LoanLogics Strengths, Domain Expertise, and Key Differentiators
LoanLogics was founded in 2005 to improve the transparency and accuracy of the mortgage process and improve the quality of loans, performance, and reliability throughout the loan lifecycle. LoanLogics offers solutions for clients to validate compliance, improve profitability, and manage risk during the manufacture, sale and servicing of loan assets. LoanLogics has two main products: LoanHD and LoanLogics IDEA.
LoanHD Loan Quality Management Solutions use Intelligent Data Extraction and Automation (IDEA) performing 100% data comparison of extracted document data and LOS/system data in the mortgage loan review. All loan documents are classified, with data extracted and compared with LOS data via the LoanHD LoanFacts dashboard providing unmatched granularity for audit review, analytics and Action Plan reporting. LoanLogics IDEA is platform that compares 100% of the data extracted from documents to other documents and LOS/systems data. LoanHD LoanFacts, unlike any other mortgage loan product, provides a dashboard of all loan file data from systems and documents, giving auditors a detailed view of data conflicts and verified data that has passed all business rules.
LoanLogics Recent Developments
In January 2021, LoanLogics, launched LoanHD HMDA DirectCheck, new software that analyzes HMDA data for compliance with mortgage industry regulations and identifies loans needing manual exception review, according to a press release.
In April 2020, LoanLogics launched LoanLogics IDEA OnDemand, a cloud-native digital assistant that helps originators automate the processing of loan documents on an as-needed basis and reduce staff costs. Available for use on documents associated with individual loans, IDEA (Intelligent Data Extraction and Automation) OnDemand is a highly secure technology that uses machine learning to classify loan documents and extract loan data in just seconds. IDEA OnDemand is able to identify more than 400 different document types and extract more than 8,000 individual data elements, with many critical documents and data elements achieving over 95 percent accuracy.
In March 2019, LoanLogics and and VirPack, a provider of virtual document management and file automation solutions made a strategic partnership aimed at accelerating mortgage data and document processing to streamline operational workflows for lenders mortgage manufacturing, loan acquisition and quality control processes. By leveraging an integration between LoanLogics IDEA and VirPack's virtual document management and automated workflow platform, the companies remain at the forefront of providing market leading solutions that increase the speed and accuracy of document recognition, data extraction, and file review; and reduce the cost of creating and ensuring loan quality.
LoanLogics Mergers and Acquisitions (M&A) Activities
In July 2021, Sun Capital Partners, a private investment firm focused on defensible businesses in growing markets, has completed the acquisition of LoanLogics. Sun Capital Partners Inc. is a private investment firm focused on defensible businesses in growing markets.
LoanLogics Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying LoanLogics applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of LoanLogics and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified LoanLogics IDEA, LoanHD Loan Quality Management platform, LoanHD Investor Module for Correspondent Loan Acquisition customers.
Ownership: - Sun Capital Partners Inc
Number of Employees: 185
LoanLogics Key Enterprise and Cloud Applications
LoanLogics IDEA, LoanHD Loan Quality Management platform, LoanHD Investor Module for Correspondent Loan Acquisition
LoanLogics Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
LoanLogics Revenue Breakdown By Type, $M:
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LoanLogics Enterprise Applications Revenues By Functional Markets, $M:
LoanLogics Enterprise Applications Revenues By Verticals, $M:
LoanLogics Revenues By Region, $M
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LoanLogics Direct vs Indirect sales
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LoanLogics Customers - Breakdown by Geo, Size, Vertical and Product
No. of LoanLogics Customers: 500
No. of LoanLogics Enterprise Applications Customers: 500
No. of LoanLogics Cloud Customers: x
No. of LoanLogics Cloud Subscribers: x
LoanLogics has more than 500 customers and over 30 000 users. Among its customer wins are: PenFed,121 Financial CU, Birdsey Group, Summit Funding, Planet Home Lending and many others.
LoanLogics Market Opportunities, M&A and Geo Expansions
In April 2021, they released LoanLogics IDEA for MSR Transfer, a new solution that automates document processing and data extraction for mortgage servicers and banks when acquiring mortgage servicing rights. IDEA for MSR Transfer normalizes document naming and stacking order across any number of sellers to streamline MSR acquisitions and creates an automated repeatable process to onboard loans into a buyer’s servicing system. Using highly accurate, machine learning-based automated document recognition (ADR) technology and automated data extraction (ADE), the solution can extract data from more than 700 data fields on more than 30 most common critical loan documents for MSR acquisition. With an approach like this, the company is securing its future.
From May, 2018 LoanLogics went completely in the cloud with AWS Storage Gateway and Amazon Elastic File System (Amazon EFS). By migrating all in on the AWS Cloud, LoanLogics' product and development teams have more time to focus on delivering value to customers. LoanLogics process more than 350 000 mortgage loans a month and process 3.53 million unique document throught a datacenter.
LoanLogics Risks and Challenges
The mortgage technology platforms have been evolving rapidly, particularly since the COVID-19 pandemic. LoanLogic needs to jump on the train.
In the first half of 2019, LoanLogics made a lot of changes in their leadership team, adding a new EVP Of Technology, a new CEO, Chief Collateral Officer, SVP of Product Management and COO. This change could lead to different company strategy and different company gools.
LoanLogics Ecosystem, Partners, Resellers and SI
LoanLogic partnered with Freddie Mac to provide technology advancements for faster MSR transfers. Freddie Automated Servicing TransferSM (FASTSM) has LoanLogic's technology behind it. LoanLogics has a breadth of industry partnerships that keep them on the forefront of industry trends, help to understand the needs of the markets they serve, and enhance their solution value in any technology environment. Among its partners are: The MorBankers Association (MBA), The Mortgage Collaborative, Digital Mortgage Alliance and California MBA.
In October 2018, Optimal Blue acquired LoanLogics's product, pricing, and eligibility technology business, LoanDecisions, as part of a new partnership with the company. The current LoanLogics PPE clients will be migrated to Optimal Blue and it has added 11 employees to the company as part of the acquisition.
LoanLogics Cloud Infrastructure Insights
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- LoanLogics Public Cloud and Infrastructure (IaaS)
- LoanLogics Platform (PaaS)
- LoanLogics Application Delivery
- LoanLogics Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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