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Lydian Integrates to NYLX to Help Lenders Increase Loan Quality
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By combining NYLX's best execution and pricing with Lydian's best practices fulfillment services,
mortgage originators benefit from a low cost, low risk solution to increase profitability
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MT. ARLINGTON, NJ and JACKSONVILLE, FL, March 17, 2008 – After months of preparation and technical development, two leaders in mortgage technology have announced a partnership that increases loan quality, decreases costs, and reduces risk for lenders and originators of all types. The partnership connects Lydian Data Services and Lydian Technology Group clients with NYLX's point of sale technology, equipping clients with a front end solution that offers real-time pricing and product selection, as well as customer-facing web portal capabilities. NYLX clients can now easily connect to Lydian's award-winning Mortgage Connectivity Hub to seamlessly connect to various lending platforms, effectively package loans for processing or delivery to a wholesale lender, and easily leverage Lydian's extensive business process outsourcing (BPO) services.
"Bankers and lenders are challenged with how to improve loan quality and mitigate risk right now," explains NYLX president John Alexander. "They need a way to make sure that they are selecting and closing high quality loans, without having to spend a fortune to do so. Together with Lydian, we are helping them do just that."
The partnership also addresses the long-standing challenge of two-way data exchange and integration of disparate systems. "Collaboration is a major hurdle in the mortgage industry because systems don't talk to each other well," explains Brian Fitzpatrick, Lydian Technology Group's president. "We're making it easy for mortgage originators using NYLX's technology to integrate their systems to other technology platforms without having to invest in costly custom integrations. NYLX users therefore benefit from bi-directional communications with loan origination systems and other mortgage systems that benefit from integration with a product selection and pricing engine."
"Now that this key connectivity is in place through Lydian, we have also opened up the gateway for two-way connectivity to other mortgage platforms and service providers in an easy-to-implement, seamless fashion," says Alexander. "One of the key platforms that our users will be connected to is Lydian's streamlined best practices fulfillment services, outsourcing as much of the front and back end processes as they desire."
Lydian's clients will benefit greatly from integration to a web-based point of sale solution that enables loan pricing and product eligibility. "Everyone is looking to maximize profitability right now, and with NYLX, companies can do just that," explains Fitzpatrick. "Whether they are wholesale or correspondent lenders, our clients now have access to NYLX's loan pricing and product eligibility tools at the point of sale, regardless of sales channel. Originators and secondary managers can now ensure that they are making the most profitable decisions at each stage in the process, maximizing revenue on each loan by design - not leaving it to chance."
In response to uncertainty in the mortgage business, companies have been cutting back on technology initiatives and are much more selective as to where they spend their information technology dollars-- and one of the key areas where lenders are continuing to spend is integration. "This partnership is all about efficient integration and connectivity. We make it easy for lenders to get the most out of their investment by providing collaboration with value added processing and fulfillment services that enable clients to get the most out of their investment in technology and convert their fixed costs into a variable structure or simply open a new production channel." It's all about profitability, according to NYLX's Alexander. "By bringing our clients together," he says, "we're creating seamless connectivity within an ever-expanding network of lenders, originators, technologists and service providers. That means less wasted effort, greater cost efficiency, reduced technology expense and greater profitability for participants. It is what the business needs, and needs now."
About NYLX:
As a leader in data management, eligibility and best execution pricing solutions, NYLX brings value to thousands of members within mortgage banking and brokerage firms nationwide. Many of the mortgage industry's best-known companies subscribe to NYLX's services in support of their data, eligibility and time-sensitive pricing needs. NYLX empowers users to instantly compare product eligibility and pricing among their selected investors, by granting users access to the largest authorized database of product and pricing data from national, regional, and local investors. With NYLX, complex and labor-intense product decisioning and best-execution pricing become simple, fast, and affordable allowing companies to adapt to market conditions in real-time, make smarter decisions, and achieve better executions on all transactions. To learn more about NYLX, visit www.NYLX.com or call 866-557-NYLX (6959).
About Lydian Data Services:
Lydian Data Services, a wholly owned subsidiary of Lydian Trust Company and the parent company to Lydian Technology Group (www.LydianTechnology.com), provides end-to-end outsourcing and a la carte services to manage or enhance all aspects of the mortgage operation for premier institutional lenders and investment banks. Through its award-winning, open-architecture platform, and through leveraging the Mortgage Connectivity Hub, Lydian Data Services improves its clients' operational efficiencies and service delivery. The company has focused expertise in post-closing, quality control, conduit services, fulfillment services (including wholesale and retail processing), and travel team due diligence. Lydian Data Services is a central clearinghouse and standard for due diligence and data integrity for leading lenders and investors within the mortgage industry. Lydian has been awarded the Ernst & Young Florida "Entrepreneur of the Year ® " award for Financial Services, has been repeatedly ranked one of the fastest-growing private companies on the Inc. 500, and was the top ranking financial services company to be recognized on the InfoWorld 100 list of the "Most Technologically Innovative Companies in the World." For more information, visit www.LydianData.com.
About Lydian Technology Group:
Lydian Technology Group, a wholly owned subsidiary of Lydian Data Services, provides award-winning enterprise integration and process automation solutions that empower organizations to achieve a greater return on their current and future technology investments. The company's integrated data hub technology equips companies with a cost-effective, ready-to-deploy service-oriented architecture (SOA) with pre-built integration adapters to hundreds of financial services applications. The technology empowers companies to leverage best-of-breed technologies by making it easy to add, update or remove applications without system-wide repercussions. This time-tested solution offers a future-ready architecture to efficiently integrate systems, automate processes across disparate applications, and store all data in a centrally accessible repository. Authorized users have real-time access to enterprise-wide data through this central repository, and can engage in productive collaboration with other users. The technology also simplifies the deployment of business process management tools by equipping users with building block components. For more information, visit www.LydianTechnology.com.
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View Press Release in PDF format
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