Friday, July 02, 2010

Quicken Loans chooses workflow management software

Until the government quits changing things, lenders are going to have to deal with frequent changes in direction. While the industry is clearly getting tired of being whipped from one side of the vehicle to the other, they have to stay between the lines if they want to stay in business. For many, that means choosing new technology to help them remain in compliance. That's a breath of fresh air for technology firms, many of which have been living like lizards in the desert for the past few years.

Most recently, Quicken Loans announced that it would license software from Scottsdale, Ariz.-based Response Analytics, Inc., a self-styled financial services optimization firm.

Quicken will be using the company's Mortgage Asset Management solution, which the lender hopes will support its workflow for managing residential loans. Quicken Loans, a 50-state, direct-to-consumer retail mortgage lender with more than 3,000 employees (it calls them team members), says it is the nation’s largest online retail mortgage lender. The firm is a top 10 lender overall (possibly top 5, depending upon who's counting up the chips).

According to Response Analytics, its software will be used by Quicken Loans to provide speed, efficiency and actionable strategies in evaluating how to maximize the value of the loans it reviews for business partners.

“The selection of our solution by Quicken Loans validates the growing recognition that the new realities of today’s markets require new solutions,” said Brent Lippman, chief executive officer of Response Analytics. “New solutions that not only utilize the investments companies have made in models, data and systems, but also weave these disparate pieces together to provide business value and speed.”

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