Calyx has developed a new third-party origination (TPO) functionality for Path Software called Path TPO, the company announced Tuesday.
The new capability, which is cloud-based, can be accessed through and integrates with a client’s existing Path platform. In a release, the company said clients can use the capability to easily enter the TPO market and generate additional revenue streams.
“Our new Path TPO channel offers a great way to increase volume and revenue without increasing customer acquisition costs since third parties already have clients and referral sources,” said Michele Parson, brand marketing manager at Path.
According to the company, brokers using Path TPO can prequalify loans in less than 10 minutes, order credit reports, upload documents, provide eSigning tools to borrowers, access automated underwriting systems, monitor loan statuses and deliver fully compliant loan packages.
Calyx says its new TPO capability will help lenders maintain productivity among their processors, underwriters and closers. and that smaller lenders may be able to eliminate the need for in-house underwriters and processors with its “resource-light” solution.
Calyx, which offers Path as an LOS solution, focuses on mortgage software solutions for banks, credit unions, mortgage bankers, wholesale and correspondent lenders. In August 2022, it enhanced its point-of-sale platform Zip, with new features for loan originators. It is included in Calyx’s solutions like Zenly and Path.
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In 2021, Path integrated with NXTsoft, which provides API, cybersecurity and data software solutions for banks and credit unions.