Lender Finds A Fresh Approach

Maverick Funding Profiled

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Southfield, MI, February 16th, 2011 – As new rules for loan officer compensation, for example, come into the space, lenders have to be flexible. But how do you do that with older technology? In most cases, you can’t. That’s why more and more lenders are now opting to go with a new loan origination system these days.

For example, Maverick Funding Corp, a growing mortgage banking firm based in Parsippany, New Jersey, with offices on both the east and west coasts has opted to change it’s loan origination system. Maverick Funding Corp. Director of Information Technology Bill Richardson performed months of due diligence before selecting Mortgage Builder to provide the loan origination technology the firm needed as it continues to grow in both its retail and wholesale business channels. Maverick Funding Corp. is a member of Lenders One consortium, the national alliance of over 175 mortgage bankers based in St. Louis, Missouri, that represents the third largest originator of mortgage loans in the United States. Mortgage Builder is the cooperative’s sole approved LOS vendor partner, a significant factor in Maverick Funding Corp’s selection process. But why did they choose Mortgage Builder?

“Maverick Funding Corp. has been part of Lenders One for over two years, and we’ve benefited greatly in our dealings with vendors and investors,” Richardson says. “Once I saw what Mortgage Builder could do for our organization, with its ‘everything’s integrated’ approach, its pricing structure that charges only for loans that close, and its robust web capabilities, I realized it was the best system to take us to the next level.”

Maverick Funding Corp. is growing both organically and opportunistically, bringing origination teams on board from broker offices that have closed in markets with long-term growth potential. The company originates both conventional and FHA loans, and expects to be using Mortgage Builder’s FHA connection to deal directly with HUD when Maverick Funding Corp. completes the implementation process in February.

“We started in 2007 with ten employees and four years later, we have over 140,” Richardson relates. “We needed a system that could grow with us, offer tremendous flexibility and allow users to focus on what they needed to do instead of wasting time with an LOS that was hard to use.”

Richardson is a technologist who started in lending as a loan officer and has worked in every aspect of the mortgage origination business, so he understood better than most in his position what would be expected of the system the company ultimately selected.

“I spent a lot of time studying efficiency needs and applied what I learned to projects’ requirements,” he says. “Mortgage Builder was the only choice that truly measured up. Understanding what loan officers, processors, underwriters and closers need in order to do their jobs well, I wanted to be able to ‘mold’ their technology experiences and avoid the clutter of things they don’t need to see, as in other systems. Mortgage Builder lets me do that, and has a tremendous reputation for reliability and service.”

Mortgage Builder Vice President of Sales Bill Mitchell added, “Richardson recognized the benefits of using a fully integrated system like Mortgage Builder and the control it gives Maverick Funding Corp., while at the same time taking advantage of the web-based delivery options.”

In this configuration, Mortgage Builder handles all the hardware, the backup systems and the software updates, while Maverick Funding Corp. retains full flexibility without the need for server facilities, multiple systems to integrate, and a large IT team to maintain it all.

“They are focused on fast service to their retail customers and their wholesale partners to spur their continued growth,” Mitchell says. “Bill Richardson calls the technology shots and we do the rest.”

Visit Progress In Lending at www.progressinlending.com.