Traditionally, organizations involved in the lending business have been limited in the type of pricing, product and eligibility technologies that are commercially available to them. The kind of systems that automate these key decisioning functions in different industries are often narrowly focused on just one market and able to handle only certain types of lending products. They can also be antiquated, inflexible, expensive and accompany a high TCO.
Luckily, there are a handful of highly innovative, newly launched software firms that are laser-focused on arriving at ways to build a better mousetrap to eclipse the competition. One company doing exactly that is a firm that got its start in the mortgage banking vertical, an industry that is known to offer products that can be challenging to rollout, keep current and maintain while at the same time using those systems to maximize profitability and minimize risk.
In 2019 a team of seasoned mortgage executives, subject matter experts and very savvy technologists came together to form a company called LoanPASS.
This de novo fintech provides users with a powerful SaaS application and an immense level of flexibility that works for nearly every lender and every type of loan.
LoanPASS is a new approach to product and price decisioning that outputs highly accurate results and empowers its clients with the ability to easily manage their product offerings, giving the information they need to make swift decisions.
Characterized by speed, flexibility, and adaptability, LoanPASS is lauded by its clients for introducing a newfound level of control for non-technical business users, keeping it out of the hands of IT staff or costly vendor professional services.
From its inception, LoanPASS architected their SaaS-based solution platform with a far-reaching goal––one where its low-cost product and pricing engine could be easily applied to and leveraged by multiple vertical markets for lending eligibility decisions. The rapidly growing company has already proven its immense flexibility in the mortgage industry, and is now also penetrating other lending verticals.
LoanPASS harnesses’ the power of robust data and contemporary architecture design. Users are able to explore new lending models and products additions/changes while self driving the process, which results in greater speed, increased profitability, and a superior customer experience.
LoanPASS provides users with a unique and powerful platform that resides securely in the cloud and works flawlessly for multiple lender types and loans. It’s a one-of-a-kind solution in the mortgage vertical and is well on its way to make a great difference in retail banking.
LoanPASS is a decisioning engine that allows its clients to easily configure their product offerings on-the-fly while arming them with the data they need to make swift, accurate decisions. Characterized by speed, flexibility, and adaptability, LoanPASS meets and exceeds client expectations.
To ensure that LoanPASS stands out from other tools in the market, Mike Lewis, LoanPASS’s President, and his team, including Bill Mitchell, CRO, Derek Long, COO, and CTO Dave Gorsuch, have taken a unique route to get things done.
“We have ensured LoanPASS is diverse and inclusive of all market verticals, which is unlike other financial tools that are very market specific. This means that LoanPASS covers everything, including but not limited to consumer lending, mortgage lending, private money lending, business lending, commercial lending, and student lending,” says Mitchell.
Retail banks, credit unions, wholesale mortgage bankers and other lenders have weathered many storms over the years. These challenges have resulted from rising interest rates and inefficient management of banking staff. To help businesses overcome these challenges, LoanPASS delivers its technology-powered solutions that are designed to ramp up a bank’s sales and operational efficiency.
LoanPASS’s solutions have two main aspects that give them an advantage over their competition. The first aspect of LoanPASS’s success is tied to writing the application in RUST.
According to surveys, RUST is one of the most popular programming languages, designed to be fast and safe. Gorsuch says, “This gives us a clear advantage as it allows our developers to move fast and add new features quickly while ensuring that their writing is safe, correct, and valid. It lets us build new features and allows our users to configure the system to price their products accurately.” Moreover, the software runs on AWS Lambda, allowing it to scale infinitely and return results in less than a second.
The LoanPASS team demonstrated the flexibility and speed of their platform at the Mortgage Bankers Association PPE Demo Days, where they showed the audience how bankers could add fields and apply rules to the system in just two minutes.
“The amount of success that LoanPASS is experiencing can be credited to its management team with over 25 years of experience on average, working in different fields, including finance and technology,” says Long. ”Ultimately, new clients are gravitating to our solution as a result of our strong values, which can be narrowed down to an acronym we arrived at that represents the way we do business. It’s called QCITI; “Q” for quality, “C” for collaboration, “I” for integrity, “T” for transformative, and “I” for innovative. Our clients know that we don’t use QCITI loosely; we prove it to them. When a company is doing great things and treating their clients with care, other companies talk. It’s been amazing to see how word of mouth has catapulted us into other markets. We’ve developed a reputation that LoanPASS not only meet lending automation needs but also provide the ingenuity to elevate companies to the next level in their respective industries,” Long concluded.