“We have got our strategies well defined in terms of what we’d like to do. All of the focus of the leadership team is going to be centered around executing that strategy.”
ISGN brings “an end-to-end service pack” to the table, able to handle origination, servicing and default management functions, he noted. The company has also done some hook-ups with other providers, such as construction loan technology provider Granite Loan Management.
Kothiyal plans to continue down that path. But he also pointed to some of the moves the company has made in recent months, such as hiring Nancy Alley as chief product officer. This is part of the “product road map,” combining what the needs are from an industry standpoint with ISGN’s own understanding of the market.
ISGN is investing “very heavily” in increasing the features and functionality of its loan origination system over the next few months.
As for LOS technology going forward, given the challenges facing mortgage industry in today’s environment, the company is looking to create a product that offers “a more seamless experience across the different constituents of the origination life cycle−from the loan officer to the processor, to the underwriter, to the closer and the funder.”
So IGSN is examining what needs to be done to make the interaction among these parties unified, Kothiyal said.
It is also looking at integrating the system with technology allowing for digital signatures and creating “a more involved document management engine,” he said.
Kothiyal added that today’s LOS systems have “different capabilities for different channels. What we’re trying to do is create an LOS that…works across different channels, whether that is retail, wholesale or correspondent.”
One of the things ISGN is building into its products is a borrower portal, which will allow for the borrower to be able to see the status of the application as well as being able to send requests and exchange information with the lender. The company is looking to have this functionality not just in its origination platform, but its loan servicing and default servicing platforms as well.
“So the ability for the borrower to have his information, his status available through an online model is something we are absolutely committed to and is part of our roadmap,” Kothiyal said.
Among the recent company honors for ISGN was being nominated for Mortgage Technology’s Release of the Year award for its CFPB Mock Audit product and being listed at No. 3926 on the Inc. 5000.
When asked if we have reached the point of maturity in terms of mortgage technology or is there space for new products to be created, he said the basic technology is already available for the core products such as LOS or servicing platforms.
But where innovation is possible in the compliance area, where such functionality can be integrated into each of ISGN’s products. Then there is social media, mobile technology, analytics and cloud, which is termed the “SMAC” stack; the company is looking to bring these together. Kothiyal gave the example of the borrower portal mentioned earlier. The next step is having that portal available on a mobile device.
“How can you leverage big data and analytics in order to improve the way a lender is processing or originating a loan,” he said noting lenders are using both “structured” and “unstructured information” (phone calls, emails, etc.) throughout the lifecycle of a loan. Now the goal is to take that information into a “big data construct, which then allows you to prioritize loan processing on your LOS system.” This will allow lenders to focus first on the loans most likely to close, speeding the process for those borrowers.
On the default side, it allows servicers to look at which loss mitigation techniques can be applied for the particular loan, Kothiyal said.
That is what will drive the next level of innovation on existing mortgage technology platforms, he declared.