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Making it Easier to Get AU Decisions By Anthony Garritano In order to curry favor with their broker partners, a lot of lenders are increasing the functionality on their wholesale Web portals to make it easier for the broker to transact with them. Case in point, San Jose, Calif.-based LoanCity has introduces AU 2.0, a proprietary automated underwriting platform for jumbo to alt-B loans. The new platform, known as AU 2.0, delivers recommendations and stipulations or conditions in the same format and time frame as Desktop Underwriter. LoanCity will use it to decision most of the products it purchases. "AU 2.0 is the next generation of automated decisioning," said LoanCity chief executive Rick Soukoulis. "It lets mortgage brokers upload files in three clicks and receive firm decisions and stips almost instantly. For most of this decade, the mortgage industry has been hearing about the promise of technology and the Internet: that promise is now a reality at LoanCity." AU 2.0, developed in collaboration with Fannie Mae, took two years to complete. It integrates the company's risk-based pricing engine with a customized DU platform. "The result is our pricing and our rules, are supported by a proven platform," said Mr. Soukoulis. "The goal in building the platform was to give mortgage brokers a faster, easier way to determine what loans we'd purchase." "You get your answer and findings right then and there - no waiting," said Michael Zugar, president of Ameritec-Capital, a California-based mortgage broker. "AU 2.0 makes LoanCity a true single-source stop." Today, AU 2.0 can handle conforming, jumbo, expanded, alt-A and alt-B, as well as combos up to $3 million. This month, LoanCity will begin rolling out AU 2.0 to the company's 5,000-plus-broker client base.

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