Flagstar Bank has upgraded its proprietary loan origination system (LOS), Loantrac, with new features capabilities focused mainly on ease of use and transparency for both brokers and correspondents.
Loantrac 2.0, the company says in a release, is being rolled out in phases, with delegated correspondent customers already on board.
“We heard the feedback from our customers, and we made changes to give them a better experience,” says Brian Vieaux, head of third party originations at Flagstar.
Along with a new interface that mirrors Flagstar’s website, Loantrac 2.0 gives correspondents the ability to serve clients nationwide, with no geographical restrictions.
Flagstar expects to have to have all third party originators on Loantrac 2.0 by September.
The new version simplifies document uploads with a drag and drop feature, allowing customers to upload multiple documents at once and aligning the views of users and the Flagstar team.
It also offers delegated correspondents a registration and delivery experience tailored to their needs.
It also provides a customizable dashboard that is dynamic by customer ID, giving customers an aggregate view of their pipeline in one place, in a format of their choosing.
Intuitive navigation gives users a cleaner view, saving customers time and trouble.
The new version also revamps the sellers guide into a one-stop shop for important information on products, procedures, underwriting guidelines and announcements.