Time for a change

Home lending is now a $10 trillion industry.  While practically every other vertical has embraced the web and new technology, most home lenders still use software that has been largely unchanged for over twenty years. Indeed, most are little more than paper forms converted to screens. They’re manual, slow, and have ancient user interfaces. This at a time when consumers want and expect to shop, collaborate and do everything on the web.

So we created a team of lending experts, designers, and engineers and set out to build the next home lending platform. A platform that applied new thinking, new approaches and new technology to each and every step of the lending process. One that reduces costs, increases speed, guarantees quality and provides a modern user experience for both consumers and lending professionals.

Octane

The result of our new thinking is Octane, and it is revolutionizing the way people get home loans.

Octane is different from any other lending platform.

Octane is a Software-as-a-Service application. The application and all data and documents reside on secure servers. There is no need for lender IT infrastructure or staff to support Octane. The only requirement is that users have web browsers.

Octane’s difference starts with it’s Consumer Direct Website. It allows consumers to search for loan options, get detailed pricing and quotes, compare different loan options side-by-side, and apply online with a step-by-step application.

The online loan application is a step-by-step wizard that walks the applicant through steps each of which asks the user to enter data or answer a question. The application is smart and only asks what is needed based on information provided, speeding up the process significantly and making for a better client experience–a stark contrast to the traditional approach of presenting a loan application form and asking the applicant to figure it out.

Once borrowers apply, they can sign-in to their Client Dashboard to get constant updates on their loan’s progress, e-sign docs and upload needs.

Octane allows loan originators to quickly create multiple loan scenarios and present them to consumers online. The scenarios allow originators to present “what-if” options that vary terms, programs, borrowers, payoffs, or properties without affecting the current application terms.

Underwriting needs and forms are automatically generated using customizable rules applied to specific loan application data, eliminating the need for disclosure or needs “templates”  for different programs, states, and loan types. You create a virtual needs and forms lists with rules defining when each form or need is applicable. Then, for each loan application, Octane automatically generates an accurate, specific list of needs and form packages with no human input and no errors.

Because the needs lists generated by Octane are based on rules applied to the specific data on each loan application, the list is highly detailed–making submitting needs correctly simple for the borrowers.

Instead of vague needs like “Two months bank statements.”, borrowers are provided a clear, descriptive checklist with entries like “Most recent two months bank statements for Acme Bank checking with account number ending with 4132”.  Then, using their online Dashboard, borrowers can upload the documents and drag them to the item on the list. It’s simple and accurate. On the lender side, each document is easy to find and review.

Octane maintains all loan documents, forms and needs in a secure repository that is seamlessly integrated into the application for ease of access and control.

Every facet of the loan has been rethought and improved in Octane. Even the presentation of application information. Terms, borrower, credit, income, asset, real estate data all are simplified, re-organized and presented not according to the traditional 1003 form, but in a way that facilitates rapid processing by underwriters, originators and processors.

All lender operations functions are controlled and tracked with Octane’s easily-configured Workflow Component. The loan process is encoded in the system instead of people and paper. This ensures accuracy and proper handling of exceptions. Lenders build custom workflows with building blocks called “steps”. There are different types of steps for performing different actions:  assigning people to roles on loans, manual work, branch steps that inspect loan data to alter the flow, and function steps that perform actions such as ordering credit, appraisals, FHA services, and automated underwriting, all without any person involved.

As a loan moves through the workflow, configurable messages are sent to the borrower Dashboard providing clear, up-to-date and accurate progress updates to borrowers. This eliminates the need for borrowers to constantly call lenders to inquire as to how their loan is progressing.

Octane has seamless integration with major product and pricing engines, Fannie Mae and Freddie Mac underwriting systems, FHA Connect services, credit reporting bureaus, closing document services, title services, flood certification services and appraisal providers. Users never have to leave Octane to access these services and many can be performed automatically via the workflow.

Octane has a robust Secondary Marketing and Lock Desk feature that allows clear and simple management of locks, commitments, trades and bids. Lock extensions, repricing and other secondary functions are handled simply and elegantly.

Each and every step of the loan process has been rethought and improved in Octane.  Octane is lending revolutionized.

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