A new tool called Pri-Mor Systems - which uses technology from both MorWeb and Syndi - has launched to help brokers manage privately funded mortgages from origination to discharge.
"We recognized that the private mortgage market was underserviced - it was unorganized, there were no efficiencies, and it required a lot of manual processes, making it hard for brokers to ensure they follow compliance rules," said Tim Brown of Marlborough Stirling, the parent company of MorWeb.
To combat this problem, Pri-Mor Systems, which primarily targets brokers, created an interface between MorWeb and Syndi. MorWeb is used for inputting the private mortgage application and links to Syndi after the loan is underwritten and approved. Syndi prepares reports and fully tracks mortgage payments and balances and also assists with compliance.
Pri-Mor Systems president Roy Prince collaborated with Centum mortgage broker Paul Bath on developing the product, which is available starting in February. (It was previewed at the CAAMP conference in November). Bath said the system will also help brokers who focus on private mortgages to build a "saleable book of business" and develop better relationships with private lenders and investors.
Although Prince wouldn't reveal pricing, he said the system can be tailored for individual or group use and would be beneficial for brokers who count private mortgages as a portion of their business.
