Nations Direct Mortgage Signs with Loan-Score to Automate FHA Lending Process
IRVINE, CA, April 8, 2008 - Loan Score Decisioning Systems, an emerging leader in enterprise-class automated underwriting solutions, announced that Nations Direct Mortgage, a national mortgage lender dedicated primarily to originating FHA loans, has signed with the company to develop a seamless integration to FHA TOTAL Scorecard and to use its product/pricing engine, automated underwriting system (AUS) and broker portal. The solution will also integrate with Nations Direct's loan origination system (LOS), Ellie Mae's Encompass® Banker Edition. The integration with TOTAL Scorecard returns and incorporates FHA findings into Loan-Score's AUS for the full underwriting of loans, complete with detailed conditions/stips. As a result, pull through rates and FHA volume may be increased. "We've been managing steady volume increases using our LOS, but with continued tightening in other product categories along with increased loan limits recently announced by HUD, it became necessary to implement a point-of-sale decisioning system that would handle more volume," said Dan Upton, CEO of Nations Direct. "Loan-Score's Web-based solution allows us to automate previously manual grading processes performed in the LOS by extending decisioning to the point-of-sale. The system's integration with Ellie's Encompass Banker Edition moves many functions our AEs were handling to Loan-Score's broker portal, which will enable our Account Executives to focus on servicing brokers, not dealing with administratively intensive tasks." Because FHA lending is more complex than traditional lending, it is necessary to not only hire the right staff but also to invest in technology that will help personnel operate more efficiently. An FHA lender benefits greatly by having automated connectivity to TOTAL Scorecard. "FHA is helping fill the needs of customers not served by conventional lenders and lenders that want to capitalize on this opportunity must begin investing in technology to help manage an involved, paper intensive lending process," said David P. Colwell, senior vice president of strategic solutions at Loan-Score. "If lenders don't have an AUS that integrates with TOTAL Scorecard to deliver product eligibility, pricing, FHA acceptance and underwriting approvals, then their pull through rates will suffer. We are excited to work with Nations Direct to launch this functionality, and we feel their extensive experience in FHA lending will ensure success." About Nations Direct Mortgage
Nations Direct Mortgage is a full service mortgage banker offering financial solutions for brokers who demand responsibility and integrity from a mortgage lender. Nations Direct Mortgage is a HUD approved FHA Title II mortgage Lender that offers competitive rates, and outstanding customer service to its broker customers. The company focuses primarily on fulfilling the needs of brokers not serviced by conventional lenders. The company's Account Executives are available to help brokers find the right mortgage solution for their individual situation. The company's website also offers convenient, online access 24 hours a day. For more information, visit www.BrokerFHA.com or call (866) 762-3950. 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 also extends various functionality to the point-of-sale using its 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. Through Loan-Score's unique approach to customer service, the company's on-demand SaaS model offers clients the option to utilize its extensive library of investor guidelines, or the ability to manage unique program guidelines themselves. Loan-Score's solutions are in production with small, medium and large lending institutions. For more information, visit www.loan-score.com or call 949-450-0102.
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CONTACT:
Joe Bowerbank
Loan-Score Decisioning Systems
949.450.0102