All parameters on each line are used in combination
with one another — each line represents a specific
loan scenario or credit grade.
PROGRAM
NAME
Type I E A 45
I=Income
A=Assets 45=4506
V=Verified S=Stated
DOCUMENTATION
O
V
N
P
R
C
FICO
#
UNI TS
%/$K
%/$K %/$K %/$K FICO
LTV / LOAN AMOUN T
%/$K
Ratio
%
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By Joe Bowerbank
Senior vice president of marketing
and strategic alliances
Loan-Score Decisioning Systems
Seek Better Lender Tools to Close More Deals
Broker-facing technology could yield competitive advantages
Today’s broker-facing technolo- gies are more advanced than ever. Many lenders have spent
significant time and money developing
online tools that make it easier to do
business. Ultimately, the easier it is to
do business — and the faster mortgage
brokers can provide borrowers accurate
answers — the more deals brokers will
close. If your wholesale lenders don’t offer such technology, you might not realize what you’re missing.
“When an underwriter
clears a condition,
it should appear in your
system automatically.”
Many broker-lender relationships
involve cat-and-mouse communication in which brokers must stalk lenders for days to prequalify borrowers.
This wastes time, creates rampant
inefficiencies and increases frustration for everyone involved. Instead,
wholesale lenders should actively
cultivate strong broker relationships
and vice versa.
Smart lenders understand that the
broker relationships they choose to
nurture or ignore predicate their long-term success. In many cases, creating
a positive broker experience means offering broker-facing technology that:
• Provides accurate information
quickly;
• Allows brokers to make decisions
quickly; and
• Increases brokers’ confidence.
Brokers should use such technology
as a powerful sales tool and should
perceive it as trustworthy when locking and pricing loan products. When
shopping lenders and reviewing their
offerings, look for the following three
elements in their broker-facing technology platforms.
Point-of-sale decisioning
Imagine locating programs, determining eligibility and obtaining a price while
talking to borrowers in your office. Although many lenders provide a prod-uct-and-pricing engine, they often use
stated borrower information to evaluate
general product eligibility and pricing.
Instead, seek lenders whose system
allows you to upload files from your
loan-origination system, upload or
complete uniform residential loan ap-
plications, pull and parse credit from
the three bureaus, and return an auto-
mated-underwriting decision and any
conditions.
Pipeline management
Any lender portal you use should allow you to view your pipeline, upload
documents, manage conditions and
check the current status of your loans.
To achieve this, seek lenders whose
portals integrate seamlessly with their
back-office underwriting, processing
and fulfillment platforms.
When an underwriter clears a condition, it should appear in your system
automatically. The quicker it does, the
faster you can provide borrowers with
important updates. Knowing the status
of each of your loans at all times can
help prevent deals from falling short.
System integration
In addition to integrating with its back-
office underwriting, processing and
fulfillment platforms, a lender’s portal
should communicate smoothly with any
existing technology solutions and plat-
forms you already use. Files and forms
entered in your system should move to
the lender’s system seamlessly. In ad-
dition, you should be able to enter fees
and access early disclosures.
•••
Not all lender technology is created
equal. Do yourself a favor and evaluate
your current lenders. Ask about their
broker portal and the functions within
it. If you feel like there’s something better out there, don’t be afraid to look.
The time you spend seeking a lender
with better technology offerings could
more than pay off in the long run. •
Joe Bowerbank is the senior vice president
of marketing and strategic alliances at Loan-Score Decisioning Systems, an enterprise-class automated-under writing and -pricing
provider. He has successfully launched an
array of new marketplace mortgage solutions,
driven industry wide technology adoption, led
game-changing projects, facilitated a number
of key strategic alliances and established
marketplace education. Bowerbank can be
reached at (949) 378-9685 or via e-mail at
jbowerbank@loan-score.com.
