Xetus Mortgage Corp. has named a new president/CEO and is expanding the functionality of its software-as-a-service loan origination and management platform, the Palo Alto, Calif., company said.
Scott Stein was promoted from vice president of sales and marketing and will lead a 2011 focus on offering clients more ways to grow origination volume and new tools for managing compliance and risk associated with debt instruments, HELOC maturity management, origination and subordination, and loan modifications, the company said.
Stein said additional software engineers are being hired to help develop the new functionality.
The XetusOne platform provides quick startup to originating loans through a standard Web browser over the Internet, the company said.
"The industry is moving away from vertical specialists and toward skilled generalists capable of competently handling multiple tasks. XetusOne, through its embedded intelligence and error-checking, essentially mentors users, allowing them to become both more efficient and proficient in that new role," Stein said.
Xetus said it has about 50 customers, about 35 of them credit unions, adding that it partners with major credit organizations, underwriting and selling entities, mortgage insurers and valuation and compliance providers.