Mortgage tech company LenderLogix is launching LiteSpeed, a point-of-sale system designed for mid-sized lenders.
Leaders at the company say LiteSpeed addresses the needs of smaller lenders by offering essential POS functionality at a low cost. Larger systems require significant investment in implementation and upkeep that most brokerages cannot afford. They function as a “second loan origination system in disguise,” according to LenderLogix Founder and CEO Patrick O’Brien.
“We knew there had to be a better, more efficient, and certainly more cost-effective way to manage the loan application process, so we created LiteSpeed to deliver pragmatic POS functionality at a price point that makes sense for the average mortgage lender,” O’Brien said.
LiteSpeed is a white-label platform that helps borrowers through their application using singular, auto-advancing questions. After completing the application, borrowers are given a customized needs list and a secure document upload link from their loan originator.
A white-label platform is software designed to automate the sales and marketing funnel for marketing services providers looking to scale.
“This type of high-touch early engagement is essential and shouldn’t be hidden within an app or behind a login screen,” O’Brien said.
“As a result of this early engagement, 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.”
MortgageNewsDaily said LiteSpeed keeps things simple for both lenders and borrowers. “LiteSpeed is not the bulky, 6-month-to-implement POS most lenders are familiar with. It features what you need and nothing you don’t.”
Other LenderLogix products include QuickQual, a custom mortgage calculator that lets lenders send text messages to borrowers directly from their origination systems, and Fee Chaser, which lets borrowers pay fees simply through a single link.