FICS Expands LPOnline Reach to Include Loan Officers
SAN DIEGO, Oct. 12, 2009 – Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced at the Mortgage Bankers Association’s 95th Annual Convention & Expo that it has released the newest version of its online mortgage loan application system, LPOnline. The upgrade includes a loan officer module providing loan officers with the technology to assist borrowers with completing loan applications and determine the best loan options to fulfill their needs.
LPOnline’s added loan officer module enables loan originators to save time approving loans by leveraging the “loan plans” feature to present only the best loan options that have been filtered based on the borrowers’ loan amount and credit scores. Loan officers also have the ability to order up-front credit reports and view the full report online, giving them the ability to educate and work with their borrowers to determine the best options available.
"FICS' LPOnline Loan Officer Portal is an innovative tool that allows us to be more competitive in the mortgage industry,” said John Wilson, mortgage manager for Frankfurt, Ky.-based Commonwealth Credit Union. “The amount of time required for a loan officer to input loan applications has been significantly reduced, increasing both productivity and efficiency."
“With today’s tighter underwriting standards, the most profitable lenders are the ones who can quickly and accurately evaluate borrowers and present them with loan plans that fit their financial situation,” said Susan Graham, president of FICS. “With LPOnline, the loan application, credit report findings and initial disclosures are simultaneously downloaded into back-office and document management systems to eliminate extra work and maintain data consistency throughout the origination process.”
Since the program is accessed through any Internet browser, lenders reduce implementation and maintenance costs, and originators can file loan applications from any Internet-connected computer. The option to submit to Fannie Mae’s automated underwriting system, Desktop Underwriter, also provides the loan officer the flexibility of immediately being able to review the Fannie Mae findings and work with the borrower to resolve any obstacles that may prevent the loan from being approved.
LPOnline is a Web-based loan application that is embodied within the lenders existing website, which brands the loan application as the lender’s. Borrowers then feel an increased level of trust and are more apt to enter personal and confidential information in their lenders’ familiar website. LPOnline is directly connected to FICS’ loan origination system, Loan Producer, which saves time and ensures accuracy for the entire loan origination process and staff. It also allows for immediate upload into the loan origination system and real-time status updates for the borrower.
“Switching to FICS’ LPOnline has helped us streamline how we complete mortgages for our members,” said Tanya Stead, real estate loan manager for Tampa, Fla.-based USF Federal Credit Union. “Since our members can begin the loan application through any Internet connection, they are able to shop for a mortgage at their convenience. Our staff now experiences time savings by downloading applications directly into our back-end LOS, Loan Producer, with the push of one button and can begin working with the members to finalize their loans immediately.”
“More and more borrowers are turning to the Web to originate loans,” Graham said. “LPOnline enables lenders to take full advantage of the Internet to originate applications, while also eliminating data reentry and providing compliant loan options to the borrower.”
About FICS
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' systems are designed for Microsoft® Windows® with the most recent solutions using .NET framework that include a rich Windows® Presentation Foundation user interface and multi-tiered shareable services. The company also provides innovative document management and web-based capabilities into its full suite of products. Additional information about FICS is available via the company's website at www.FICS.com.
