Mortgage Builder officially renamed its loan servicing software platform as it looks to enhance the system’s overall capabilities.
The LSS platform G/Serv is now formally known as “Colonnade,” the Southfield, Mich.-based software provider said. Mortage Builder acquired the loan servicing system last year from its former parent company GCC.
Colonnade’s name change follows Architect, Mortgage Builder’s recently released loan origination software, as well as Blueprint, Architect’s electronic document management feature, and Surveyance, its originator portal and mobile device module.
According to Kelli Himebaugh, corporate vice president of Mortgage Builder, the name Colonnade was chosen for its “connotation of stability and support.”
“We’re finding that more mainstream lenders are interested in retaining servicing to both add revenue and control their own destinies in this uncertain regulatory environment,” said Keven Smith, president and CEO of Mortgage Builder. “Colonnade is designed to provide ideal blend of cost effective automation with the compliant processes the mid-market needs to stay comfortably within the CFPB guidelines.”
Smith added that the product will offer lenders automation from initial customer contact all the way through to the final payment of the mortgage obligation and will be “cost-efficient, compliant and robustly featured.”
Another feature of Colonnade is that the history of a lender’s loans will be shared with data from Architect, therefore decreasing the normal problems that arise when origination systems try to communicate with servicing systems, such as fields not matching and data elements not lining up.
“Loans flow seamlessly from Architect into Colonnade, avoiding those issues because they are built to work together,” Himebaugh said. “It means that fewer financial and technical resources are required to achieve maximum lending automation efficiency.”