Loan origination system promises to streamline business and save time and money, director says
ARIVE says it’s a product that will propel mortgage brokers “into the victory lane”: an all-in-one platform with a connected lender marketplace purpose-built for independent loan originators to increase efficiency and save time and money.
The company’s director of enterprise sales, Amy Hulett, gave attendees at the recent National Association of Mortgage Brokers (NAMB) National conference in Las Vegas a crash course on the offering, which she described as a loan origination system at its core with a “really unique” POS (point of sale) included.
The proprietary POS contained in that software, she noted, is included in the price – offering significant value for users. “Most of the time, you might be working with an online POS outside and that’s wonderful… but they’re costly,” Hulett said. “Everything I’m showing… is built into our price. You don’t have to pay extra for anything you’re seeing here. Our POS is native.”
That means every LO using ARIVE gets a unique URL for applications, Hulett explained, which they can share and customize through – for instance – a video or special messaging for their customers. A co-branded POS link can also be created for every partner they might have, whether a builder, financial planner, or title agent.
A “seamless” process means an application is immediately uploaded to ARIVE as soon as a borrower interacts with a broker and creates an account. From there, brokers can decide which way they want to interact with the customer – and the loan team can also start getting notifications on required actions if needed.
Catering to every borrower’s need
Users have the ability to create custom needs for clients within ARIVE, which becomes a document portal as soon as the application has been made. “As soon as that loan application is submitted, up come all your document needs based on how they’ve filled out the application,” Hulett explained.
“So you can say: ‘If they tell me they’re self-employed, I want those types of tax returns uploaded.’ If they have solar, if it’s a refinance, ‘Can you send me some information on your solar goal? Do you pay alimony?’ These are additional questions you can ask your application to really prequalify or investigate the borrower as much as possible up front – and this is something you can customize at the user level.”
Retail continues to lead the mortgage origination market, with third-party purchase originations (TPO) holding steady at about 24% from 2018 to 2023, according to the NAMB's 2024 Homebuyer Report.https://t.co/TBYqNrmdbJ
— Mortgage Professional America Magazine (@MPAMagazineUS) October 25, 2024
For brokers, that means they can focus on other things, and even be away from their desk, while borrowers are sending documentation to move the file forward and take the next step in the application.
Speed is important on both the lender and broker side, Hulett underlined – one of the reasons ARIVE recommends that borrowers use their phones to take photos of documents for upload. Doing so within the LOS means those documents are immediately uploaded in one place, helping safeguard the borrower’s data as well as streamlining the overall process.
That’s a boost to the broker as well as the borrower. “It’s really cool that you can tell your borrowers ‘I’m saving you time. We’re automating the process,’” Hulett said. “‘You’re sending me your documentation, it’s going right to my loan team. My processor can then jump in, start working on those documents, review them and interact.’”
If that document has something that doesn’t satisfy what a broker or lender needs, brokers can send it back with an additional request within ARIVE. The platform also facilitates automated SMS texting through integration with Twilio.
Building a marketplace for lenders
ARIVE also has a lender marketplace through its proprietary product pricing engine (PPE), a “growing ecosystem” of lending that means originators don’t need to leave the LOS.
That allows originators to see which lenders might be able to service a borrower based on specific criteria – for instance a FICO score or seeking an FHA loan – with compensation also built into the platform. “Those lenders are sending us that information. They’re updating it and sending us the live feed of the rate so it’s very accurate,” Hulett said, “and now I can quickly do a loan comparison quote, and do three side-by-side scenarios very quickly from my phone.”
Very reputable lenders have partnered with ARIVE, she said, meaning it’s a good option for those lenders hoping to replace another piece of their tech stack that they might already be paying plenty for.
Other developments are also on the way. “We’re adding a lot more to our system,” Hulett said. “As we develop over time, we’re going to be building a partner network for third partner networks to be able to bring CRMs and other companies that want to be certified partners with us, to be able to connect in a way of integrating, and be able to work more directly with our system and share information securely. That’s something that’s our priority for the beginning of the year.”
Hulett highlighted what she viewed as a key value proposition of ARIVE’s ecosystem: that it’s a “vibrant, engaged community of users,” she said, “who are more than just advocates. They’re an integral part of the ARIVE family.”
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