LoanMarq’s Software Automates Loan Processing
- Feb 23, 2009
By Anuradha Kher, Online News EditorKnoxville, Tenn.–Sthenia Solutions’ LoanMarq software, which was unveiled in December of 2008, is experiencing an increased level of interest in a market where mortgage companies have had to lay off their processing staff. This has resulted in increased pressure on existing employees, something that the LoanMarq mortgage software aims to help with.The Web 2.0 framework is designed for service-oriented collaboration, workflow, productivity and process management. It brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple web-based community. “It is a web-based customer service tool, which automates loan processing stage of a mortgage,” Paul Piers, CEO of Sthenia Solutions, tells MHN. “LoanMarq streamlines the real estate loan process by tracking progress from origination, processing, underwriting, to closing, and increases transparency and accountability for the consumer and associated industry professionals.” There are about 70 different milestones during the process, which LoanMarq keeps a track of and communicates the completion of via email or text message. Depending on when the snapshot is taken, the software has about 80 to 100 users across the U.S.Marvin Peek, president of Mortgage Solutions in Knoxville, says he has seen more loan applications come through his office than ever before. “In an environment like this, everything has to happen perfectly, and using LoanMarq, it did. It tracked all of the documents, milestones and events so we could close multiple loans with fewer resources than we are used to and our borrowers were able to track the progress along the way.”“The ways loan officers are using new technology to enhance client service, speed up closings and help educate the consumer is game-changing for mortgage pros,” adds Piers. “We are seeing a ‘perfect storm’ of technical advances in software and web-based services, plus a time when the mortgage industry has never been more in need of improving their productivity and efficiency.”The company is also in the process of rolling out the software for real estate companies and brokers, who can either pay fees per loan or a monthly fee required to access the software.