• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Refi Boom Spurs Growth of Innovative Online Mortgage Software

Posted on: Tuesday, 17 February 2009, 07:30 CST

Powerful, yet affordable software allows mortgage companies 'to do more with less'

KNOXVILLE, Tenn., Feb. 17 /PRNewswire/ -- With mortgage interest rates hitting historic lows, the refinance 'boom' puts pressure on an industry that is already struggling from slashed jobs, plummeting real estate values, and fewer people buying new homes, forcing mortgage companies 'to do more with less.' An increased workload plus greater scrutiny of borrowers' financial security have almost all mortgage officers worrying about the extra hours, days and weeks required to close loans.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090120/LA60409LOGO)

Today, mortgage companies have found themselves in a very precarious position. To cut expense, some companies have had to layoff processing staff. Due to the current increase in refinances, lenders now find themselves with higher mortgage volume, and fewer processors to efficiently manage workflow.

In this current real estate environment Sthenia Solutions has seen rapid and widespread interest and adoption of its LoanMarq software, unveiled in December of 2008. An innovative Web 2.0 framework for service-oriented collaboration, workflow, productivity and process management, this easy to use software brings borrowers, lenders, loan officers, appraisers, agents, title and escrow officers together in a simple web-based community. 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 - all at $49 a month.

Nationwide users of Sthenia Solutions' LoanMarq(TM) software, a web-based loan management app, have found that they can close more loans in less time, and decrease the expense involved in facilitating the transaction, as well as let their borrowers have full insight into the progress of their loan in real time. LoanMarq's unique approach enables greater organization and less follow up within a transaction, allowing for more time with the consumer and less time chasing down documents and deadlines.

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," said Sthenia Solutions CEO Paul 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."

Piers' further thoughts on service levels in the industry are available on his blog here http://www.loanmarq.com/benchmarq/

About LoanMarq

LoanMarq is a web-based loan processing and customer service application that enables collaboration among all participants in the mortgage loan transaction. LoanMarq decreases the expense involved in facilitating mortgage transactions and enables mortgage professionals to close more loans in the same or less time by automating the process with productivity-enhancing efficiency, improved accountability, and automatic loan status updates that eliminate document ordering and tracking via phone, email, or fax. LoanMarq takes customer service in the mortgage and real estate industry to a level once thought impossible to achieve and is poised to become the new industry 'benchmarq.' There is also a no risk 30 day trial with no contract to sign and you can always cancel at anytime.

About Sthenia

Sthenia means "Unusually Powerful," thus Sthenia Solutions is an unusually powerful software development firm making their clients more efficient and most profitable through streamlined processes and cutting edge software solutions. Their line of products drives industry to a new level of seamless operation. Sthenia is delivering innovative Web 2.0 service-oriented collaboration, workflow, productivity and process management tools. Sthenia was founded in 2008 and is headquartered in Knoxville, Tenn. For more information about LoanMarq visit www.sthenia.com or www.loanmarq.com.

CONTACT: Keith Heavilin Scott Kline Sthenia Solutions JPR Communications 865.862.5641 818.884.8282 keith@sthenia.com scottk@jprcom.com

SOURCE Sthenia Solutions

Source: PR Newswire

More News in this Category