Send2Press » U.S. and World News » Banking and Finance » Los Angeles-Based Mortgage Lender Lauds LendingQB for LOS Implementation Success
PRESS RELEASE

Los Angeles-Based Mortgage Lender Lauds LendingQB for LOS Implementation Success

COSTA MESA, Calif., Feb. 26, 2013 (SEND2PRESS NEWSWIRE) -- LendingQB, a provider of end-to-end loan origination software, announced today that they successfully implemented their web-based, end-to-end mortgage lending platform for OGI Mortgage Bankers, a fast-growing mortgage lender based in Los Angeles, Calif. Within seven weeks of signing a contract, OGI was able to launch and begin using a fully custom configured LendingQB platform immediately.
loan origination software
Tue, 26 Feb 2013, 17:51:24 EDT
         
Source: LendingQB
Editor: Debra Tone

COSTA MESA, Calif., Feb. 26, 2013 (SEND2PRESS NEWSWIRE) -- LendingQB, a provider of end-to-end loan origination software, announced today that they successfully implemented their web-based, end-to-end mortgage lending platform for OGI Mortgage Bankers, a fast-growing mortgage lender based in Los Angeles, Calif. Within seven weeks of signing a contract, OGI was able to launch and begin using a fully custom configured LendingQB platform immediately.

"Since I stepped in this business 25 years ago, I've never seen an implementation happen so quickly and thoroughly," said Harry Oh, president and CEO of OGI. "We made the decision to use LendingQB right before New Year's Day but we didn't expect to start using the system until after Easter. Being ahead of schedule saves us more than time and effort, it saves us money."

OGI is like many modern mortgage bankers in that they wanted to simplify their technology by replacing outdated client-installed software with a web-based system. "When we started the company in 2009, we bought a whole system - software, hardware, networking equipment - and spent an entire year getting it setup. It cost us a lot of money just to configure and learn how to use the system," said Oh. "Then our vendor got acquired. That's when we realized we had the wrong approach to technology. We're a mortgage lender, not an IT company. We don't need to own everything."

In response, Oh actively began looking exclusively for web-based LOS providers. Although only a handful of mortgage LOS vendors offer a true web-based system, OGI felt it was a better long-term strategy. "We see other industries enjoying the benefits of web-based applications, so to us it's a proven model," Oh noted. "But we didn't make any compromises in order to get a web-based system. Price, quality and service still matter."

OGI selected LendingQB after a thorough evaluation process, which included testing with a live production system for an entire month. Oh cautioned that live testing was critical to their decision process. "We already went through a failed implementation so we didn't want any surprises," said Oh. "What did surprise us, however, was how quickly LendingQB handled our deployment and implementation."

LendingQB takes all new clients through a comprehensive deployment process that is unlike anything Oh had seen before. "The day after we signed with LendingQB, their deployment team was sending us emails and scheduling meetings," Oh said. LendingQB started with a detailed workflow discussion of OGI's operations, and then provided them with an online tool to track task assignments and deployment status updates. "They were involved with our implementation at the ground level, gathering information from us and making changes to our system directly."

After seven weeks of aggressively implementing the platform, OGI's staff was fully trained and ready to start working in the LendingQB environment. "When I think back to our first system and the amount of time and resources we poured into purchasing it and getting it setup, it's night and day," remarked Oh. "LendingQB is like a part of my staff. They set milestones and kept us on track and prioritized. They did most of the configuration for us and responded quickly to any changes we wanted to make. Their organization and commitment to us was impressive."

About LendingQB:

LendingQB is a Costa Mesa, California-based company that specializes in loan origination technology solutions and services for the mortgage industry. The LendingQB LOS is a 100 percent Web-based, true end-to-end enterprise-class loan origination platform. The solution is designed to meet the needs of all types of mortgage lenders-large or small, wholesale or retail, correspondent or Internet-based-with specialized tools that are targeted, customizable and flexible. LendingQB uses a consultative technology assessment approach before engaging with new clients, and places a strong emphasis on the utilization of data analytics to assist lenders in leveraging business intelligence, resulting in optimized organizational performance and lowered cost per loan. For more information about LendingQB, please call 888-285-3912 or visit http://www.lendingqb.com/ .

About OGI Mortgage Bankers:

Los Angeles-based OGI Mortgage Bankers, incorporated in May of 2009 and locally owned, is striving to establish itself as a premier full-service mortgage banker. The company provides access to a wide array of products and customized lending solutions, specializing in agency, government and niche residential mortgage product lines offering one of the most diversified and superior loan product portfolios while providing incomparable customer service. We are committed to being recognized as a technology-driven, one stop lender and company's foundation built on partnerships, relationships and integrity, adhering to the highest ethical lending standards. For more information visit http://www.ogiwholesale.com/ or call (213) 739-4332.

MEDIA CONTACT:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com.

News Source: LendingQB
MORE INFORMATION:
For more information regarding this press release, please visit:
http://www.lendingqb.com/
MEDIA CONTACT INFORMATION:
For questions about the above press release, please contact the news source (“LendingQB”) and not Send2Press®.

View/download original release with contact info:
Plain text copy   |    PDF text copy
 
  LEGAL NOTICE AND TERMS OF USE:  
The content of the above press release was provided by the “news source” (LendingQB), who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story “Los Angeles-Based Mortgage Lender Lauds LendingQB for LOS Implementation Success” and content is Copr. © 2013 LendingQB with newswire copy Copr. © 2013 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS as of Friday, Oct 31 2014 - 15:59:15 PM EDT:
1930 times (3 today, 14 this week, 42 this month, 412 this year)