Quicken Loans Of­fers Ca­lyx LOS to Its Third-Party Orig­i­na­tors

National Mortgage News - - Technology - By bon­nie sin­nock

quicken loans mort­gage ser­vices and Ca­lyx Soft­ware are rolling out a loan orig­i­na­tion sys­tem for third-party orig­i­na­tors that work with the Detroit-based mort­gage com­pany.

Dubbed the “Quicken Loans Orig­i­na­tion Sys­tem,” or QLOS, the soft­ware is es­sen­tially a ver­sion of Ca­lyx’s Point LOS that comes pre­con­fig­ured with tools for Quicken’s TPO part­ners, es­pe­cially fi­nan­cial in­sti­tu­tions that are just en­ter­ing or re-en­ter­ing the mort­gage space. It also may be used to ease the tran­si­tion for in­sti­tu­tions that pre­vi­ously have been sell­ing or bro­ker­ing loans to an­other mort­gage com­pany. TPO firms will li­cense the soft­ware from Ca­lyx for a fee and re­ceive back-of­fice sup­port from both Ca­lyx and Quicken.

“We saw a need in the mar­ket­place [among] smaller banks and credit unions that didn’t have an LOS,” said David Schroeder, vice pres­i­dent of Quicken Loans Mort­gage Ser­vices, said in an interview.

Char­lotte, N.C.based Quicken Loans Mort­gage Ser­vices buys bro­kered and closed loans from fi­nan­cial in­sti­tu­tions ser­vic­ing-re­leased, with agree­ments to re­fer bor­row­ers back to the orig­i­nal in­sti­tu­tions and not so­licit them for fu­ture mort­gages.

Al­though Quicken has pro­pri­etary tech­nol­ogy used in its re­tail chan­nel for con­sumer- di­rect orig­i­na­tions, it found Ca­lyx’s sys­tem bet­ter suited for use by both smaller banks and credit unions in the third- party orig­i­na­tion chan­nel for closed and bro­kered loans.

Quicken Loans found Ca­lyx sys­tem to be “the most nim­ble and scal­able” for small and mid­size lenders, Schroeder said.

“We got a call from Quicken and co-de­vel­oped this over the last 12-18 months,” said Bob Dougherty, vice pres­i­dent of busi­ness de­vel­op­ment at Ca­lyx Soft­ware.

Quicken also re­cently re­leased an au­to­mated val­u­a­tion tool called QL Prop­erty Hub for its TPO part­ners to use for free. The tool is de­signed to make it eas­ier to ob­tain prop­erty de­tails and timely com­pa­ra­ble sales data ear­lier in the orig­i­na­tion process and is an al­ter­na­tive to less-re­li­able pub­lic sources for in­for­ma­tion like prop­erty square footage, room count and zon­ing.

Quicken be­gan tested Prop­erty Hub in­ter­nally be­fore of­fer­ing it to TPO firms and will likely roll it out more broadly at the com­pany.

“It’s an in­for­ma­tional tool for tak­ing a bet­ter ap­pli­ca­tion,” said Schroeder, not­ing that the ap­praisals has been one of the big­gest “wild cards” in ef­forts to con­trol clos­ing time­lines.

DAIVD SCHROEDER

Quicken Loans Mort­gage Ser­vices

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