LoanMarq Launched to Streamline Lending Activity in Real Estate

By Erika Schnitzer, Associate EditorKnoxville, Tenn.—Sthenia Solutions, a software development firm, recently launched LoanMarq, a Web-based finance management application for the mortgage, banking and real estate industries to bring borrowers, lenders, loan officers, appraisers, agents and escrow officers together. In the mortgage and real estate industries, a client going to get a mortgage is often left in the dark as to the status of the loan, says Paul Piers, CEO, Sthenia Solutions. LoanMarq provides a higher level of customer service, he says. “Anytime real estate is transferred, no matter what type of property, it works. Everyone involved in the transaction will know exactly where it is in the process, 24/7,” Piers tells MHN.LoanMarq uses a Web 2.0 framework to track the progress of a loan, from origination, processing and underwriting to closing, while increasing transparency and accountability for the borrower and industry professionals.“Borrowers out there have lost faith and trust in the mortgage industry and to restore it [we need] to open the process up,” asserts Piers, explaining the need for transparency in the transaction, especially coming out of the sub-prime market.The application tracks and records all documents in the transaction process, including loan applications, credit reports, lock confirmations, AUS findings, pre-approval letters, mortgage disclosures, appraisal orders, final inspections, title orders, title commitments, proof of insurance, underwriting conditions, closing documents and settlement statements.“Every single piece of that transaction—what’s needed, the terms of the loan—is [provided] on the Web to view, 24 hours a day,” Piers notes.In addition, LoanMarq manages and schedules 70 different milestones in the transaction process, including pre-approvals, credit reports and rate lock expiration dates, as well as disclosure and final inspection due dates. Whenever a milestone is requested, due or completed, LoanMarq sends the parties involved an email or text message. According to Piers, LoanMarq increases efficiency and decreases expenses because it can process twice the number of loans in half the time. “If you can do double the loans, you can reduce the man-hours, which increases efficiency. We like to say LoanMarq becomes a tangible competitive advantage.”