PrimeLending Selects ISGN’s TCL™ Residential Construction Loan Servicing Software to Reduce Processing Costs and Improve Efficiencies
Industry need for automated loan management system increases as demand for construction loans rise
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 PrimeLending, a national residential mortgage lender, has implemented ISGN’s TCLTM product, an industry proven comprehensive software system developed specifically for servicing residential and commercial construction loans.
“U.S. home construction has recently showed signs of improvement and growth”
According to the Federal Deposit Insurance Corp., both residential and commercial construction loan volume is rebounding after a steep decline. A recent article in The Wall Street Journal cited that outstanding loans totaled nearly $45.7 billion in the first quarter – up 4.5 percent from the fourth quarter – marking the fourth consecutive quarterly gain for construction lending to home builders.
As a result of this increased construction lending demand, PrimeLending will leverage TCL to better manage residential construction loans from one streamlined, automated and configurable system, allowing control of the end-to-end management of the entire loan lifecycle.
“U.S. home construction has recently showed signs of improvement and growth,” said Kale Salmans, senior vice president of Construction and Renovation for PrimeLending. “This prompted us to invest in ISGN’s TCL platform to better manage the increased demand in residential construction loans while allowing us to become more efficient. With this technology in place, our loan originators have the ability to increase their home loan pipelines.”
“The U.S. construction lending industry is seeing a slow but steady recovery, with McGraw Hill Construction projecting total U.S. construction starts to rise by nine percent in 2014 to $555.3 billion,” said Paul Imura, chief marketing officer of ISGN. “In response, lenders like PrimeLending are investing in technology like our TCL, indicating a strong need for automated end-to-end construction loan servicing software to better manage the increased demand in construction loans.”
PrimeLending, a PlainsCapital Company, is a Dallas-based residential mortgage originator with more than 265 locations across the nation. In 2012 and 2013, PrimeLending was listed as the No. 4 mortgage lender in the nation in purchase units.* Offering fixed, adjustable rate, FHA, VA, USDA and jumbo loans, refinancing and relocation programs, PrimeLending is licensed to originate and close loans in all 50 states. Founded in 1986, PrimeLending is a member of the PlainsCapital Corporation family of companies. PlainsCapital Corporation is a wholly owned subsidiary of Hilltop Holdings (NYSE: HTH). Find more information at PrimeLending.com. Equal Housing Lender.
*Source: As listed by Marketrac® for Jan. – Dec. 2012 and 2013.
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. ISGN also offers valuation, title and closing services. 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.