ISGN Corp., a provider of technology solutions and services to the U.S. mortgage industry, announced that Prospect Mortgage, a California-based residential lender, has selected its proprietary TCL product to help service its loans.
TCL is comprehensive software system developed specifically for servicing residential and commercial construction loans.
Prospect Mortgage is the country’s second largest renovation lender. The company recently expanded its new construction and renovation business by launching a new builder division focused on mortgage products for new home construction and renovation lending — areas both ISGN and Prospect believe will be critical in 2014.
“Construction and renovation lending are increasing and helping with the housing market recovery — up nearly 15 percent from one year ago,” said Paul Imura, chief marketing officer of ISGN. “In addition, the National Association of Home Builders recently reported that average builder net profit margins are increasing, making now the right time for lenders like Prospect Mortgage to invest in an automated end-to-end construction loan servicing software.”
TCL manages all construction loan types from one automated and configurable system, allowing control of the end-to-end management of the entire loan lifecycle. TCL can reduce processing costs and improve bottom-line results by mitigating risk, increasing efficiencies, increasing staff productivity and reducing timelines. Prospect Mortgage hopes to gain the flexibility to increase its loan portfolio without adding to overhead costs.
“TCL gives us the ability to effectively manage our builder and renovation lending programs, handling everything from contractor management to disbursements,” said John Sway, senior vice president and national renovation manager for Prospect Mortgage. “Bringing this functionality into one software program enables us to provide the contractor community with lending products that meet their needs and respond to the way their business works. There is no other program available that is as comprehensive.”