LendingQB’s TOTAL interface is Moreover, the low cost for our TOTAL identical to Fannie Mae’s, why should decisions could create entirely new lender use it? Here are a few reasons opportunities for lenders to expand that will convince why you should their FHA lending. switch to LendingQB:
CONTACT LENDINGQBBINH DANGPresident(714) 957-6335 email@example.comGIGI CAMPBELLVice President of Business Development(714) 957-6335 firstname.lastname@example.orgJOHN CAMPBELLDirector of Business Development(714) 957-6335 email@example.comHOLT CROWDERDirector of Business Development(714) 957-6335 firstname.lastname@example.org Bristol Street, Suite 550Costa Mesa, California 92626(888) 285-3912www.lendingqb.com