DENVER, Oct. 17, 2021 /PRNewswire/
-- Wemlo,SM the first third-party mortgage
processing solution with an award-winning all-in-one digital
platform, today announced the upcoming launch of an innovative new
technology that aims to transform the mortgage brokerage
The revolutionary wemlo Loan Brokering System was developed to
empower mortgage loan brokers.
The revolutionary wemlo Loan Brokering System℠ (LBS℠) was
developed to empower mortgage loan brokers with purpose-built loan
software that understands the specifics of their business,
compliance priorities and workflows. Mortgage brokerages will no
longer have to settle for using only a portion of big, expensive
loan origination systems that were developed decades ago for the
"Unlike other mortgage loan origination systems and software on
the market, the wemlo Loan Brokering System is the first solution
built specifically for the broker channel based on a close
partnership between high-producing mortgage brokers and
enterprise-focused mortgage technologists," said wemlo president
"We originally began developing this technology for loan
processors when we could not find existing solutions that met their
specific needs in the broker channel," explained Dustin Morton, vice president of product and
strategy for wemlo. "When we launched processing solutions and
began to see results showing that intentional, broker-first
software could make our processors more efficient and effective,
the next step was to bring this powerful tool to loan brokers
industrywide whose businesses are also typically forgotten by
legacy mortgage software providers."
Wemlo's LBS was created specifically to enable mortgage loan
originators (MLOs) to close more loans each month while providing
the seamless digital mortgage experience expected by today's
homebuyers. The system interface is strategically streamlined to
include virtually all the functions MLOs need, while leaving
out extraneous functions that just get in the way. Cutting-edge
features include enhanced Automated Underwriting System (AUS)
feedback, which provides suggestions for resolving common loan
structuring challenges, a simple borrower portal that allows
borrowers to track the status of their loan in real-time, and
in-platform communication options that foster on-time closings by
keeping the broker, loan processor, title company, real estate
agents and borrowers all in close contact.
The LBS is deliberately simple to use, and a guiding design
principle for the software was to eliminate all manual and
duplicative data entry. "A fascinating challenge for our
development team was to reduce our users' time spent in the system.
For us, success comes when MLOs are logged out of the LBS and able
to cultivate referral relationships for their next loan," said
Morton. The system is focused on making the loan and application
process more efficient for both loan originators and hopeful
homebuyers. After the 1003 loan application is finalized, the LBS
sends broker disclosures and prepares loan data for submission to
the wholesale lender — all in one click. For the next steps,
MLOs can either leverage the power of the wemlo processing platform
for themselves or they can send the loan to wemlo's third-party
loan processing team.
"There's no other origination technology that comes with a
processing team built-in. We expect the power of the LBS to mean
more loans per month for MLOs, and when business booms, wemlo loan
processors are only a click away from supporting that bursting
pipeline," noted Chelsea Balak,
wemlo vice president of operations.
Wemlo's planned all-inclusive pricing removes hidden costs,
giving brokers everything they need to run their brokerage smoothly
and efficiently — for a flat monthly or annual fee.
Sign up now for exclusive sneak peeks of wemlo's revolutionary
Loan Brokering System and be the first to know when the technology
goes live in January 2022.
Wemlo,SM NMLS #1853218, is a technology-focused
mortgage loan processing company that is reshaping the mortgage
broker channel. The company developed the first service of its kind
for mortgage brokers, combining third-party loan processing with an
all-in-one digital platform. Its product is marketed and sold to
mortgage brokerages and loan originators across the country.
Wemlo is part of RE/MAX Holdings (NYSE:RMAX), which also
includes RE/MAX®, one of the world's leading franchisors of real
estate brokerage services, and Motto Mortgage®, the first national
mortgage brokerage franchise brand in the U.S.
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