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DS News April 2019

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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» VISIT US ONLINE @ DSNEWS.COM 81 81 MICHIGAN Flagstar Introduces Updated LOS Better customer experience was a key factor for Michigan- headquartered Flagstar Bank in introducing an updated loan origination system(LOS)—Loantrac 2.0. is updated and upgraded version of its original LOS is currently being rolled out in phases with delegated correspondent customers. e bank said that the new LOS has been redesigned to focus on ease of use and transparency for brokers and correspondents. Along with the new interface that mirrors the bank's website, Loantrac 2.0 gives correspondents the ability to serve their clients nationwide with no geographical restrictions. Flagstar said that it expects to have all third-party originators on Loantrac 2.0 by September 2019. "We heard the feedback from our customers, and we made changes to give them a better experience," said Brian Vieaux, Head of ird Party Originations at Flagstar. e bank said that the correspondent lenders who were surveyed after taking a trial of the new LOS found the new system to be much faster with downloads and most up to date compared to other investor portals used by them. e survey also revealed that correspondents found that they could view and send documents "almost instantly and verify" what they sent. ey also saw a decrease in suspense conditions in the new portal. Some of the key features of the new system include simplifying document uploads with a drag and drop feature, which allows customers to upload multiple documents at once and aligns the views of users and the Flagstar team. e new LOS also offers delegated correspondents with a registration and delivery experience that is customized to their needs along with a customizable dashboard based on customer ID, to give them an aggregate view of their pipeline in one place in a format of their choosing. e bank said that Loantrac 2.0 also offers intuitive navigation and a cleaner view "saving customers time and trouble." It revamps the sellers guide into a one-stop shop for important information on products, procedures, underwriting guidelines, and announcements.

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