Brings the entire mortgage process into a single paperless application enhancing efficiency and compliance
Strategic initiative lead by new Chief Information Officer Adeel Saeed
Transforms Company's green ideals into real environmental and economic results
MELVILLE, N.Y., Feb. 24 /PRNewswire/ -- Lend America, a leading next generation direct-to-consumer FHA lender, announced today it has built and implemented an automated paperless platform for all loan originations and processing that enhances overall efficiency, regulatory compliance and risk management, while extending the Company's commitment to environmental stewardship. This strategic initiative was directed by Lend America's new Chief Information Officer, Adeel Saeed, who is responsible for managing the technology decisions and architecture of the Company with a mandate to focus on automation, simplicity and eco-responsibility.
"Our paperless platform, which brings the entire mortgage process into a single application, truly positions Lend America as a leading next generation mortgage company," commented Michael Ashley, Chief Business Strategist of Lend America. "This fully automated platform significantly enhances the mortgage process by intelligently creating, managing, processing, monitoring archiving, and retrieving all content throughout the lifecycle of a mortgage from initial contact through the closing of the loan. The tangible benefits of this platform are numerous and include increased efficiency, regulatory compliance, risk management, security, centralized document retention and reduced paper files. All will help us better serve our clients, increase the Company's overall profitability and have a significant impact on the environment."
Lend America launched its automated paperless platform in early February 2009, and today all of the Company's loan originations from entry into the organization to closing are conducted as a paperless transaction. Utilizing key technologies, this fully integrated collaborative solution allows borrowers to e-sign disclosure documents via a secure portal and/or submits the documents required for their loan. In addition, the platform allows borrowers to communicate "real-time" with Lend America's over 300 highly trained mortgage specialists and is combined with an automated fulfillment process tracked at every step for those without online access. Using a multi-layered SSL encryption technology, consumer data is always secure and monitored 24/7.
Mr. Ashley continued, "This initiative aligns with our Y3K loan origination system standards as it blends innovative, secure consumer web-centric technology with comprehensive workflow functionality. This paperless system has allowed Lend America to replace linear document processing with a dynamic production model. Our clients appreciate the ease and security of accessing their loan documents online."
In conjunction with the launch of its automated paperless platform, Lend America developed a two week mandatory training program for its entire 590 plus employee base so they could clearly understand both the full functionality of the platform and the business benefits to the organization and environment.
Adeel Saeed, Chief Information Officer
Mr. Adeel Saeed joined Lend America in late 2008 with over 10 years of experience in the financial services technology industry. Before joining Lend America, Mr. Saeed was Chief Information Officer of Refinance.com, where he led the paperless automation initiative and development of key mortgage analytical tools. Prior to this position, he served as the Director of Corporate Technology and Infrastructure at The American Stock Exchange, responsible for managing the Exchange's key corporate technology and telecommunication infrastructure. During his career, Mr. Saeed also worked at Milleniumbcp, a major international retail and commercial bank, where he was responsible for their U.S. technology infrastructure. Mr. Saeed is a member in several associations, including IANS (Institute of Applied Network Sciences).
"Adeel's extensive experience in technology, deep understanding of the financial service industry and personal qualities made him an exceptional fit to lead our IT infrastructure and help Lend America manage it rapid growth," commented Michael Ashley. "In 2008, Lend America grew mortgage production to over $1.3 billion or about 7,000 closed loans, compared to just $764 million in 2007 or 3,461 closed loans. We are now projecting full year 2009 production to increase significantly to over $2.50 billion or 12,500 closed loans. Within this context of growth, we are focused on continuing to enhance our operational efficiency to achieve higher productivity and mitigate risk throughout the lending value chain."
"I am truly excited to join the talented team at Lend America," stated Mr. Saeed. "Lend America's leadership team has the vision, passion and the determination to make the Company a driving force of change in the mortgage industry and the leading next generation mortgage banker. I look forward to the opportunity to contribute to the Company's continued expansion and success."
About Lend America
Lend America, a National Mortgage Banking Organization and one of New York's largest privately owned direct lenders, has proudly served the residential mortgage marketplace for over 20 years. The company is one of the most successful direct to consumer lenders in the United States and is the region's largest and most well known FHA direct lenders and is a GNMA approved mortgage backed securities issuer. Lend America is also the originator of successful nationwide broadcast television educational seminar programs, titled The Mortgage Loan Network "MLN." Lend America offers a wide range of home purchase and refinance programs to meet their clients' individual requirements. The Company also has a direct-to-investor exit strategy solution to help leading Wall Street firms and hedge funds quickly monetize their residential mortgage portfolios. Lend America employs approximately 590 employees and is located at 520 Broadhollow Road, Melville, New York, 11747. For more information on Lend America, visit www.lendamerica.com
