PathSoftware, a new highly-structured, cloud-based mortgage loan origination software (LOS) from CalyxSoftware, announced today that Central Pacific Bank, a leading residential mortgage lender in Hawaii and the primary subsidiary of Central Pacific Financial Corp., has selected Path as their LOS.
Central Pacific Bank provides a full range of mortgage services that include retail, portfolio and correspondent lending, as well as investment and trust services through a network of 35 branches in the state of Hawaii. The bank has more than $5 billion in assets.
"We looked at 12 LOSs altogether, and having the latest available technology, with a flexible workflow, was an important factor in our decision," Kirsten Kemper, vice president, capital markets manager at Central Pacific Bank. "Path's clean, easy-to-use interface shows what each user needs to do their job and its reliable data entry auto-populates all screens correctly, eliminating duplicative entry in single loan file. In addition, Path will allow us to do business online and paperless, which will not only save us time and courier costs, but also improve efficiency and productivity."
According to Dennis Boggs, executive vice president of PathSoftware, the new LOS was designed to simplify and streamline mid to enterprise-level, multi-channel loan origination. As a portal with a single point of entry, all loan data, lock data, products, pricing, AUS findings, disclosure documents, compliance assurances and closing documents emanate and are reconciled within one system.
The single-portal design enhances visibility and improves productivity across multiple business channels -- wholesale, retail and correspondent. Path is also the first completely data-driven (not form-driven) LOS. Borrower and property information is collected one time and propagated across all forms, making adapting to and complying with new regulations easier and more efficient.
"Path's design can truly transform the way lenders originate loans. The flexible, yet precisely configured workflows and role-based security are unique in the marketplace," said Boggs. "We're pleased to provide Central Pacific Bank a solution that is easy to use, accessible from anywhere, and robust enough to handle loan access, closing cost templates, default conditions, pricing, business contacts, etc."