[April 11, 2006] LoanSnap.com Selects Lendia for Back Office Support; Outsource Solutions Provider to Manage Post-Origination Loan Operations Tweet WORCESTER, Mass. --(Business Wire)-- April 11, 2006 -- LoanSnap.com, a New England-based mortgage broker, has selected Lendia, Inc. to provide back office support. Lendia is an outsource solutions provider to financial institutions that originate residential mortgages and will help LoanSnap.com work more efficiently and better focus on originations. LoanSnap.com will use Lendia's comprehensive outsource solutions (COS) suite to manage loan operation functions after origination. These include access to the people and technology to process, underwrite and close loans. "We were looking for ways to reduce fixed cost during this rocky origination time and maintain a specific staff level," said Steven Tomaselli, president of LoanSnap.com. "We got references from several lenders regarding Lendia, and more importantly, the company's solutions are flexible, whether volume is up or down." In the past, Tomaselli said, LoanSnap.com had to "scramble to find good people when loan originations were up" and then deal with them when volume went back down. "We did not have flexibility when we tried to manage overhead ourselves," he added. LoanSnap.com, which has 45 employees, mostly mortgage advisors, started in 1999 and is licensed in Massachusetts, Rhode Island, Connecticut, Maine, Florida, Colorado, New Hampshire and Alaska. The company offers a variety of loans including VA, first-time home buyers, jumbo, investment properties and several others. In October 2005, Tomaselli said, "We knew we had to trim costs, but we couldn't find a satisfactory method to do so." Lendia is dedicated to improving the way the mortgage industry does business. From offering its support solutions to funding loans, Lendia offers originators the components they need to build a successful business. "We are extremely pleased with Lendia's flexibility and high level of dedication, commitment and professionalism of the employees," Tomaselli added. "In today's market, originators have to focus on maintaining or increasing market share while keeping up with competition and watching their bottom line," said Greg O'Connor, chief operating officer. "Our services, people and processes allow them to do that without a second thought." About Lendia, Inc. Based in Worcester, Mass., Lendia, Inc. is an outsource solutions provider that started as a broker in 1999. Lendia's comprehensive outsource solutions (COS) suite includes the people, the process and the technology to provide a complete origination-to-close support system. This approach was designed to meet the needs of anyone in the financial industry who originates mortgages. The company supports business partners on a variable cost basis, enabling them to better manage overhead during peak and valley origination levels. These partners can then afford the ability to make focused investments in additional revenue-generating activities. For more information on Lendia, please contact Greg O'Connor, 508.368.7902 or [email protected]. [ Back To TMCnet.com's Homepage ]