United Fidelity Funding Corp. Signs with Loan-Score
IRVINE, CA, March 20, 2009 - Loan-Score Decisioning Systems, an enterprise-class pricing and automated underwriting solutions provider, announced that United Fidelity Funding Corp., a national wholesale and retail mortgage banker, has signed with the company to implement its comprehensive decisioning suite for its business channels. The solution integrates seamlessly with United Fidelity's back office loan processing and fulfillment platform for ease of communication, data population, lock request submittal, real-time loan status and conditions management between sales staff, underwriters and processors. "We evaluated the usual covey of out-of-the-box product and pricing engine (PPE) vendors on the market today, but none of them were able to offer the breath of decisioning capability that Loan-Score delivers," said Kevin Marconi, COO of United Fidelity Funding. "In this highly discriminating market, we want to implement technology that goes way beyond what our competitors offer to make us a preeminent lender of choice for investors, warehouse lenders and originators. This all starts with technology that drives quality, speed and service. Many lenders are neglecting these value drivers and are thus losing market share. It is for this reason that we seek to raise the loan quality and service bar, which benefits everyone we do business with. Currently, we are poised to catapult production into reaching our goal of joining the billion dollar club by the end of 2009." Loan-Score's centralized rules engine automates United Fidelity Funding's custom pricing, eligibility, product selection, underwriting and rate sheets for its retail and wholesale lending channels. Because the solution's AUS component emulates each of United Fidelity Funding's full set of investor underwriting guidelines, loan officers and brokers receive accurate pricing and instant automated underwriting approvals while at the point-of-sale (POS), which carries the same weight as a human underwriter's decision. Since the system is integrated with Del Mar DataTrac®, United Fidelity Funding's existing loan processing and fulfillment platform, lock requests, seamless data passing, conditions sign off, and real-time status updates are fluidly exchanged between originators and back office staff. United Fidelity Funding plans to grow without adding more staff by moving the bulk of the underwriting process to the POS. As a result, underwriters can focus on conditions management and loan reviews to process more loans while ensuring quality control. In addition, a reduction in cycle times allows United Fidelity Funding to get loans off its warehouse lines quicker to free up much needed capacity. On average, the direct lender has been able to turn its entire warehouse capacity almost three times per month, well beyond the industry norm. Loan-Score's integrated solution is expected to further speed up United Fidelity's turn times. The platform will also reduce loan acquisition and underwriting costs while at the same time increase volume and pull-though rates. "Now more than ever it is critical to implement the right solution for both the present and also for the future in order to lay a sound foundation for growth," said David Colwell, executive vice president at Loan-Score. "While PPEs are inexpensive and are an attractive quick fix for some lenders, forward-thinking mortgage bankers focused on long-term growth have their sights set much higher. Loan-Score's solution allows United Fidelity Funding to accomplish this using our combined PPE and AUS that houses the entire stack of up-to-date investor underwriting guidelines and pricing in our rules engine. Our competitors cannot offer this type of powerful efficiency and visibility to their end users and customers." About United Fidelity Funding
Founded in January 2008 and based in Kansas City, Missouri, United Fidelity Funding Corp. is a national wholesale and retail mortgage banker that uses the latest web-based loan management and decisioning tools to offer its partner network full visibility into the status of loans at any given time in an effort to deliver next-level service. United Fidelity Funding is focused on ensuring it delivers reliable and accurate communication. Paperless loan files, from submission to funding, ensure good, easy communication. This ensures smooth, quick closings. Through steady growth they anticipate joining the billion dollar club by the end of 2009. The company offers training on any of its loan programs or its web-based loan management tools by contacting your account executive. For more information, visit www.uffmortgage.com or call (866) 760-0600. About Loan-Score Decisioning Systems
Founded in 2000 and headquartered in Irvine, California, Loan-Score Decisioning Systems offers a true, enterprise-class AUS and product/pricing engine available on a software-as-a-service (SaaS) and also a self-hosted basis for all lending channels and product types. The company extends various functionality to the point-of-sale using its customer-facing Web portals. Loan-Score maintains a comprehensive, up-to-date library of investor guidelines and pricing to ensure eligibility is met and market conditions are adjusted to deliver precision-based underwriting that results in fundable loans. The company's solutions are engineered to deliver swift, cost-effective implementations that integrate with existing LOSs and avoid inflexible programming efforts and high maintenance costs. Loan-Score offers clients the option to utilize its PPE as a stand alone solution and later grow into utilizing its comprehensive decision management and automated underwriting suite. Clients have the option of either managing changes to pricing, guidelines and rules in-house with their own staff, or they can outsource the onus of this burden to its managed services team to ensure precision-based accuracy. For more information, visit www.loan-score.com or call 949-450-0102.
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CONTACTS:
Joe Bowerbank
Loan-Score Decisioning Systems.
949.378.9685
Kevin Marconi
United Fidelity Funding
866.760.0600, ext. 6238