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Mortgage Machine Services Releases Source Code for LOS

Computer-monitorMortgage Machine Services (MMS), an enterprise lending solutions provider based in North Texas, will begin offering the source code to its flagship loan origination system (LOS) to the entire mortgage industry, the company said in an announcement.

Previously hosted as a software-as-a-service solution for a select group of mortgage banks, the system—simply called Mortgage Machine—is a highly customizable origination platform created to support retail, wholesale, and correspondent lending.

Jeff Bode, owner of Mortgage Machine Services, said the offering will allow users to tailor Mortgage Machine to their own environments and maintain compliance, all without purchasing a costly development kit.

"Lenders are no longer at the mercy of enhancement requests to obtain an origination platform that provides the functionality they desire," Bode said. "Mortgage Machine allows lenders to drive their own enhancement requests and be better poised to make changes with the flow of the industry, not to mention changing regulations, by working directly with the system's source code."

He added that by offering the source code to lenders, Mortgage Machine Services is giving lenders the opportunity to differentiate themselves from competitors.

To make the most of the system, he encourages lenders to consider all of the resources at their disposal.

"Undertaking total ownership of your LOS isn't to be considered lightly—you do have to have some infrastructure in place to handle a permanent project of this magnitude," Bode said. "However, even if a lender contracts out the programming of Mortgage Machine customizations, they still come out ahead because they are in control of the direction the system takes. LOS vendors design their systems for use by multiple clients, but Mortgage Machine is customized for your needs alone."

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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