New functionality gives brokers a "broader selection of wholesale partners"
Mortgage tech company Path Software has added new third-party origination (TPO) functionality to its mortgage loan origination system.
The new capability, called Path TPO, allows users to generate loans from smaller lenders and mortgage brokers. According to the company, it’s designed to work within the client’s existing Path platform for quick setup and simple integration.
Through the platform, brokers can prequalify loans in under 10 minutes, order credit reports, upload documents, offer their borrowers eSigning options, access automated underwriting systems, monitor loan status, and deliver loan packages.
“Path TPO addresses several market needs. It helps lender-clients access additional revenue streams during this down market, enabling them to maintain productivity among their processors, underwriters and closers,” Path Software said in a statement. “Meanwhile, it provides a new resource-light lending approach for smaller lenders that will no longer need to carry the cost of in-house underwriters and processors. Finally, it gives mortgage brokers a broader selection of wholesale partners.”
“Our new Path TPO channel offers a great way to increase volume and revenue without increasing customer acquisition costs since third parties already have clients and referral sources,” said Michele Parson, brand marketing manager at Path Software. “Best of all, it’s provided within the trusted cloud-based Path platform our customers are familiar with, providing an efficient and compliant workflow for quick decisions and satisfied customers.”
