Mortgage Builder Sets 10-Year Sales Record in August Despite Industry Downturn

Loan Origination Software leader sees lenders increasingly committed to efficiently replacing old, expensive processes

Mortgage Builder Software, the industry leader in innovative loan origination software (LOS), has announced that it set a sales record during the summer months, despite the general downturn in mortgage originations across the country. August was the biggest month in Mortgage Builder’s ten-year history, according to Keven Smith, Mortgage Builder’s CEO, who reported a record increase in new clients and users across the board.

“We were both surprised and delighted by this development,” says Smith. “Several clients have expanded, and we’ve brought on many new ones recently. As a result, we’ve added a record number of users during this period and that is especially gratifying in this market. We have grown steadily over the last ten years, but this was unprecedented.” Smith attributes the unusually large increase to the general need among lenders to economize within their operations and find more efficient ways to replace old, expensive processes. Mortgage Builder has become known for its “everything’s included” approach to loan origination software, where many features that cost extra with other providers are simply part of the core system. “Lenders are interested in our built-in compliant document engine,” says Smith, “because they can save $50 dollars or more per loan by eliminating the need for third party document vendors. Electronic Document Management is also included, as well as electronic investor delivery functionality, both of which cost extra with other platforms-- if they’re available at all.”

Smith also notes that the surge in FHA lending has a lot to do with Mortgage Builder’s growth, as the system was designed from the beginning with FHA in mind. Having all the forms and workflows in place make it far easier to handle government loans as well as training loan origination staffs that are new to FHA, he explains. “Some of the newer systems were created during the period when FHA lending just wasn’t a priority,” he says. “Today’s lenders need the most up to date FHA technology right now, and Mortgage Builder lets them handle FHA like experts.”

Among Mortgage Builder’s new clients is WestAmerica Mortgage Company, based in Oakbrook Terrace, Illinois. “During last year’s planning process we decided to conduct an extensive competitive analysis of leading LOS systems,” says David Hrobon, WestAmerica’s president. “At the end of the process, we selected Mortgage Builder. We believe they offer an end-to-end solution that greatly improves upon our old capabilities, yet reduces the complexities, costs and delays related to systems management.” He adds, “Mortgage Builder is an important step forward in our positioning for future growth.”

About Mortgage Builder

Headquartered in Southfield, Michigan, Mortgage Builder Software, Inc. has been providing industry-leading loan origination software (LOS) to mortgage banks, community banks, credit unions and financial institutions for over ten years, and was the first to provide a Linux-based LOS. Mortgage Builder is an end-to-end mortgage lending solution for both retail and wholesale production business models, delivering pre-qualification tools, processing, underwriting, closing, post-closing, final document tracking, secondary marketing, warehousing, delivery, interim servicing and construction loan tracking, all with application service provider (ASP), purchase and Software as a Service platform options (SaaS). Mortgage Builder maintains the highest customer retention rate in the industry, as well as the highest implementation success rate. The company was named by Mortgage Technology magazine as one of the industry’s Top 50 Service Providers in both 2007 and 2008, and in 2008 won Mortgage Technology’s prestigious Help Desk Award, recognizing outstanding customer service. For more information, visit www.MortgageBuilder.com.