Until recently, Kirk Tatom (pictured) was extremely happy with his LOS software. A subscriber to Point, a product of Calyx, the president of Tatom Lending in Dallas, Texas, described the system as “fantastic” and called its mix of functionality and price the best in the business. Now, however, he’s frustrated with Calyx as a LOS provider as they have launched a new product that he believes is leaving himself and other independent brokers like him in a kind of limbo.
This product is called Zenly, and it is a cloud-based LOS solution designed for smaller, simpler transactions that are easy to manage, as opposed to Point’s broader “end-to-end” nature. Tatom was informed by his Calyx sales rep that Zenly was the way of the future and he was drawn to its pared-back and cloud-based nature. That was until he found out that Zenly couldn’t speak to Point.
In a conversation with his sales representative and IT support at Calyx, Tatom learned that the two products were designed as independent systems. However, if he were to migrate the nearly a decade of customer data, transaction histories, compliance reports, and potential information currently stored on Point, he would not be able to do so in bulk. Instead, he would have to download every single 3.2 or 3.4 file saved on Point and upload it to Zenly.
“Depending on how much data you have in there, it might take two or three hours to move a file, and I have thousands of those files,” said Tatom. “That means I’ll be moving files for the next few years.
“I said to my IT staff, ‘Wait a minute, you’re a software company that has built a platform that the entire industry should be integrated into, and you can’t move your data off the last platform?’ I just started laughing. “
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When asked about Tatom’s concerns, Juan Villegas, National Sales Director at Calyx Software, confirmed that only certain files can be transferred from Point to Zenly and that bulk transfer between systems is not currently possible. He stressed that the two systems are different and should not be used together, and that Zenly is designed for independent loan officers to make their job easier. He claimed that bulk transfers of data were not an industry standard when asked what plans Calyx had for existing Point customers wishing to transfer to Zenly.
Villegas also noted that there will be no discounts for originators subscribing to both Zenly and Point, citing the competitive prices for both products.
Tatom agreed that he was extremely pleased with the price of his Calyx products – his problem is data transfer. He stated that even if he manually migrated all of his prospects and existing businesses, he would not be able to get rid of the historical data currently stored on Point, which he needs for period reviews and regular compliance reports. If the industry starts to roll out Zenly without considering this data transfer issue, Tatom fears it could be a widespread shock to the mortgage system.
He added that he had the impression that Zenly would replace Calyx in a few years. His sales representative described the platform as the “way of the future” for the entire industry. While Villegas stated that they have no plans for “Sunset” Point, Tatom remains concerned that if he cannot migrate his customer data to the new platform, he will be falling behind the technology curve. If this data migration issue isn’t resolved, he may need to relocate his business.
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“When researching a cloud-based system, I think Calyx has the best product out there,” said Tatom. “The prices are fantastic, the product is amazing, but I have to call, cancel and request a refund.
“I told my sales rep that the only way to sell this is by selling it to someone who starts a brand new company that gives Zenly a loan. Besides that, I don’t know who in their right mind would just say, “We’re going to jump into this new system and all that file-keeping stuff, fuck it.”