Monday, February 05, 2007

Dynatek: 86% growth in Plug-In partners

This is the era of plug and play. SOA, industry data and messaging standards, the open source movement facilitated by a practically free global network and a general reluctance to get locked into multi-million dollar proprietary platforms has all conspired to create an environment where technology players just naturally gravitate toward partnership. But that, in and of itself, is not enough to justify an 86% growth in Dynatek Plug-In partners?

Dynatek offers the MORvision loan origination system. I spoke to founder Jack Luhtanen for a recent Mortgage Banking article. It’s hard to argue with the fact that his company was utilizing a Services Oriented Architecture long before it was cool. Plug-In partners are all the service providers that lenders work with who have taken the time to integrate their software with MORvision.

The Livonia, Mich.-based company made the announcement earlier this month, reporting that its Plug-Ins and Partners increased from 110 to 125. Plug-In transactions also grew by 241,724, bringing the company’s two-year adjusted growth to 86%.

Dynatek added 15 new Plug-Ins in 2006. This represents 13.64% growth in the number of partners, brings the company’s grand total up to 125 Plug-Ins in 17 categories, and triples the number of choices available to MORvision customers since 2004.

4 comments:

danny said...

Rick,

I was reading you story about amerisave in the 2004 issue of mortgage technology and found it to be very interesting. I myself have been in the industry for 8 years and in the past 6 months I have put a great deal of effort to create a pricing engine similar to Amerisave. I myself am not a tech buy but I have been working with companies like...lioninc.com, mortech, srpcalc, nylx, just to name a few. As Patrick mentioned in the article this technology is very new. I have been let down by the companies I mentioned, they don't seem to "get it" DO you know of companies out there that are doing this pricing engine right?

Thx
dan

Rick said...

Did I read you right, Danny? You're reading a story I wrote back in '04? Nice archive!

As for product and pricing, these cricial tools are vital to the loan officer. As soon as a borrower realizes he knows more about what loan programs are available than the broker the deal is lost.

Wholesale lenders also want the loan officers to know about all their programs in the hope of securing more business.

In truth, the technology behind the product and pricing engine is well tested. It's an application of the old database query stuff we've had for decades. No complicated business rules, just search the database and bring me back everything that meets the qualifications of this particular borrower. You have to return only programs from lender/investors that the originator is approved to do business with, but still nothing tough.

The keys to success are: making it (1) easy for the loan officer to use, i.e. coupled to the LOS with one-click e-mail/FAX capabilities for borrowers who are not in the same room, and (2) complete. That's where most of the guys are falling down, in my opinion.

You have to get a critical mass of lender programs in the system and you have to have a way to keep them up to date. No one wants to suggest a deal to a borrower and then find out the lender has changed the deal. And there are some folks out there who are figuring this stuff out.

I'm working with a couple of companies that are making great progress in this area. To avoid all the disclaimer/disclosure stuff bloggers are supposed to do when they talk about their clients, I'll just ask you to e-mail me if you want more information. But, yes, there are some people out there who do get it.

Thanks for the post!

danny said...

Hi Rick, Danny again, just read your response to my post. Definetely would appreciate more information.


Thanks a lot.

Rick said...

Sure, Danny. Let's take it off line. I'll need to find out more about what you're looking for. Contact me directly at 570-325-2818.

Rick.