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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.