Lydian Data Services, a wholly owned subsidiary of Lydian Trust Co. and the parent company of Lydian Technology Group, has teamed with NYLX, a provider of data management, eligibility and best execution pricing solutions, in a partnership intended to increase loan quality, decrease costs and reduce risk for lenders and originators of all types.
The partnership connects Lydian Data Services and Lydian Technology Group clients with NYLX's point-of-sale technology, equipping clients with a front-end solution that offers real-time pricing and product selection, as well as customer-facing Web portal capabilities. NYLX clients can now connect to Lydian's Mortgage Connectivity Hub to seamlessly connect to various lending platforms, effectively package loans for processing or delivery to a wholesale lender, and leverage Lydian's business process outsourcing services.
According to the companies, the partnership also addresses the long-standing challenge of two-way data exchange and integration of disparate systems. ‘Collaboration is a major hurdle in the mortgage industry because systems don't talk to each other well,’ explains Brian Fitzpatrick, Lydian Technology Group's president. ‘We're making it easy for mortgage originators using NYLX's technology to integrate their systems to other technology platforms without having to invest in costly custom integrations.’