Loan Origination Software
I am only familiar with their system before they declared it a LOS. It was definitely a slick web application but it definitely had only the barest of reporting capability and it had no capacity to set rules or even notify you if an application was started. It was not uncommon for a borrower to start a web application and get to the point where legally it WAS an application but the lender had no knowledge unless he searched for applications and then printed out each 1003 individually and reviewed them for the 6 triggers. In addition, it was not possible to put your non-promulgated disclosures in their system. I participated in a very long conference call with an executive of MortgageBot and it ended with that person stating, “MortgageBot is not designed to be a compliance system”. Perhaps they have improved or changed their attitude but today your LOS needs to be the most powerful compliance tool you have. If MortgageBot has improved, I would still be concerned about a system that is new on the market. I would do rigorous testing on the system from application through closing before I purchased this system. If you decide to use MortgageBot as your front end and dump the applications into a different LOS for disclosures, reporting, processing, etc., test that rigorously.
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