Homepoint, one of the largest wholesale mortgage originators and servicers in the country, has a new tech platform on offer for brokers.
The Ann Arbor, Michigan-based firm said it has selected Appian‘s low-code automation platform as the nerve center for its staff and participating brokers.
The new technology platform, a graphical interface that reduces the need for hand-coding, enables Homepoint “rapid scalability and flexibility” to adapt to changing consumer needs while maintaining a low-cost structure, the company said.
Brokers who use Homepoint’s Appian-powered platform will benefit from faster loan processing (compressing the time from hours to minutes), real-time visibility into each step of the mortgage process, and improved data integrity and accessibility, the company said in a news release on Thursday.
“The ability to evolve technology faster is becoming more important within the operations of every business; things are changing at a rapid pace,” said Phil Shoemaker, president of originations at Homepoint.
“By integrating Appian’s low-code technology, this gives Homepoint a huge advantage over our competition, because it allows us to more directly empower the business to rapidly change workflow and business processes without going through a costly and cumbersome software development process that often delivers only a portion of what the business needs.”
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Homepoint’s jump to Appian’s automated digital platform is the latest tech move among independent mortgage banks.
Rocket Companies has invested hundreds of millions of dollars in the last year on building out automation tools and new technologies. United Wholesale Mortgage in September unveiled Blink+, an upgrade on its all-digital loan portal for brokers. It also offered a mobile app to handle every element of the mortgage transaction.
As of the third quarter, Homepoint was the nation’s third-largest wholesale lender and the ninth-largest lender overall. Through the first three quarters, Homepoint originated over $38 billion in closed loan volume. It originated just over $22 billion throughout all of 2019.
Aside from the deal with Appian, Homepoint also announced a rebranding this week. The company was formerly known as Home Point Financial.
Appian founder and chief technology officer Mike Beckley said Homepoint’s move to low-code automation could signal a major tech shift for the industry.
“Low-code development is the future of lending, as companies opt for a simple, seamless digitized solution that maximizes speed and flexibility over big-budget monolithic loan origination systems,” he said in a statement.