A new database aims to transform the mortgage industry's methods of collecting and disseminating lender and product data by being the first industry-wide, collaborative data platform.
Eric Handbury, founder of LPCentral, said the industry’s current methods are inefficient and error-prone.
“Too many resources, too many inaccuracies and too many inefficiencies plague the current state of lender/product data. A new system is needed where the entire industry can use and maintain a single database of accurate and timely data. There is simply no competitive advantage for anyone to maintain their own lender/product data,” he said.
Handbury says that in addition to the benefits of a single industry-wide database, LPCentral also allows users to create their own processes associated with their data to perform automated actions, such as update web-pages and documents, email interested parties, and update any internal or external systems.
“The real power of LPCentral is the industry-wide efficiencies and benefits which result from a more collaborative, simpler, and more process-driven approach to lender/product data. I look forward to working with each lender, funder, aggregator, broker group, and software vendor to lock-in these benefits,” Handbury said.