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MILA Offers Suite of Conforming and Non-Conforming Loans
By James Comtois
As part of a plan to offer both conforming and non-conforming mortgage loans and expand its national footprint in the wholesale residential market, MILA Inc., a Mountainlake Terrace, Wash.-based e-commerce mortgage software has launched Mortgage Insurance and Impounds.
MILA is introducing this suite of products to its existing subprime and alt-A lines. Both MI and Impounds will be offered in the company's flagship decisioning engine, AccessPoint.
MI is a private insurance policy underwritten by an independent mortgage insurance company, which protects the mortgage lender against loss incurred by a mortgage default. MILA's new product allows the company to offer higher LTV's on a range of existing and future products greater than 80%. Additionally, with the introduction of MI and Impounds, MILA is able to offer up to 100% financing at conforming rates.
"MI and Impounds...makes us the only lender capable of delivering a detailed loan commitment, complete with conditions, for both conforming and non-conforming loans in a single lending platform," Layne Sapp, MILA's chief executive said in a statement.
"The development of the technology needed to implement MI into AccessPoint has been a big focus in recent months here at MILA. Ultimately it allows us to offer borrowers with limited resources more choices at conforming rates," he added.
MILA's AccessPoint technology was developed over six years, costing more than $50 million in research. In part a decisioning engine, AccessPoint also allows brokers to manage their entire business, from marketing, product selection and rate locks to fraud prevention, settlement service fulfillment and document preparation. With AccessPoint, brokers can seamlessly and consistently close loans in under four hours.
With the introduction of prime products, MILA, which currently serves the wholesale residential market in 27 states, plans to expand into 22 additional states over the course of 2006. It just launched into Florida last month. States in the southeastern part of the country are being added this summer with northeastern states coming on board in the fall.
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