The collapse of the sub-prime mortgage market and the nationwide slowdown in home sales have forced real estate related businesses to become innovative in finding new ways to increase profitability. Mortgage and Real Estate Professionals now must focus efforts on increasing revenue streams by garnering a larger percentage of marketshare. Mortgage Solutions of Knoxville and Slyman Real Estate solved this dilemma with the addition of LoanMarq software from Sthenia Solutions.
LoanMarq is a complete loan processing and customer service application for the mortgage and real estate industries that enables collaboration among all participants in a mortgage loan transaction in a simple web-based community. LoanMarq streamlines the real estate and mortgage transaction by automating the loan process entirely. For the consumer and associated industry professionals, LoanMarq efficiently communicates with all parties as the mortgage automatically moves through origination, processing, underwriting, and closing, while providing increased transparency and accountability.
Mortgage Solutions President, Marvin Peek, immediately saw the potential for how LoanMarq could increase customer service, revenue streams, and referral sources by tracking 70 milestones and up to 31 documents required for a typical transaction and to keep all participants – borrowers, agents, loan officers, underwriters, insurers, appraisers and more – updated on the status. “It wasn’t a hard sale,” said Peek. “Five minutes into the presentation I stopped them and said ‘I’m sold.’ I’m a stickler for keeping people updated and we had nothing like this. It was out of this world.”
In a real world test of LoanMarq, Mortgage Solutions used LoanMarq on a loan that needed to close in a matter of days -- a severe challenge for any mortgage operation. “In a case like that everything has to happen perfectly,” said Peek. And with LoanMarq, it did. The software enabled Peek to easily track all of the required documents, milestones and events to successfully close the loan in less than a week. All the while, automatically communicating with all parties involved.
“It’s like getting into a Ferrari,” said Peek. “It quickly gets me to realtors, buyers and sellers. It reaches everybody. It’s an unbelievable product.”
Peek is also convinced that LoanMarq software will help build his business as word gets around about the state-of-the-
Not only does LoanMarq raise the customer service bar to a level never before attained, it also decreases the expense involved in facilitating mortgage transactions across all vendors, because it delivers productivity-
Slyman Real Estate recently adopted LoanMarq as a requirement for choosing their lending partnerships. Slyman’
What it does
LoanMarq facilitates the working relationship and creates a collaboration environment for all parties and vendors who are integral to the mortgage process. LoanMarq automates the entire mortgage transaction in a simple, easy to use web-based application. Borrowers, real estate agents, builders, appraisers, title companies, insurance agents, loan officers, processors, und underwriters will now instantly have access to loan status updates, communicate automatically with one another, and securely transfer required documentation to one another more efficiently than ever before. Along with relationship and document management, LoanMarq manages and schedules 70 different milestones in the transaction process. Whenever a milestone is requested, due, or completed, LoanMarq communicates with the necessary parties via email and/or text message. LoanMarq’s milestones include all typical stages and elements of the loan process and real estate transaction such as pre-approvals, credit reports, rate lock expiration dates,
disclosure due dates, and closing dates and is able to manage first and second mortgages simultaneously. 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 standard.
Pricing and Availability
LoanMarq is available immediately to loan officers, for $49.00 per user, per month, with no service contract or obligation. For more information on LoanMarq please contact sales@loanmarq.com or call 866-341-6444 to arrange a private demo or a free trial period.
About Sthenia:
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, visit http://www.sthenia.com or http://www.loanmarq.com
To review LoanMarq software, please contact Scott Kline, scottk@jprcom.com or 818.884.8282.
