Motivity Solutions and Dallas-based PrimeLending, a PlainsCapital Company, have announced today that the Movation Business Management Platform is live and in the process of being rolled out to approximately 1,000 users throughout the organization. In addition to enterprise-wide business intelligence, PrimeLending plans on creatively utilizing the business intelligence functionality within Movation to compare system and operational performance, to manage their Loan Originator Compensation initiative, and to expand their accounting insight.
“What we are starting to do, and what we have wanted to do for some time, is only now possible because of Motivity Solutions’ method of combining data from multiple systems,” said Tim Elkins, CIO of PrimeLending. “To do this well is a critical component for business intelligence to be successful and it is one of the primary reasons we looked to Motivity Solutions.”
Motivity Solutions and PrimeLending began working together in October 2010, by integrating with the company’s existing LOS and replacing PrimeLending’s previous business intelligence system shortly thereafter.
“PrimeLending is a perfect example of a mortgage lender that understands the power of operating a business on real-time business intelligence,” said Tyler Sherman, CEO of Motivity Solutions. “They are now able to deliver a more effective, more complete and exception-based view of the information to increase productivity and improve efficiency in their day-to-day operations,” Sherman stated.
According to the two companies, PrimeLending is using business intelligence beyond the typical definition.
“One of the more unique benefits of this system is that it has allowed us to operate two loan origination systems concurrently and we will soon be tracking the effectiveness of these systems against each other to ensure our loan quality and operations are optimized,” said Elkins. “We will be comparing elements such as investor exceptions and suspended loans in addition to volume and lifecycle metrics between the two systems. This insight will give us a clear indication of which system is most proficient at helping us accomplish our corporate goals and vision.”
Since its introduction in 2009, Motivity Solutions has impacted several of the industry’s most prominent mortgage bankers. Motivity’s technological concept of a single platform to manage the entire business is being utilized among lenders like PrimeLending, who are now looking to the platform for more than just numerical insight.
“The Loan Originator Compensation regulation has had a profound effect on our industry over the past few months but through Movation we will be able to bring more clarity to these regulations for our executives and staff by tracking compensation levels and the components of originator compensation,” said Elkins. “Each of these elements benefits PrimeLending from a revenue and compliance perspective.”
Sherman added, “The new world of Loan Originator compensation is all about the numbers; what is driving compensation, who is being compensated, and ensuring that the proposed loan is aligned with the borrowers’ interests. Our experience in managing these principles through technology from our previous success as a top 10 FHA lender has enabled us to engrain into our technology the core functionality that makes managing compliance regulations, such as loan officer compensation, more manageable.”
PrimeLending has also engaged Motivity Solutions to integrate their accounting system, Accounting for Mortgage Bankers, or AMB, with the Movation Business Management Platform, in order to expand PrimeLending’s profit and loss insight.
“We can really get down to driving the performance of our organization and staff based on the factors we feel are most important by tying together our accounting and production databases,” said Elkins. “We will have the ability to look at loan level P & L, loan participant P & L, loan source P & L, risk indices, and funding probabilities based on the individual characteristics of what it takes to manufacture a loan,” said Elkins .
“I believe that everyone is trying their best to be successful while producing a quality product for the consumer and economy, but so much more can be done by taking the most contemporary approach to being proactive in origination,” Sherman said. “The approach that PrimeLending is taking delivers a 360-degree view of the loan parameters and provides a historical and real-time perspective of what has been, and is currently, the most effective means of doing business. This allows an organization to take control of their business and we are thrilled to be a part of what PrimeLending is doing - and what is sure to be the future of mortgage banking,” Sherman finished.