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First Liberty Leapfrogs Competition With LoanXEngine

First Liberty leapfrogs competition and expands 35% in six months

DENVER - First Liberty Financial of Louisville, Kentucky was looking for a platform to pull all the pieces together to build their bank around. After an in-depth search for a pricing engine, CRM, lead distribution solution and LOS, First Liberty Financial chose to implement LoanXEngine with Encompass.

First liberty planned to use LoanXEngine for managing lead sources and lead distribution, performing best execution pricing and to be their primary CRM, and planned for Encompass to handle LOS duties. Initially worried about simultaneously implementing 2 major technology projects and undertaking such a major shift, First Liberty has found the rewards to be astounding.

In the first week, Jim Melchior, Vice President at First Liberty reported, "Our loan officers love it. I just had a relatively new loan officer come into my office and say 'I love loanX after the automated marketing had four customers return docs for pre-approval.' He had not talked to two of them, they just responded to our emails."

Over the next six months, the results continued to get better. Jim noted, "In six months, we've gained so much additional business that we've experienced a 35% growth in headcount and an even larger growth in volume," adding, "there's no way we would have been able to accomplish this without LoanXEngine."

Leveraging LoanXEngine's capabilities, First Liberty's close rates and business has increased. They've leapfrogged over a number of major banks in the LendingTree network rankings, rising from a 25th ranking to the number 6 spot in purchase transactions. Melchior noted, "our loan officers can quickly find the best execution price. Even when a deal is seems lost, carefully crafted email campaigns from LoanXEngine often draw the customer back," Their loan officers "frequently hear back from customers that they have not spoken to in months, largely due to the continued communication through LoanXEngine."

First Liberty likes LoanXEngine's integration capabilities with Encompass. When a lead has been distributed, priced, re-priced and is now ready to move into processing, First Liberties' Loan Officers can click a button and export all the data for Encompass, which means no double entry. "Importing information into Encompass is a huge time saver," said Melchior.

Additionally, First Liberty likes having their own LoanXEngine installation and the independence it provides. "The system we were on previously was shared and was always crashing." said Melchior. "Hosting the application independently has provided improved stability and faster response times." The support they receive from the LoanXEngine team has been "great" with Melchior noting that they are "always responsive to our needs."

Alan Johnson, President of LXE Software, the maker of LoanXEngine said, "It's been a joy to watch First Liberty take business from their competitors and grow at such a rapid rate, especially in such a challenging business climate. Their continued success points to how companies can properly invest in technology to achieve remarkable results."

Released less than three years ago, LoanXEngine continues to attract leading mortgage companies. LoanXEngine automatically selects the best fit, fully-adjusted pricing from prime and subprime programs in seconds. The web-based software also generates ratesheets, sends emails, creates tasks and spawns alerts to help manage pipelines. LoanXEngine works as a fully-featured application or as a XML web service, allowing information to seamlessly move between lead sources, CRMs, processing systems and workflows.

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