Livonia software firm’s client sees mortgage volume jumps 53%

LIVONIA—Lodasoft, Livonia-based developers of loan origination and lender task automation software, announced that Independence, Ohio-based Liberty Home Mortgage increased loan volume 53 percent after adopting Lodasoft’s workflow platform.

“Prior to Lodasoft, we were averaging 3.2 closings per month per mortgage banker,” said Liberty CEO Khash Saghafi. “Now, we have increased to 4.9 closings per month per mortgage banker, but the key was in very minimal increase in processing staff. We grew in volume by 53 percent but grew staff by less than 13 percent. With the additional profits, Lodasoft essentially helped us purchase a brand new building, all over the course of one year.”

Created by a team of lenders and mortgage technologists, Lodasoft is a digital workflow platform designed by mortgage veterans to enhance productivity and quality while providing structure and guidance for all members of the process. Its task-based workflow engine allows lenders to automate their own personalized mortgage process. Teams can seamlessly identify what, when and who should perform each task at every stage and for endless use cases in broker, wholesale, retail, consumer-direct and beyond. Lodasoft’s platform also streamlines onboarding and training. Liberty Home Mortgage’s newer loan officers were able to quickly learn more guidelines since they spend less time organizing files.

“We needed to stay focused and disciplined on who we are, how we do business, and also manage the expenses in a changing market,” Saghafi said. “The only way to do this is to constantly streamline our supply chain and Lodasoft did and does exactly that. Our business doesn’t depend heavily on the rate environment as we are balanced and slightly more focused on purchase. What we depend on is consistency and finding ways to reduce costs as we grow. We were able to minimize staff increases while increasing volume, speed and efficiency.”

Said Lodasoft president Adam Batayeh: “By working with Liberty Home Mortgage, we’re helping them increase profitability and take advantage of the current market but do so in a way that allows them to sustain that growth when rates start to increase. Liberty Home Mortgage is setting a new and better standard for how the industry operates and we’re pleased to be a part of that.”

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