MBA Premier Member Profile: LoanLogics
(One in a continuing series of profiles of Premier Members of the Mortgage Bankers Association.)
LoanLogics, Trevose, Pa., is a recognized leader in loan quality management technology and services for mortgage manufacturing and loan acquisition. Founded in 2005, our mission is to improve the transparency and accuracy of the mortgage process and improve the quality of loans.
Our regtech capabilities help residential mortgage lenders, servicers, insurers and investors validate compliance, improve profitability and manage risk during the manufacture and sale of loan assets. Our software-as-a-service technology uses advanced automation to verify and validate loan file quality through the classification and versioning of submitted loan documents, data extraction for a full comparison of document data to systems data, audit rules automation, and exception-based structured audit workflows. LoanLogics audit services and technology solutions support sensible risk management, sound compliance controls and well-reasoned insights for quality improvement using the following capabilities:
–LoanLogics® IDEA™ Intelligent Data Extraction and Automation transform digital images as well as scanned documents into indexed, classified and versioned loan documents. Data extraction then delivers searchable, comparable data elements (LoanFacts™) through advanced machine learning intelligence that extends beyond traditional OCR. Find the truth in your loan files and accelerate productivity with 100% comparison of data from loan file documents and systems data.
–LoanHD® Loan Quality Management technology and services bring accuracy, granularity and timeliness to audit reviews. Our data-driven digital platform automates audit tasks and provides a structured workflow to find and fix defects and report on the root cause of issues so you can take corrective action. Using our system, or any of our audit services, efficiently support quality checkpoints from origination through sale or servicing. Real-time, scalable efficiency focuses audit staff on exceptions and creates greater transparency into loan quality.
–LoanHD® Investor Module for Correspondent Loan Acquisition automates every step in the correspondent loan acquisition process from initial loan pricing and the creation and management of commitments, through locking and hedging, classification and data extraction of submitted loan documents, closed loan file eligibility and pre-purchase review and ultimately loan funding and onboarding. By using these platforms, financial institutions are able to replace legacy loan quality control with more efficient data-centric technology solutions that are backed by LoanLogics’ specialized expertise in risk and compliance. The breadth of our capabilities supports a variety of audit products and services, including pre-closing, post-closing, pre-funding and pre-purchase quality control/quality assurance, and help our clients meet regulatory, GSE and investor requirements.
Key Senior Personnel
–Craig Riddell, EVP Chief Business Officer
–Leah Fox, EVP Operations
–Matt Woolley, SVP Sales
MBA NEWSLINK: What is the most important issue facing your company right now?
CRAIG RIDDELL: The most important issue LoanLogics is actively working to address is how to bring more data, with verified, validated accuracy, and more automation into the origination decisioning process. Our regtech capabilities have already helped lenders reduce the cost of creating and assuring loan quality and optimize their staffing strategies through expansion of automation across their quality management processes. But as the digital mortgage process evolves, we must continue to innovate to bring quality in-line with the digitally manufactured loan. These goals are driving our product roadmap and align with our mission to ensure the safety and soundness of mortgage loan assets.
NEWSLINK: What are some key trends your company is tracking?
RIDDELL: The mortgage industry has made significant investments in fintech to improve the borrower experience and provide more transparency into the origination process. Regtech is also emerging to automate loan manufacturing and decisioning processes. A key trend for the future is the marrying together of fintech and regtech to fully digitize mortgage lending. As a regtech provider, LoanLogics is tracking this movement, seeking out partnerships and developing capabilities to ensure the quality continuum that the digital mortgage landscape demands.
NEWSLINK: Why did your company join the Mortgage Bankers Association?
RIDDELL: The Mortgage Bankers Association is the pre-eminent association in the industry, helping to drive policy, influencing technology development and educating lenders on effective, compliant lending strategies. Through our participation as vendor member, we have the opportunity to engage with the industry through thought leadership contributions, communicate and demonstrate our capabilities at conferences and events.
NEWSLINK: How has being an MBA Premier Member benefited your company?
RIDDELL: Premier membership offers a higher degree of visibility and enabled our participation in key leadership receptions and networking events with MBA lender members.
(MBA Premier Member Profiles are a service provided by the Mortgage Bankers Association and MBA NewsLink as a service to MBA Premier Members. Publication does not constitute an endorsement of a particular company, product or service. For more information about the MBA Premier Member program, contact Rashida Holmes at rholmes@mba.org or 202/557-2779.)
