Industry NewsTechnology

Application tracks loan process online

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Loan originators are inviting borrowers, real estate agents, title and escrow officers, appraisers and just about anyone else involved in a home purchase or refinancing to track the loan approval process online using Sthenia Solutions' LoanMarq application. LoanMarq tracks 73 milestones and more than 30 documents involved in originating, processing underwriting and closing a loan, generating updates and reminders, and allowing all participants to check on a loan's status. "From a real estate agent's perspective, they are often in the dark about where loans are in the process, and spend a lot of time on the phone getting status updates," said Paul Piers, CEO of Knoxville, Tenn.-based Sthenia. Piers said LoanMarq helps agents "make more money selling real estate" rather than "babysitting contracts they've already put together." Whenever a borrower or settlement service provider completes a task -- such as submitting a tax return or appraisal --...