LenderLogix, a provider of mortgage automation software and application programming interfaces (APIs), has launched LiteSpeed, a white-label streamlined point-of-sale (POS) system that serves small- to mid-sized mortgage lenders.
Patrick O’Brien, the founder and CEO of LenderLogix, said the product was designed in response to the need for a more efficient and cost-effective method of managing the loan application process.
“Many of the POS platforms on the market today function as a second loan origination system in disguise in terms of features, architecture and required upkeep, effectively putting them out of reach for the majority of the market,” O’Brien said in a prepared statement. “…So we created LiteSpeed to deliver pragmatic POS functionality at a price point that makes sense for the average mortgage lender.”
According to the company, LiteSpeed provides lenders with a POS functionality that can compete in today’s market at a lower cost and investment support for its implementation.
The platform uses “animated iconography and dynamic messaging” to help borrowers navigate through singular, auto-advancing application questions, according to the company. When the application is complete, the loan originators give borrowers a customized needs list and a secure document upload link.
“As a result of this early engagement, mortgage lenders can increase lead capture and conversions while delivering a consistent brand identity across branches and teams – all while providing executives with more granular insight into marketing and sales performance,” O’Brien said.
The company was featured in HousingWire’s Tech 100 in 2022. Its other products include QuickQual, which is used by lenders in 42 states. QuickQual is an adjustable pre-approval letter that gives payment and closing cost scenarios and the option to update agent letters.
Its Fee Chaser integrates with loan origination systems and sends borrowers a one-time use link for them to pay fees securely. Mortgage lenders using this functionality receive more than 50% of their payments within 15 minutes and a minimum of 10% more upfront payments, according to the company.