Industry News

Mortgage brokers migrate to banking

Loan origination software aims to ease transition

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

As more mortgage brokers look to banking as a way to increase profits, loan origination software provider Mortgage Builder Software Inc. this week introduced a new broker-specific pricing package for brokers making the transition into banking. The company offers an application service provider (ASP) product and an in-house, transaction-based product. The ASP model eliminates the upfront software costs associated with implementing a comprehensive system and provides brokers with access to the Mortgage Builder LOS and central server via the Internet. The ASP model also allows users to outsource hardware requirements, technical support and disaster recovery. The in-house, transaction-based solution allows brokers to load the Mortgage Builder system directly onto their computers and pay for its use based on the number of loans closed.  "Pending RESPA reforms, opportunities in the secondary market, more control over income and better pricing options are all factors driving mortg...