Greenlight Financial Services Chooses LendingSpace as Mortgage Technology SaaS Provider

FULTON, Md., April 25, 2011 /PRNewswire/ -- LendingSpace, a leading provider of mortgage technology solutions, today announced that Greenlight Financial Services, one of the fastest-growing, direct-to-consumer mortgage lenders in the country, has selected LendingSpace as its Software as a Service (SaaS) provider.  The LendingSpace Enterprise Lending System will serve as the mortgage loan origination system for Greenlight and its online lending channel, Greenlightloans.com.

"At Greenlight, we rely on highly effective processing systems that incorporate the very latest computer technology. This allows us to pass on significant savings to the consumer," said Joann Pham, CEO, Greenlight Financial.  "The cost benefits of LendingSpace and its pay-per-closed-loan loan origination system are very significant, and the comprehensive nature of the system helps to ensure efficiency, security and compliance – a major challenge for all lenders in an environment of such rapid regulatory change."    

"Operational efficiency is the basis of our successful business model. Our choice of LendingSpace's technology gives us a platform that integrates compliance issues into the normal workflow, which boosts day-to-day operational efficiency, as well as creates a single database of record for quality assurance and regulatory compliance purposes," said Ms. Pham.

The LendingSpace Enterprise Lending System is an end-to-end Software as a Service (SaaS) solution with all tools needed to originate and manage conventional, FHA, VA, and reverse mortgages.  Components and features of the system include Lead Management, Point of Sale, Automated Decisioning, Loan Origination System, LendingXchg and Vendor Management, Customer Portals, Compliance, Document Management and Imaging, Secondary Marketing, and Enterprise Reporting.  

"Greenlight's sophisticated, web-based approach to direct-to-consumer lending has enabled the firm to grow rapidly.  With LendingSpace they have a fully integrated system that efficiently and cost-effectively addresses everything, including compliance, from lead management through post-funding activities," said Ravi Varma, CEO of LendingSpace.

In addition to a full suite of components offered as standard features, LendingSpace takes a "when you win, we win" approach to pricing.  Clients pay a fee-per-file for the use of LendingSpace only on transactions that go successfully to funding.  The LendingSpace Enterprise Lending System also provides significant cost benefits through process efficiencies, elimination of redundant processes, reduced time in bringing loans to funding, dramatic reduction in customer service calls, paperless workplace and tight supply chain integration.

For a free demonstration of LendingSpace's features and capabilities, lenders can call toll-free, 800-995-2341.

About LendingSpace

LendingSpace, a privately held technology company, is a leading provider of state-of-the-art, comprehensive mortgage loan origination management solutions, serving the needs of banks, mortgage companies and other lending institutions through its innovative Software as a Service paradigm. Founded in 1999, LendingSpace has a global development staff of more than 80 focused exclusively on mortgage technology solutions and the unique needs of mortgage professionals. The company is located in Fulton, Maryland. www.lendingspace.com.

SOURCE LendingSpace