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LenderLogix, <\/strong>a provider of mortgage<\/a> automation software and application programming interfaces (APIs), has launched LiteSpeed, a white-label streamlined point-of-sale (POS) system that serves small- to mid-sized mortgage lenders.<\/p>\n Patrick O\u2019Brien, the founder and CEO of LenderLogix<\/a>, said the product was designed in response to the need for a more efficient and cost-effective method of managing the loan application process.<\/p>\n \u201cMany of the POS platforms on the market today function as a second loan origination system in disguise in terms of features, architecture and required upkeep, effectively putting them out of reach for the majority of the market,\u201d O\u2019Brien said in a prepared statement. \u201c…So we created LiteSpeed to deliver pragmatic POS functionality at a price point that makes sense for the average mortgage lender.\u201d<\/p>\n According to the company, LiteSpeed provides lenders with a POS functionality that can compete in today\u2019s market at a lower cost and investment support for its implementation.<\/p>\n The platform uses \u201canimated iconography and dynamic messaging\u201d to help borrowers navigate through singular, auto-advancing application questions, according to the company. When the application is complete, the loan originators give borrowers a customized needs list and a secure document upload link.<\/p>\n \u201cAs a result of this early engagement, mortgage lenders can increase lead capture and conversions while delivering a consistent brand identity across branches and teams \u2013 all while providing executives with more granular insight into marketing and sales performance,\u201d O\u2019Brien said.<\/p>\n The company was featured in HousingWire\u2019s Tech 100 in 2022. Its other products include QuickQual<\/a>, which is used by lenders in 42 states. QuickQual is an adjustable pre-approval letter that gives payment and closing cost scenarios and the option to update agent letters.<\/p>\n Its Fee Chaser integrates with loan origination systems and sends borrowers a one-time use link for them to pay fees securely. Mortgage lenders using this functionality receive more than 50% of their payments within 15 minutes and a minimum of 10% more upfront payments, according to the company.<\/p>\n