The LoanHD® platform is the centerpiece of a solid partnership between LoanLogics and Credit Plus, providing value and service to the mortgage industry!
Credit Plus has been in business for more than 85 years, providing mortgage professionals over 160 intelligent and time-saving products and services. Over the course of the last decade, Credit Plus has expanded beyond its credit reporting roots to provide an extensive range of verification tools that help lenders make smart lending decisions, stay compliant and build their businesses.
As regulations and compliance issues increased in the industry, Credit Plus also saw an opportunity to expand its pre-funding and post-closing QA/QC offerings. It wanted to provide lenders with a system unlike any others - a system that went beyond industry norms and would help meet more stringent QA/QC processes.
Credit Plus sought a partner that could help them meet and exceed customer service level agreements (SLA), minimize manual processes and increase the number of audited loans per person per day. It also wanted the ability to private label and customize its QA/QC offerings. Finding the right solution, while keeping costs and staffing resources to a minimum, proved to be a challenge.
"We were looking for a QA/QC partner that would allow us to customize a system that was more robust than anything on the existing market - one that would provide our lender customers with even more confidence that they were meeting stringent and growing compliance and regulatory issues."
— Michael Crockett, Executive VP of Product Development
Credit Plus began the task of searching for an all-encompassing mortgage QA/QC platform that enabled a perfect balance of staff and technology, and offered the breadth of capabilities needed to ensure automation, capacity, accuracy and quality. The Credit Plus team analyzed various QA/QC companies and soon discovered most of them were missing a critical piece to the puzzle; the ability to automatically AND accurately compare loan origination software (LOS) data to the actual loan file documentation. Only one company was able to do this...
The SolutionIn December 2014, Credit Plus became a LoanHD® platform customer. The ability for Credit Plus to private label the LoanHD® platform with its own name, QC Review, combined with the scalability, customization and granular level data extraction and comparison capabilities were key factors in its decision making. "The LoanHD® platform was inherently comprehensive in that it offered us the critical technology we needed, but also allowed for the human touch, something we feel critical for a quality QA/QC process," stated Crockett.
With the elimination of time consuming "stare and compare" checklists, Credit Plus has reduced issues and processing time for different loan types and data comparisons. Now, granular-level data extraction results in higher quality data importation into the LoanHD® platform. Comprehensive and customizable reporting options also allow Credit Plus to manage and cure its loan defects faster.
The LoanHD® platform became a time-saving, automated solution, which enabled Credit Plus to increase production and ultimately process more loans per person per day. "We reviewed literally every QA/QC platform available on the market. I continually say that with true data and document comparison and LoanLogics’ innovative direction, no other platform compares! It gives me complete assurance and confidence in the accuracy of the QA/QC we perform for our customers," stated Crockett.
The LoanHD® platform turned out to be the missing piece of the puzzle for Credit Plus, meeting all of its pre-funding and post-closing QA/QC, data and document comparison needs.
The Result
LoanLogics continues to be a valuable partner and integral part of the Credit Plus QA/QC business, providing numerous benefits such as:
- Increased loan quality
- Increased number of loans per person per day
- Faster loan defect rebuttal process
- Ability to scale with loan production
The LoanHD® platform has met the need for a more stringent and scalable QA/QC system. Now fully integrated, the LoanHD® platform continues to provide a high return on investment along with the automation, reporting, accuracy, transparency and efficiency needed to grow with Credit Plus and provide its clients superior customer satisfaction.
"With LoanHD®, we have doubled our production and are now auditing over eight loans per person per day."
— Michael Crockett, Executive VP of Product Development
The bottom line is clear; the LoanHD® platform enables greater data integrity for audit reviews, resulting in a faster assessment of compliance and loan quality.
Credit Plus Company Profile
- LoanLogics customer since December 2013.
- Headquarters is located in Salisbury, Maryland.
- Credit Plus is privately held and can be found online at www.creditplus.com.
