Powerful, Easy-to-Use Software that Streamlines Loan Processing
What Are Xetus’ Services & Solutions?
XetusOne customers, including banks, credit unions, CUSOs, and sub-servicing organizations, access the platform using a standard Internet browser and pay on a per-loan basis not only to process initial underwriting and on-going due diligence but also to handle modifications, subordination requests, and HELOC extensions. XetusOne’s comprehensive management of the life cycle of a loan derives from application-specific modules within the platform that automate review and approval of lifecycle touch points, such as subordination requests and HELOC extensions, and fully analyze risk, mitigate losses, and satisfy compliance requirements.
How is Xetus Truly Unique?
Xetus’ goal is to simplify mortgage loan processing by applying modern technology to the flow of mortgage documents and data. XetusOne combines the power of the Internet with current data- and image-processing tools to fight the following historical barriers to efficiency: expensive and error-prone re-keying of data, lack of communication along the pipeline, and the challenge of reconciling the elements in a paper loan folder. The company pioneered the deployment of Software-as-a-Service in the mortgage industry; users access XetusOne through a standard Internet browser, and Xetus transparently updates the product to remain compliant with prevailing regulations. XetusOne is designed to serve the needs of all players–loan officers, processors, underwriters and closers–and improve communication between them. XetusOne allows lenders to comprehensively manage the mortgage loan lifecycle; application-specific modules within the platform automate review and approval of mortgage loan lifecycle touch points, such as subordination requests and LOC extensions, all on a single platform with the same familiar user interface. The XetusOne platform is simple and affordable enough to be used by a single-person mortgage broker firm, yet scalable and robust enough to be used by one of the top 10 banks.
How Does Xetus Add Value?
Xetus takes a holistic view of the challenges lenders face, addressing a broad set of critical process improvement issues. For example, it offers a web portal application for subordination that enables lenders to transform a traditionally paper-intensive, error-ridden experience into an automated, streamlined collaborative process. One Xetus customer reduced cycle time (request to approval) from 20+ days to fewer than 8, and as few as 2 days for LPS Streamline requests. This efficiency gain occurred during a period when volume more than quadrupled, without the use of additional staff. XetusOne also provides an efficient, seamless method for handling maturing lines of credit. Lenders maximize retention with borrowers eligible for renewal by engaging them through a web portal that guides customers through a series of steps to provide current income verification. The XetusOne platform allows underwriters to check updated credit, valuation, flood and other services directly through the XetusOne interface. Approved customers retain the same account number and checks, a huge improvement to the alternative of moving the line into repayment and forcing the customer to reapply for a new line. This enhanced, underwriting-centric process not only creates a tangible, positive impact on customer retention but also anticipates the CFPB’s new Qualified Mortgage rule, which requires lenders to only lend to borrowers with the “Ability to Repay”, while providing a fully compliant audit trail.
What’s Next for Xetus that Lenders Should Know?
Xetus will continue to execute its strategy of broadening the Loan Management Platform market by leveraging the flexible, powerful underlying architecture of the XetusOne platform. Xetus will provide lenders with underwriting-driven applications that will help them to better manage additional customer touch points throughout the life of a mortgage loan, including both first and subordinate liens. Specifically, Xetus plans to provide lenders with a more customer-centric approach by combining traditionally separate customer interactions that are actually operationally related. Rather than leave a customer with the impression that “the right hand doesn’t know what the left hand is doing,” Xetus will assist lenders in presenting a unified presence to its customers. For example, when a customer requests a subordination from a lender, XetusOne will also check the maturity date of the customer’s LOC. If the date falls within a defined range (e.g. 9 months), XetusOne will automatically send correspondence to the customer to invite them to renew the line. In order to complete the subordination request and the LOC renewal, the customer has to provide supporting documentation only once and make a single trip to the notary, all while the lender saves time and resources in processing. Xetus is keenly focused on creating efficiencies and saving significant costs for its customers. (2458)