What is MortgageFlexONE?
It is a concept that comes from the software coming from a common origin. One DNA, organically developed to work together. It is not a patchwork of acquired components brought together to try and work together. ONE industry, ONE goal, ONE database…ONE architecture, ONE system that supports all your lending, mortgage, consumer, QM, non-QM, manufactured housing, and HELOCs.
Why take this approach? It seems unique when compared to most other LOS's.
It comes from a desire to build the best possible software solution for our clients. We are not driven by shareholder return but by client responses. We limit our scope to lending operations, from point of sale through to servicing. Origination systems share a common database and a common style. All organically developed, not bought and patched together, Mortgageflex products are built to work together, from the very first line of code.
We see a lot of advertising about the cost savings per loan. What is the cost savings per loan with MortgageFlexONE?
The details behind the promoted “Cost savings per loan” is typically unknown. While cost savings are advertised, the reality is that the cost savings per loan is not related to any sort of technology benchmark. For all anybody knows, the savings are as compared to a 100% manual process. Our benchmark is the number of loans closed per FTE per month. The more loans closed, the more efficient you are and your unit cost will be dropping. If you aren’t getting between 2.5 and 3 loans closed per FTE per month, you are losing money.
A lot has been discussed about operational efficiency. How does MortgageFlex define it?
MortgageFlex looks at Operational Efficiency as the number of loans closed per FTE per month. Some providers promote that they are around 1.0 to 1.2 closed loans per FTE per month. We have clients with over 3 loans closed per FTE per month. That’s a reduction of the salary required to close each loan by 60+%.
We've seen demonstrations of systems without a real database. Does MortgageFlexONE have a database?
MortgageFlexONE is built on a normalized SQLServer database. We view the system as being very data centric and systems that lack of a true system of record supported by a normalized SQL DB – this may not be apparent to potential new customers but to users of SaaS systems it affects them daily.
In today’s world, every single data change to a loan should be captured.
With some systems, if a loan needs to be sent back to a prior status (I.E, counter offer needs to happen, and the loan is in underwriting and sent back to the Loan Officer status to rework the loan.) it causes a loss of historical status data. Because of the flat file structure of the system it cannot follow this process without a loss of the prior status data.
Lastly, the risk of data breaches is an ever increasing component of any software deployment. The MortgageFlexONE system stores all of its data in an encrypted database where the only access is through the MortgageFlex software. To store consumer loan data in anything other than an encrypted database, as many leading systems do, is asking for problems. MortgageFlex respects your data and the privacy of your customers.
How do you charge for the software?
MortgageFlex strives to set the most transparent pricing in the industry. We provide you with a quote for the hosting services separate from the cost of using the software. There are no monthly minimums for use of the software. There are no monthly minimums aside from the cost of the hosting environments. Thus, you only pay for what you use, no more. If your current provider can’t give you a transparent detailed invoice, you are most likely paying for services you aren’t using.
Keep in mind, you need more FTEs at 1.5 loans closed per month. The more FTEs the higher the minimums. With MortgageFlex, the minimums are low because our technology is more efficient and offers better utilization.