New York-based Simplist Technologies, which has developed a consumer-facing mortgage platform, introduced a new software solution on Thursday for mortgage professionals that combines a loan origination system (LOS) with a point-of-sale system (POS).
The integrated platform, known as Sonar, has artificial intelligence (AI) capabilities to automate rote tasks and speed up workflow processes. Sonar was beta tested by more than 200 mortgage companies prior to its launch, Simplist explained in its announcement.
“AI is set to revolutionize mortgage origination by automating the nuanced processes, reducing costs for originators, minimizing errors and ultimately providing a better experience for consumers,“ Anthony Sherman, co-founder and co-CEO of Sonar, said in a statement. “At Sonar, we are proud to be at the forefront of this transformation, streamlining workflows and relationships with AI-powered tools and bringing mortgage loan origination into the modern age.”
The technology is designed to promote real-time collaboration as multiple users can work on a single loan at the same time. Sonar is a white-label product that enables companies to use their own branding, and it can be scaled to support large, growing teams. This could prove to be useful as companies seek to hire more employees in anticipation of a refinance wave driven by Federal Reserve interest rate cuts.
Simplist also noted that originating a single loan can often require mortgage professionals to use several systems, contributing to higher expenses. The Mortgage Bankers Association (MBA) recently reported that while loan production costs have decreased — dropping from $12,593 per loan in first-quarter 2024 to $10,806 per loan in the second quarter — they are still running much higher than their long-term average dating back to mid-20008.
“With Sonar, we’ve combined the POS and LOS into a single, streamlined platform, enhancing the entire mortgage journey for mortgage originators and borrowers alike,” Chris de la Motte, co-founder and co-CEO of Sonar, said in a statement.
“By helping thousands of people secure mortgages through Simplist, we gained deep insights into the often disjointed and complex nature of mortgage systems. We experienced firsthand the frustrations of using a fragmented tech stack, and Sonar was built to solve these problems by creating a seamless, modern solution for the entire industry — including borrowers and mortgage professionals alike.”