LoanLogics and Optimal Blue have announced a strategic partnership, the first part of which involves the integration of LoanLogic’s correspondent lending platform with Optimal Blue’s product pricing and eligibility solution.
The real-time integration between LoanLogics’ LoanHD Correspondent Lending platform and Optimal Blue’s product eligibility and pricing platform will significantly advance the automation of correspondent loan transactions and create a compelling competitive advantage for clients, the companies say in a release.
In conjunction with this partnership, Optimal Blue has acquired LoanLogics’ product, pricing, and eligibility technology business, LoanDecisions.
LoanLogics’ LoanHD platform provides automation for every step in the loan acquisition process – from initial seller application review to loan funding and servicing on-boarding – and overcomes the challenges that stem from a traditionally manual and fragmented correspondent loan purchase workflow, the company claims.
With the capabilities of LoanHD, investors ensure the loans they are buying are high quality, compliant, and accurately priced, while sellers experience rapid turnaround for funding and enhanced availability of warehouse lines. Additionally, both parties gain value by finding and curing defects before loans are purchased.
Through real-time integration with Optimal Blue’s product eligibility and pricing platform, LoanLogics fully automates loan-level pricing and eligibility controls that are pervasive throughout loan file review and enhances a critical aspect of the correspondent workflow inside the LoanHD Correspondent Investor Module.
The granular feature set of the Optimal Blue solution will drive greater configurability of the LoanHD platform, bringing new and unique capabilities to clients.
Additionally, Optimal Blue will provide support for automated adjustments to loan- and bulk-level pricing based on automated due diligence results, while simultaneously delivering maximum flexibility in support of an investor’s secondary guidelines and pricing requirements.
Brian Fitzpatrick, CEO of LoanLogics, says together, the two companies can deliver technology to “help investors ‘automate first’ across their loan purchase, pricing, hedging, trading, and counter-party risk oversight practices.”
“We are delighted with this transaction and extend a warm welcome to LoanDecisions’ customers and staff,” adds Scott Happ, CEO of Optimal Blue. “We are investing deeply in our PPE technology and are committed to delivering the best-in-class solutions and innovative partner connections across our marketplace.”
LoanLogics and Optimal Blue share a long-term vision for the relationship and consider this the first step of many together.
With a collective focus on providing innovative automation for the mortgage industry and compelling value for joint customers, additional strategic initiatives and collaborative integrations across the companies’ respective technology platforms are already being considered.