This large, national, digital financial institution created a digital mortgage platform using inhouse and customized third party point-of-sale (POS), loan origination system (LOS), and eClosing solutions for originating home equity loans.
Core mortgage loan origination system replacement is often a very expensive project. It is a rip and replace loan account origination system (LOS) project analogous of similar complexity and cost core banking system (CBS) replacement, and has more complex workflow and digital document management system requirements than does core banking system replacement.
In this Model Bank report, we describe how a large, national, digital lender rejected fintech options and built its own digital customer engagement channel, ripped out and replaces its mortgage loan origination system, and installed a leading edge eClosing system that leapfrogged the competition in 2019 and created a next generation eClosing platform for the post-COVID-19 era.
