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Opportunity For Mid-Tier Banks In Correspondent Lending

Posted by Brian Hall on May 16, 2014 12:17:00 PM

Mortech executives see more mid-tier lenders moving into this channel

 

January 5, 2012- Mortech, Inc., a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, announced today that its executives have identified a trend involving more mid-tier lending institutions moving into the correspondent lending channel and seeking out suitable automation to make their new divisions profitable from day one.

 

“With some of the nation’s largest banks exiting the correspondent lending business, there is more opportunity for lenders of all sizes, but many don’t have the technology,”said Don Kracl, president of Mortech. “Those firms that can come up to speed quickly and have an opportunity to gain significant market share in the first quarter of 2012, but they have to take action before others move in to fill the gap.”

 

Mortech executives became aware of the trend when inquiries for the firm’s MarksmanLMP ticked up in the wake of Bank of America’s announcement to discontinue its correspondent channel. MarksmanLMP, the industry’s first Lending Management Platform for managing the complex processes that take place before the prospect completes the loan application, offers a Channel Manager product for mortgage bankers with third party origination businesses. Mortgage professionals can use the Channel Manager service to distribute correspondent pricing to their clients, deliver fully-adjusted rates, use as a locking platform and several other features. Numerous correspondent lenders already count on Mortech software for lending automation.

 

“Our most recent build added new features designed for ease-of-use and seamless interactions between lenders and their correspondents,” said Kracl. “We are excited for our clients and are standing by with the technology they need to capitalize on these new opportunities.”

 

About Mortech, Inc.

 

Mortech supplies all-in-one pricing, rate notification, prospect management tools, custom rate sheets, secondary marketing tools, loan product eligibility and guideline services to thousands of mortgage professionals. MarksmanLMP, Mortech’s newest web-based offering, is the industry’s first Lending Management Platform and provides automation, management reporting and compliance auditing for lead acquisition, assessment, prospect marketing and initial loan processing. Through other integrations Marksman offers an Intelligent Credit Reporting Engine, a full Automated Underwriting System, connectivity to Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector, Bi-Directional Communication with Loan Origination Systems and a complete Document Management System. Mortech is recognized by Mortgage Technology Magazine as a 2010 and 2011 Top Service Provider and a Mortgage Technology Magazine 2010 Synergy Award Winner with partner, AllRegs. For more information, visit www.mortech-inc.com.

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