After successfully piloting the NetOxygen platform from Gallagher Financial Systems, Inc., Century Mortgage Co. said yesterday that it will roll out the enterprise loan origination system to all its business partners in 18 states. NetOxygen is a Web-based point-of-sale and LOS providing end-to-end loan processing via an Internet browser. The lender said it chose the platform in order to quickly adapt to changing marketing conditions. “There is very little about the system that you cannot customize to fit your needs,â€? Century Mortgage vice president Josh Eller said. Prior to the conversion, underwriters had to move between multiple systems to make changes to loans created by their retail loan officers and wholesale business partners. Now, the information is electronically transferred to Century’s lending division, and underwriters can work within one system to validate information.
Eller said efficiency is increased by not only eliminating the need to go to another system to send closing documents, but also because the company’s 150 employees are now trained on only one system. In addition, the consolidation improves data quality by reducing human error and increases the number of loans that officers are able to complete. “By having a consolidated system, there is no double entry,” Eller said. “Processes that previously took between 15 and 20 minutes can now be completed in two to three minutes. That means a processor can now complete 30 loans in the time it used to take to complete four loans. That is quite a benefit to us.â€? “NetOxygen’s automation positions Century to not only handle more throughput in today’s volatile marketplace, but also accommodate the expected surge in refinances due to resets on Option ARMs and other exotic programs,â€? said Gallagher president Chris Andersion For more more information, visit http://www.centurymortgagecompany.com.
