Century Mortgage Company Rolls out Gallagher's NetOxygen to Nationwide Offices
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Technology provides customized, adaptable, end-to-end mortgage loan process solution
BRENTWOOD, Tenn.-- After successfully piloting the NetOxygen platform from Gallagher Financial Systems, Inc. (GFS), Century Mortgage Co. announced that it will roll out the enterprise loan origination system to all its business partners in 18 states. NetOxygen is a comprehensive Web-based point-of-sale and loan origination system providing end-to-end loan processing via an Internet browser.
Not only does NetOxygen improve efficiencies through dynamic workflow routing and rule-driven, streamlined business processes, but it is also scaleable both vertically and horizontally. This allows users to work with a system that adapts to their business model and can then be modified to reflect changes in business procedures and market conditions.
"There is very little about the system that you cannot customize to fit your needs," explained Josh Eller, vice president of Information Systems at Century Mortgage Co. "We knew that we needed to touch every aspect of the system and mold it to fit our unique business needs. We are confident that we can always configure NetOxygen to meet our needs."
Century Mortgage has already experienced a number of benefits since the company began using NetOxygen. Prior to the conversion, underwriters had to move between multiple systems to make changes to loans created by their retail loan officers and wholesale business partners. Now, the information is electronically transferred to Century's lending division, and underwriters can work within one system to validate information. Efficiency is increased by not only eliminating the need to go to another system to send closing documents, but Century Mortgage employees are now trained on only one system. In addition, the consolidation improves data quality by reducing human error and increases the number of loans that officers are able to complete.
Eller said, "By having a consolidated system, there is no double entry. Processes that previously took between 15 and 20 minutes can now be completed in two to three minutes. That means a processor can now complete 30 loans in the time it used to take to complete four loans. That is quite a benefit to us."
Chris Anderson, president of GFS, said, "NetOxygen enables users to provide better customer service through improved efficiencies via dynamic workflow routing and rule-driven, streamlined business processes. Using NetOxygen to accomplish all aspects of the [lending] process provides an end-to-end system that ensures the quality of data from point of sale through delivery. NetOxygen's automation positions Century to not only handle more throughput in today's volatile marketplace, but also accommodate the expected surge in refinances due to resets on Option ARMs and other exotic programs."
Century Mortgage was able to tailor NetOxygen based on the feedback received from users during the pilot stage, and responses from business partners have been very positive. "Once we made the changes, we rolled it out within the company and the reception was fantastic," Eller added.
About Century Mortgage Co.
Founded in Louisville, Ky. in 1996 by Matthew Bohn, Century Mortgage Co. is licensed in 18 states and processing additional licenses each month. The company currently employs more than 150 employees. As a full service mortgage lender/banker, Century Mortgage's wholesale division, Century Lending, funds and securitizes loans originated by business partners, banks and direct mortgage lending entities. As part of Century's commitment to incomparable service, the support teams are structured to exceed the expectations of the customer's needs and pioneer a new level of customer service unheard of in the industry. Century's innovation to constantly strive to provide excellent service and values is a testimony to its rapid and continued growth.
For more information on Century Mortgage or Century Lending, please visit www.centurymortgagecompany.com and www.centurylending.net
About NetOxygen
NetOxygen's architecture allows lenders to improve efficiencies via dynamic workflow routing and rule-driven, streamlined business processes. NetOxygen was designed to handle all aspects of the lending process for all channels and loan types using a component-based, end-to-end system, which allows for enterprise-wide data access for improved customer service. Gallagher also provides an off-the-shelf solution that can then be tailored to meet technological and business challenges that arise in an ever-changing industry.
For more information, please visit netoxygen.com
About Gallagher Financial Systems
Founded in 1985, Gallagher Financial Systems is one of the nation's largest residential loan origination systems providers. Headquartered in South Miami, Fla., with its national operations center in Brentwood, Tenn., GFS has more than 150 professionals located throughout the U. S. and abroad. The company provides flexible, scalable, Web services-based loan origination and decisioning solutions for both the mortgage and consumer lending industries. Its product suite includes Gallagher NetOxygen, a Web-based Enterprise Lending Platform (for Internet-enabled technology needs), Enterprise Manager and NetOxygen Studio.
For more information about Gallagher or its products visit gogallagher.com
Contacts
For Gallagher Financial Systems
Catherine Laws,
678-781-7206
Nneka Egwuatu,
678-781-7229
