It's not quite a mortgage technology conference without the release of at least one loan origination system – and several upgrades.
At the MBA technology show in Florida, Mortgage Cadence released Symphony, a scaled-down version of its Orchestrator LOS, a product geared toward mid-size and regional mortgage lenders. The system is web-based and includes built-in document preparation and compliance tools.
ISGN's Catapult LOS is a bit of a hybrid of its enterprise-level and mid-size lender LOS platforms, known as Diamond, and MORvision, respectively. This product is browser-based, which the company points out allows it to be accessed on mobile devices like tablet computers—an emerging trend in the LOS market.
Global DMS also announced a push into mobile with the first upgrade of its OASISOne platform, a Web-based hub that connects lenders with multiple mortgage processing software services. The new version improves the user interface to facilitate the use of OASISOne on Apple and Android-based mobile devices, as well as traditional desktop computers.
Meanwhile, the battle for market share of mid-tier lenders continues to heat up. The rationale for vendors is that even with mortgage production falling somewhat this year, lenders still need technology. Moreover, they need an affordable platform. LOS vendors have been converging on this segment of the market, which some executives believe is leading to more competition, new innovation and better pricing for lender customers.
In its continued evolution from a point of sale application to a full end-to-end LOS, Calyx has prepared a new service pack for its Point platform. One of the main features of this update is a new disclosure form lenders can use to remain compliant with new anti-steering regulations about to go into effect.
While a disclosure form is not mandated for compliance with the regulation, other vendors report that lenders are asking for one. Along with Calyx, document preparation vendor Document Express has also created its own anti-steering disclosure for lenders.
