Liberty Home Mortgage Grows Profitability, Increases Loan Volume by 53% with Lodasoft
Mortgage lender increases speed and efficiency with minimal increases in staffing, allowing for market and economic shifts
LIVONIA, Mich., April 24, 2021 – Lodasoft, a Digital Workflow Platform designed by mortgage veterans to revolutionize loan origination and task automation, today announced that Independence, Ohio-basedLiberty Home Mortgagesignificantly increased loan volume by 53% while increasing margins since leveraging Lodasoft's award-winning configurable workflow platform.
The mortgage lender substantially increased speed and efficiency with minimal increases in staff and resources, enabling significant profitability gains.
In fact, according to Khash Saghafi, CEO at Liberty Home Mortgage, “Prior to Lodasoft, we were averaging 3.2 closings per month per mortgage banker. 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% but grew staff by less than 13%. 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. In fact, 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,” said Mr. Saghafi. “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.”
Lodasoft strives to make the loan process more efficient, scalable and profitable. As a result of its success, the company has experienced 1,000% growth over the last 15 months, demonstrating a strong and growing demand for its solutions.
“At Lodasoft, we help mortgage professionals drastically reduce costs, chaos and cycle times to supercharge growth,” said Adam Batayeh, President of Lodasoft. “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.”
About Lodasoft Lodasoft is an award-winning and highly acclaimed mortgage task automation software designed by mortgage veterans to enhance productivity and quality. The Lodasoft Digital Workflow Platform leverages enterprise intelligent loan manufacturing (iLM) to drastically reduce the cost to originate. Lodasoft enhances workflow throughout the enterprise’s lending lifecycle by implementing task-based automation, identifying training opportunities, and freeing branches and internal staff to focus on growth. For more information, visit www.lodasoft.com.
The Lodasoft Executive team is comprised of top mortgage industry veterans who have lived on your side of the fence for 20+ years. With experience at companies such as Loan Depot, Black Knight, GE Capital, ISGN, and more, our deep industry knowledge allows us to provide real-life solutions that come from real-life challenges.
Lodasoft - The Digital Mortgage Platform
The award-winning Lodasoft Digital Workflow Platform leverages enterprise intelligent loan manufacturing (iLM) to drastically reduce the cost to originate. Lodasoft enhances workflow throughout the enterprise’s lending lifecycle by implementing task-based automation, identifying training opportunities, and freeing branches and internal staff to focus on growth.