Consumer borrowers the ultimate winners in Mortgage industry 'tipping point'
Web-based tool delivers transparency and accountability consumers demand from loan professionals
KNOXVILLE, Tenn., February 2, 2009 – After less than two months on the market, and four months since the Federal Housing Finance Agency (FHFA) took over Fannie Mae and Freddie Mac, LoanMarq software from Sthenia Solutions has already won praise from consumer borrowers working with mortgage loan officers.
Choice One Funding, a Sacramento, Calif.-based firm specializing in purchase loans, refinances, FHA financing, instant credit decisions and reverse mortgages, recently began using LoanMarq to enhance client service, as well as speed up closings.
“Clients demand transparency now, and for good reason,” said Choice One Funding loan processor Rebekah Crane. “Our customers are much more sophisticated than they were even a few months ago, so they appreciate the added communication, the constant status updates and increased visibility into their loan’s progress. There’s been extremely positive change on all sides, and there’s no way we could go back to managing loans the same old way.”
A recent customer satisfaction survey conducted by J.D. Power and Associates showed consumers are more satisfied and more loyal to a lender when their loan officer provides reports updates, communicates proactively and acts transparently and ethically.
LoanMarq allows borrowers uncommon insight into their loan. Each time a new document is available or a milestone is requested, ordered, due or received, LoanMarq alerts the borrower with an email or text message.
A combination of the mortgage crisis and weak consumer confidence will cause the real estate market to suffer extensively throughout the year. The mortgage mess has led to an enormous number of foreclosures that have brought thousands of homes to the market, while a weak response from consumers means that these homes won't be sold anytime soon. In order to increase demand, mortgage and real estate professionals are challenged to restore a measure of faith and trust. Many consumers blame nondisclosure and lack of sufficient education as reasons for the current mortgage debacle. The industry is faced with its toughest test in history and to pass must make fundamental changes in how it relates to its customers.
“We’ve hit the so-called ‘tipping point’ where change is inevitable, and in the long run, borrowers will benefit from the attention to service levels and disclosure,” said Sthenia Solutions CEO Paul Piers. “We are proving that we can change consumer expectations and restore confidence in the mortgage loan process. Loan officers using LoanMarq feel confident they can satisfy the desire for transparency, accountability, and education consumers require. At the end of the day, it doesn’t matter what new legislation is passed or who takes the fall for the economic fallout. What will right this economy are consumers ready and willing to go out and buy and sell real estate again. What makes this happen is proof the industry will fix its service flaws.”
LoanMarq is a web-based loan processing and customer service application that enables collaboration among all participants in the mortgage loan transaction. LoanMarq decreases the expense involved in facilitating mortgage transactions and enables mortgage professionals to close more loans in the same or less time by automating the process with productivity-enhancing efficiency, improved accountability, and automatic loan status updates that eliminate document ordering and tracking via phone, email, or fax. LoanMarq takes customer service in the mortgage and real estate industry to a level once thought impossible to achieve and is poised to become the new industry benchmarq.
Sthenia means “Unusually Powerful,” thus Sthenia Solutions is an unusually powerful software development firm making their clients more efficient and most profitable through streamlined processes and cutting edge software solutions. Their line of products drives industry to a new level of seamless operation. Sthenia is delivering innovative Web 2.0 service-oriented collaboration, workflow, productivity and process management tools. Sthenia was founded in 2008 and is headquartered in Knoxville, Tenn. For more information about LoanMarq visit www.sthenia.com or www.loanmarq.com. You can also participate in the LoanMarq blog to talk about relevant topics within the industry. http://www.loanmarq.com/benchmarq/