Two mortgage software companies plan to move forward with development on platforms to integrate third-party software into their loan origination systems.
Software developers that provide platforms to originate mortgages are experiencing an increased demand for the ability to integrate third-party software applications into their loan origination systems.
It’s a growing trend for LOS developers to create companion platforms to connect the LOS to title and closing, credit reports, document services, fraud detection and other related software in a seamless experience for the loan officer. This type of software is called a collaborative network services platform and is offered in various forms by many of the nation’s largest origination software providers.
Blueberry Systems LLC said Wednesday that it’s applied for a patent on its Conductor platform to integrate fulfillment software with its Relay LOS. The Greenwood Village, Colo.-based company said it’s seeking the patent on the platform to protect the method and system the technology uses to integrate applications within the origination workflow.
The Conductor platform serves as a central gathering point for all the third party fulfillment software products, connecting them to each other. Users log into Conductor and don’t have to individually log into the other integrated applications. The platform facilitates data sharing among the services, while also connecting them to the LOS. That lessens the risk of human errors in data entry, since data is only entered into the system once. It also saves time, which Blueberry Systems says can cut the cost to originate mortgages.
Also offering an integration platform is Ellie Mae. The Pleasanton, Calif.-based mortgage software developer offers a collaborative network services platform called the Ellie Mae Network (formerly known as ePass) that connects its Encompass360 LOS to third-party software products.
Through a partnership announced this week with Walla Walla, Wash.-based retail and wholesale mortgage lender NetMore America, Encompass360 users that are approved to do business with Netmore can access a product and pricing engine that’s integrated into the Ellie Mae LOS.
The integration allows for two-way communication between Netmore and Encompass360 users and reduces redundant data entry. When a borrower’s information is entered into Encompass360, it is matched against NetMore’s pre-approved loan criteria and pricing results are generated on the user’s Encompass360 screen.
If the borrower chooses a NetMore loan product, the originator can upload the borrower’s Encompass360 files to NetMore to process the origination. Having access to timely product pricing information is a crucial component to maintaining compliance with good faith estimate and fee disclosure regulations, the companies said.
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