LoanLogics, offering loan quality technology for mortgage manufacturing and loan acquisition, reports that its software helped increase Planet Home Lending’s correspondent division productivity by 300%.
Planet Home Lending began using LoanLogics’ technology at the beginning of 2017 and has since tripled its acquisition of correspondent loans, from roughly 300 loans per month to more than 1,000 loans per month, according to a company press release.
With the help of LoanLogics’ technology, the lender also significantly reduced loan file review time from three to seven days to currently only 24 to 48 hours.
Planet Home Lending evaluated several technology vendors for indexing and data extraction capabilities before settling on LoanLogics.
“The technology from LoanLogics clearly stood above the rest in terms of indexing, but their data extraction and audit rules automation tools were far and away superior to other vendors,” reports Rob Jannotte, senior vice president, production technologies, for Planet Home Lending.
LoanLogics IDEA (Intelligent Data Extraction and Automation) accelerates the indexing of loan files and transforms digital images, as well as scanned documents, into searchable, comparable data elements.
The LoanHD platform displays these data elements as LoanFacts, enabling100% data comparison of extracted data and loan origination system data to provide full transparency as part of the mortgage loan review process, LoanLogics says.