LoanLogics Helps Planet Home Lending Boost Correspondent Productivity by 300%
Trevose, PA | August 13, 2018 LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, has helped increase Planet Home Lending's correspondent division productivity by 300 percent. By using LoanLogics IDEA™ for indexing loans and LoanHD® platforms for loan reviews, Planet Home Lending has raised the division’s monthly loan volume and reduced the time needed for loan reviews, without adding staff.
Planet Home Lending began using LoanLogics’ technology at the beginning of 2017, and has since tripled its acquisition of correspondent loans, from roughly 300 loans per month to over 1000 loans per month. With the help of LoanLogics’ technology, Planet Home Lending also significantly reduced loan file review time from three to seven days at the beginning of 2017 to currently only 24-48 hours.
Planet Home Lending evaluated several technology vendors for indexing and data extraction capabilities before settling on LoanLogics, according to Rob Jannotte, senior vice president, production technologies, with Planet Home Lending. “The technology from LoanLogics clearly stood above the rest in terms of indexing, but their data extraction and audit rules automation tools were far and away superior to other vendors.”
Planet Home Lending’s implementation of LoanLogics’ technology went very smoothly, according to Jannotte. “We were up and running in 60 days, which I attribute to the expertise and flexibility of LoanLogics staff and just the right amount of training,” he said. During the testing phase, Planet staff was able to see proof that files were being indexed correctly. They could also see the accuracy of the data extraction.
In all ways, Planet Home Lending’s expectations were far exceeded by LoanLogics’ technology. “In my 20 years of experience implementing mortgage technology, the LoanLogics collaboration is without a doubt one of the most successful technology implementations,” Jannotte said.
“The Planet Home Lending implementation and use of LoanLogics’ technology is a great success story,” said Brian Fitzpatrick, CEO of LoanLogics. “We are continually innovating and updating our technology to help mortgage lenders cut the costs and time spent on loan indexing and loan reviews, which significantly improves lenders’ productivity and ROI.”
To access the case study, please visit: http://loanlogics.com/cs-planet-home-lending.html.
About LoanLogicsLoanLogics was founded in 2005 to improve the transparency and accuracy of the mortgage process and improve the quality of loans. Its regtech capabilities help residential mortgage lenders, servicers, insurers and investors validate compliance, improve profitability and manage risk during the manufacture, sale and servicing of loan assets. LoanLogics has received multiple awards for its technology innovations, corporate culture, executive leadership and women executives. To learn more, visit www.loanlogics.com
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