ARC Systems Receives Prestigious "Fix-It Award" for LendTech Warehouse

Strategic Insights -

At the annual Mortgage Technology Conference in Miami, ARC Systems was presented with the industry's prestigious "Fix-It Award" by Mortgage Technology Magazine. The award recognizes companies that bring technology to bear to solve specific mortgage-industry problems. ARC Systems won the award for its LendTech Warehouse automation technology, a hosted solution via the Application Service Provider (ASP) model. LendTech Warehouse helps streamline warehouse lending by automating the process of passing mortgage applications or loans against individual bank underwriting guidelines and investor guidelines. This allows loans to be sold to different buyers at different pool percentage rates, ensuring that loans meet the buying guidelines of banks or investors.

Key Takeaways:

  • ARC Systems received the "Fix-It Award" from Mortgage Technology Magazine for its LendTech Warehouse automation technology.
  • The LendTech Warehouse product was created to enhance the speed of getting loans on the books for clients and offer the ability to "police" loans for quality and risk prior to placing them on a warehouse line.
  • The Preferential Pricing Module enables correspondents to choose whether to put the loan on their warehouse line or sell directly to the lender for its portfolio.
  • LendTech Warehouse allows customers to ensure that loan applications being submitted and funded meet their guidelines, as well as the guidelines of other investors.
  • The system's "sweep" process passes a mortgage application or loan against individual bank's underwriting guidelines and additional investor guidelines.
  • ARC Systems had two primary objectives when creating the warehouse product: to enhance the speed of getting loans on the books for clients and offer the ability to "police" these loans for quality and risk prior to placing them on a warehouse line.
  • The award citation notes that LendTech Warehouse is working at Cincinnati-based PCFS Mortgage Resources, the mortgage division of Provident Bank.

Statistics:

  • Here are some statistics mentioned in the text:

+ 7: This is the number of awards conferred each year by Mortgage Technology Magazine.

+ 1: Only one of the seven awards is given to the winner of the "Fix-It Award."

+ 2006: This is the year in which Thomson Financial's 7th Annual Mortgage Technology Conference is being held.

Sources:

  • Mortgage Technology Magazine
  • PRNewswire
  • ARC Systems
  • Mortgage Technology Conference
  • Thomson Financial
  • PCFS Mortgage Resources
  • Provident Bank