ISGN Corp. introduced LoanGPS, a collaborative processing engine and workflow tool, to efficiently enhance ISGN’s processing of outsourced mortgages for third parties. A problem for lenders and banks today is the high fixed-cost structure of mortgage lending, leading many banks to close correspondent lending channels and focus on retail and online channels. Lenders also are aware of borrower concerns about the lack of transparency and the fees and associated costs of mortgage processing. The mortgage market is beginning to reconfigure to strategically take advantage of the lower costs and efficiencies provided by mortgage outsourcing. LoanGPS offers loan processing capabilities for ISGN to close outsourced loans more effectively and efficiently for lenders and banks by minimizing variations and ensuring that the loan closes on time.

“LoanGPS creates a collaborative and transparent loan processing transaction that increases pull-through rates for lenders and speeds up loan cycle times, thus increasing borrower satisfaction,” said Krishna Srinivason, vice chairman and chief executive officer of ISGN, a provider of end-to-end technology solutions and services to the U.S. mortgage industry. “It significantly assists processors and underwriters in profitably handling 30 to 35 loans, guiding them through all the required steps to close the loans. Innovation like ISGN’s LoanGPS is leading the mortgage market transformation and allowing lenders and banks to further reduce fixed lending costs through outsourcing.”

LoanGPS aligns with customer origination systems to collect loan data for outsourced loans processed by ISGN seamlessly. LoanGPS uses proprietary technologies including LoanNavigator, LoanPath and iQueue to capture, track and analyze real-time data from borrowers, loan processors, underwriters and vendors. The system automatically assigns tasks according to the customizable workflow configuration. LoanGPS essentially tracks the loan transparently through processing so all involved know the tasks at hand ensuring on-time loan closing.