|
PriceMyLoan to Provide Automated Underwriting to Capital Direct Financial
By James Comtois
In the current troubled market, in order for a subprime lender to compete, it needs to have an automated underwriting system, which enables the lender to close loans quickly and accurately.
As a means of staying buoyant in the subprime market, Capital Direct Financial, an Orange County, Calif.-based wholesale mortgage lender, has chosen PriceMyLoan to provide it with automated underwriting and loan pricing technology. Capital Direct Financial chose PML's services based on recommendations from business partners and colleagues as well as PML's reputation in the industry.
"Our evaluation process involved extensive due diligence with existing clients of vendors," said John Armstrong, marketing manager for Capital Direct Financial in a statement. "Every PML client we talked to was enthusiastic about their results. Especially with the market the way it is right now, they were grateful to have PML because it was able to keep up with all the guidance changes and investor turnover and still maintain an extremely high level of accuracy. Our own testing showed that to be true."
PML is a web-based private-label automated underwriting and loan pricing system designed for correspondent lenders and provides an online channel for mortgage originators to accurately determine loan eligibility and pricing using live credit report data and direct uploads from loan origination servicing software.
Additionally, PML is a full-service system that supports multiple investor product lines across an array of product types, from FHA to subprime. The full-service component of PML removes the maintenance and labor required to update investor guidelines and pricing, placing the responsibility on PML's staff.
According to the automated underwriting and loan pricing system, all changes must pass a testing and review process before they are deployed to all of its clients, ensuring that eligibility and pricing results are up-to-date.
"In order to be successful as a lender, you need to have an automated underwriting system to compete," Mr. Armstrong added. "An AUS allows us to improve accuracy and increase the speed of processing a loan. After conducting research for an AUS, we saw that quite a few of the well established lenders that we knew were already using PriceMyLoan."
PML is a proprietary product of Insight Lending Solutions, a Fountain Valley, Calif.-based provider of web-based application services for the mortgage lending industry and software as a service to its clients to enhance productivity, reduce IT dependency and accelerate time-to-value for mortgage companies.
More subprime news
| 
