PALM BAY, Fla.--(BUSINESS WIRE)--ISGN CorporationTM (“ISGN”), a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, today announced that Prospect Mortgage, a Sherman Oaks, Calif.-based residential lender, has selected its TCLTM product, an industry proven comprehensive software system developed specifically for servicing residential and commercial construction loans.
According to the National Association of Home Builders, builder confidence continued to increase as of March. Prospect Mortgage is the country’s second largest renovation lender. The company recently expanded its new construction and renovation business by launching a new Builder Division in Irving, Texas, focused on mortgage products for new home construction and renovation lending – areas the lender believes to be critical in 2014.
TCL manages all construction loan types from one streamlined, automated and configurable system, allowing control of the end-to-end management of the entire loan lifecycle. TCL immediately reduces processing costs and improves bottom line results by mitigating risk, increasing efficiencies, increasing staff productivity and reducing timelines. Prospect Mortgage will gain the flexibility to increase their loan portfolio without adding to overhead costs including control over the draw process for validation of overline conditions, missing/expired documents and past due interest.
In addition, TCL’s powerful servicing functionality equips the user with the necessary tools to ensure project management excellence and exemplary customer service. With TCL, Prospect Mortgage will gain the necessary functionality to increase loan profitability without adding costs.
“TCL gives us the ability to effectively manage our builder and renovation lending programs, handling everything from contractor management to disbursements,” said John Sway, senior vice president and national renovation manager for Prospect Mortgage. “Bringing this functionality into one software program enables us to provide the contractor community with lending products that meet their needs and respond to the way their business works. There is no other program available that is as comprehensive.”
“Construction and renovation lending are increasing and helping with the housing market recovery – up nearly 15 percent from one year ago,” said Paul Imura, chief marketing officer of ISGN. “In addition, the National Association of Home Builders recently reported that average builder net profit margins are increasing, making now the right time for lenders like Prospect Mortgage to invest in an automated end-to-end construction loan servicing software.”
About Prospect Mortgage
Prospect Mortgage is a top-ten national home purchase lender offering a full range of quality home loan products, including FHA and VA, conventional, jumbo, renovation, and more. It is backed by Sterling Partners, a private equity firm with approximately $5 billion of assets under management and offices in Chicago, Baltimore, and Miami. For more information about Prospect Mortgage, visit www.MyProspectMortgage.com. Visit Prospect on Twitter at www.twitter.com/myprospectmtg and follow the company on Facebook at www.facebook.com/prospectmtg.
Based in Palm Bay, Fla., ISGN is a leading end- to-end provider of mortgage technology and services, impacting over 5.5 million of all U.S. mortgage loans. Our 1,500 domain and technology experts have spent more than 25 years creating award-winning technologies and solutions to help financial institutions improve precision, reduce risk, manage volatility and effectively transform their business. With flexible staffing and delivery models, ISGN is uniquely positioned as one of the few comprehensive end-to-end mortgage service providers to both the origination and servicing sectors. The company works with a majority of the top ten national lenders, as well as with regional lenders, nonbanks, credit unions and community banks. For more information, visit www.ISGN.com.