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Special Reports
Warehouse Lending
Warehouse USA Uses Street Resource's New System
By Amilda Dymi
Street Resource Group Inc., a company here which specializes in warehouse
lending automation tools, is offering the "Warehouse Loan System," designed to integrate and automate
operations incorporating "all the functionality needed to manage the entire warehouse loan cycle."
Given its flexibility, WLS has attracted various users. Among the clients adopting WLS is WarehouseUSA Capital
Corp. of Atlanta, formerly known as NovaStar Capital. WarehouseUSA offers warehouse credit lines on mortgages from
lenders who originate conforming alt-A and nonprime loans for sale to lenders and investors, along with lending
expertise to national and regional mortgage originators in all 50 states.
To best serve client needs, Street Resource Group said it adapted WLS to enable WarehouseUSA to process loans through
its brand connections and obtain various functions including wiring instructions, compliance checks, credit history,
underwriting, originator license data, funding approval and other vendor information. The data are then automatically
evaluated and reported for warehouse lending use. The software is template based and constructed using standardized
technology that allows the transmission of loan data from third-party loan origination systems. "Not only
were we able to deliver integration with custom underwriting configurations, but we also worked to install 100%
of its originators in just one month, after which they were able to import loans via our standardized FNMA 3.2
template and electronically submit them directly to the warehouse," said SRG president Stanley M. Street.
"The originators' ability to now be connected online and in real time with WarehouseUSA improves the efficiency
of the entire warehouse transaction and provides them with instant access to their loan funding status and collateral
tracking information."
WLS also allows users to fully automate their failure checks, SRG said, an external process that otherwise has
to be done manually by identifying failures and forwarding the loan for review.
Street Resource Group also provides a WLS-connected website where users can get access to generic data validations
while preserving existing systems used by lenders, including interfaces with outside service providers, which they
can use in warehouse lending automation as well.
WarehouseUSA executive vice president and chief operating officer, Ken Logan, noted the lender chose WLS as an
efficient tool in assisting its business partners, enabling the company "to make it easy for mortgage lenders
to do business with us and offering our customers a fully automated tool for managing their warehouse lines as
one way to meet that objective."
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