LSSI Is Getting Traction with 3D
Technology providers, like the lenders they serve, face a challenging market as the mortgage industry struggles to right itself.
But some technology providers find that servicing applications are finding success even as loan origination business suffers.
Lender Support Systems Inc., a provider of e-mortgage lending and loan servicing technology here, has doubled its loan servicing software revenue since releasing its Servicer3D product one year ago.
LSSI's Servicer3D replaced the company's previous application, LoanBase Servicer, and represents the next generation of loan accounting software, said Cary Burch, president and CEO of LSSI. The system's 32-bit architecture gives users easier access to data within the system, he said. It also can interface with a variety of other programs used by lenders, including Microsoft Word, Adobe and Crystal Reports.
Servicer3D offers users improved searching, sorting and querying capabilities that simplify the way loan information is accessed for mission-critical applications and market changes. The new system enables portfolio lenders to efficiently account for individual loans or loan pools while staying up to date with servicing compliance standards, Mr. Burch told National Mortgage News.
In addition, he said the new software facilitates "on the fly loan modifications," allowing servicers to quickly modify and track loans.
The system allows users to run multiple, variable solutions within it to create loan modification solutions that can be presented to a borrower.
That has contributed to the successful market rollout, he said.
"Now our customer base has really gobbled it up, and we are getting a lot of new calls from community banks, credit unions and private money guys," he said.
Mr. Burch said the introduction of "private money" to the mortgage business is one of the trends he is seeing in the marketplace today, with companies, hedge funds, wealthy individuals, trust-fund administrators and others pooling assets to buy discounted mortgage loans. They then find themselves in need of servicing software.
Also, some new loan originators are relying upon private money, rather than the traditional warehouse lines, to get origination activity up and running in today's market, he said. LSSI focuses on servicing the needs of small to midsize lenders with feature-rich software, Mr. Burch said. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/