MortgageTrack 6.0
Laguna Niguel: “Loan Management Software (LMS) can save today’s ailing mortgage industry.” That’s the word from Doug Leonard, CFO of DND Intellibiz and co-creator of MortgageTrack 6.0 (http://www.mortgagetrack6.com)
Leonard says, “It is heartbreaking to witness the unnecessary pillaging taking place in the mortgage industry over the past year. Hundreds of mortgage related businesses have closed their doors forcing massive employee layoffs. Bankruptcies, closures, mergers and acquisitions are occurring almost daily.”
Leonard explained, “Most mortgage brokerages facing financial trouble in today’s economy are operating using an outdated business model—requiring large brick and mortar facilities and bloated support staffs. In today’s mortgage industry these businesses will continue to lose money until they eventually close their doors. On the other hand, those companies who are taking advantage of today’s technology and running leaner operations will continue to not only survive, but thrive.
“We have companies with as few as 12 loan originators and as many as 1000 using MortgageTrack (http://www.mortgagetrack6.com), all with the same positive results. The common theme with all of these customers is; low overhead (small to moderate size office), low payroll (MT 6.0 allows one employee to do the work of several) and remote agents (many of whom operate from their homes or small satellite offices),” Leonard concludes.
The collapse of the sub-prime market hasn’t brought an end to today’s real estate market. Overall sales are only down 12% nationwide from last year. Consumers are still buying residential and commercial real estate. So why are so many mortgage brokerages and banks going out of business?
“To survive in today’s industry, the savvy mortgage brokerage must abandon the old ways of doing business and focus on improving efficiency, productivity and reducing overhead. When the bank or brokerage realizes how much it has to gain using Loan Management Software like MortgageTrack 6.0 (http://www.mortgagetrack6.com)
“Using technology contained in MortgageTrack 6.0, one person is able to fully perform the work that was once handled by an entire support staff. MortgageTrack 6.0 is an LMS not an LOS,” says Leonard. “It fills the vast gap left between the loan officers’ LOS and the brokerage’s accounting department.”
Leonard explains, “Loan Management Software will enable brokerages to cut costs, improve operational efficiency and save livelihoods. It will enable the brokerage to grow strong and stable in today’s economy. This mindset is far more productive than trying to ‘weather the economic storm’ until the next refi-boom or the return of the sub-prime market, which may be many years away. The bottom line is that implementation and deployment of MortgageTrack 6.0 will reverse the negative effects of today’s economy for financially troubled mortgage brokerages and enable them to prosper.”
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