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Special Reports
Home Equity Lending
Secured Funding Explains Its Vendor Choice
by Brad Finkelstein
COSTA MESA, CA -- Secured Funding, a second mortgage lender headquartered here,
has chosen LSI as the vendor where its retail and wholesale division can order title and flood insurance and run
credit reports on one system.
Lorne Lahodny, president of Secured Funding, said growth in home-equity loan volume
caused the company to seek a single vendor who can handle these products.
His company chose LSI, which is a subsidiary of Fidelity National Financial, Jacksonville,
Fla., because digital integration was a top factor. Secured Funding, he said, needed a partner that could interface
with its system.
LSI is also innovative in terms of product development and it has a national reach
for distribution. It is too complicated, Mr. Lahodny added, for Secured Funding to use multiple vendors and order
each of these products separately.
Right now, Secured Funding is using LSI for all functions except credit. It will
start using LSI for credit over the next few months.
With a single point of contact, things are far more quicker and efficient, resulting
in quicker turn times.
"One vendor that performs all of our origination requests and services creates
a more efficient cost-savings solution for our loan originators as well as our broker network," Mr. Lahodny
said.
The company uses a special title product, a "junior" product that is
not an insured product, he said. But there is new insured product available that combines a credit report and a
property valuation.
This year has been a "tremendous year" for home-equity lending, he said.
Secured Funding is on a record pace month-over-month.
Furthermore, Mr. Lahodny declared, it is seeing strong broker support for its
product.
It does both closed-end loans and home-equity lines of credit. Because of the
flexibility factor, a HELOC is "far superior" to a fixed-rate second.
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