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Lenders Using MindBox Broker Portals By James Comtois In an effort to compete with the top lenders, three mid-tier lenders have taken advantage of broker portals provided by MindBox LLC, a provider of rules-based software products for automating loan origination decisions, deal structuring and underwriting. ACT Mortgage Capital, Aegis and Ownit are offering Web-based portals for their broker communities. The portals are built on MindBox technology and software. Florida-based wholesale lender ACT Mortgage Capital launched ACTSys, a Web-based portal. It is built on MindBox's ARTEnterprise Product Suite, which automates the decision steps in the mortgage lending process using patented rules- and case-based decisioning technology. ACTSys provides brokers the ability to receive instant decisions on an array of loan decisions, including prequalification, pricing, quick quotes, rate locking, credit analysis, product eligibility and best-fit deal structuring. "We were looking for a solution that would allow us to speed decisions to our brokers in the areas of pricing, product eligibility and loan processing," said Nelson Haws, chief executive of ACT Mortgage Capital. MindBox's ARTOptimize and MindBox Power Editor products are being used to automate a prequalification process that provides the broker or borrower with initial eligible products, rate look up and ranking by borrower preferences that allows the system to provide early pricing for a given deal through a "Quick Quote" feature. Another function, Credit Pull and Analysis, is to determine the best possible product deal to offer the borrower and determine which product package best meets the preferences and needs of both the lender and the borrower through Product Best Fit decisioning. Houston-based Aegis Funding Corp. launched the Aegis Broker Loan Enabler (ABLE). The ABLE portal offers mortgage brokers a way to electronically upload or manually enter loan submission data online, then receive back true, instantaneous underwriting decisions complete with conditions, stipulations and detailed pricing. ABLE is built on MindBox's ARTEnterprise Product Suite, which automates every decision step in the mortgage lending process using patented rules decisioning technology. Additionally, Agoura Hills, Calif.-based Ownit Mortgage Solutions completed the roll out of broker portals based on MindBox technology. Its platform is called OneClick, an automated system for approving broker applications,. Plus there is the Broker Management Portal, a Web-based system for communicating with the broker community that automates certain management and compliance functions. "These two systems have greatly improved our ability to expand the distribution of our RightLoan product and have enhanced our ability to serve our brokers," said Bill Dallas, chief executive of Ownit Mortgage Solutions. "We are helping brokers acquire and keep customers happy, which also increases Ownit's loan volume and market share, "he added. These are just some of the recent mid-tiered lenders MindBox has adopted as clients. "We've been very busy, had a great year last year, and are very pleased that our product is being accepted into the community," said Rich Barfus, chief executive of MindBox. Craig Focardi, an analyst at TowerGroup, believes that these broker portals will give mid-tiered lenders leverage to compete with the major lenders. "It's been the trend for the last three or four years to help the wholesale lender interact with the mortgage broker," said Mr. Focardi. "What MindBox is doing is bringing this technology out to many of the mid-tier lenders who previously didn't have the focus, attention or budget of the big boys. "Mid-tier systems need to utilize this technology. It's a real 'adapt or die' issue," added Mr. Focardi. "What makes us head-and-shoulders above similar services is that we provide the decisioning capabilities behind the scenes, such risk-based pricing and product selection, "said Mr. Barfus. "When a broker submits a loan through the portal, it does everything; the response they get back is what that borrower will get. You essentially have an underwritten loan right at the point of sale," he added.

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