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May 27, 2017 Published by —

If you’re like most financial industry leaders, you probably have more than a dozen financial services providers supporting mortgage lending and other business areas, including title, appraisal, credit, verification, flood determination, automated valuation models, and real estate owned products. On a daily basis, you and your teams have to reach out to multiple contacts for loan origination, processing, and approval.

KeyStoneB2B was created to simplify the entire lending process and quickly connect you to your customers. Think of KeyStoneB2B as a communications, command, and control platform that gives you the power to optimize your ancillary product needs, involving mortgage banking, appraisal, credit, title, VOE, VOI, VOD, SSA-89, flood determination, AVM, real estate financing and REO products.

To understand the value proposition of KeyStoneB2B for lending process automation, it is helpful to understand the technologies that came before.

Vendor Portal requires manual labor

The stand-alone vendor portal is a primitive portal that allows for ordering products from an individual loan originator, usually involving just one product, but may include a few. Users must login to each of their stand-alone vendor portals using a user name and password, a process which is difficult to secure from individuals outside your organization when your employees share their user names and passwords.

The stand-alone vendor portal generally returns the order fulfillment to the user in the portal to manually use as part of their mortgage servicing and business operational procedures. The financial services provider then sends a monthly invoice to the lender for all orders.

Point-of-Sale with limited event types

The next generation of product is the point-of-sale solution, which typically features two or three products with limited event types, such as place order, cancel order and receive order. The point-of-sale solution is typically integrated into a commercial loan origination system (LOS), such as Encompass or LendingQB, usually not requiring the user to login to each vendor’s point-of-sale solution.

Basic Assembly Line with costly customization

The next generation of product to emerge is the basic assembly-line technology that integrates into the lender’s proprietary loan origination systems. This platform can support a larger variety of product types, but customization is time-consuming and expensive. The major benefit is the ability to support the lender and mortgage banking operational workflow for higher levels of productivity and processing large numbers of loans in an assembly-line style process.

KeyStoneB2B is flexible to your needs

In contrast, KeyStoneB2B is a communications-command-control platform, providing lending process automation – a flexible process and dashboard that you can customize as your needs evolve. You can easily remove or add new events as needed with no lender charges for customizations, supporting loan origination, refi, FHA, mortgage servicing, real estate financing and REO. KeystoneB2B’s modern architecture offers a much lower cost base, and its technology is infinitely expandable in AWS with full disaster recovery capabilities. Unlike its predecessors, it is highly stable and reliable, easier to integrate, and has the most advanced protection against attack and intrusion, including advanced denial of service (DoS) safeguards built into its architecture. Process improvements and enhanced security features are being added regularly.

KeyStoneB2B brings value to your business by:

  • Supporting all ancillary lender and servicer products
  • Accelerating the loan process
  • Increasing productivity of lender personnel
  • Reducing the cost of each transaction
  • Improving the vendor terms and conditions for the lender
  • Eliminating charges for reprocessing of orders with errors

Most importantly, mortgage banking and lending institutions that join the KeyStoneB2B network can better connect with customers and enhance their customer experience. For example, an appraisal can be completed in just days instead of months. With KeyStoneB2B, mortgage lending and real estate economics make more dollars and sense for banks and lenders.

To schedule a demo and learn more about the ways KeyStoneB2B benefits financial services leaders like you, call 877.488.0258 or email today!

The stand-alone vendor portal generally returns the order fulfillment to the user in the portal to manually use as part of their mortgage servicing