Mortgage Builder Software, a loan origination software provider, has set a sales record during the summer months, despite the general downturn in mortgage originations across the country. August was the biggest month in Mortgage Builder's 10-year history, according to Keven Smith, Mortgage Builder's CEO, who reported a record increase in new clients and users across the board.
Smith attributes the unusually large increase to the general need among lenders to economize within their operations and find more efficient ways to replace old processes.
"Lenders are interested in our built-in compliant document engine because they can save $50 or more per loan by eliminating the need for third-party document vendors," says Smith.
He also notes that the surge in Federal Housing Administration (FHA) lending has a lot to do with Mortgage Builder's growth, as the system was designed from the beginning with FHA in mind. Having all the forms and workflows in place makes it far easier to handle government loans as well as training loan origination staffs that are new to FHA, he explains.
"Some of the newer systems were created during the period when FHA lending just wasn't a priority," he says. "Today's lenders need the most up-to-date FHA technology right now, and Mortgage Builder lets them handle FHA like experts."
SOURCE: Mortgage Builder Software