MILA upgrades loan management toolsMortgagePress.comMILA,AccessPoint
Imagine this scenario. You wake up with the crazy notion to buy
a house. You check out a nearby open house where you find the home
of your dreams and a real estate agent/broker onsite and ready to
answer your questions. Within seconds, you have a firm, guaranteed
commitment from a lender. By lunch, you are signing papers with
escrow. Sound like a fantasy? At MILA, it should be happening by
February 2006. Already, the Mountlake Terrace, Wash.-based mortgage
lender can fund a loan in less than four hours. With the upgrades
to its proprietary online loan management tool, AccessPoint, MILA
is one step closer to fulfilling a fully integrated and shareable
platform for brokers, real estate agents and borrowers.
"When we first launched this technology in 2002, we could never
have imagined the impact it would make, not only to the company,
but to the broker community and the industry at large," explained
MILA founder and CEO Layne Sapp. "Every lender will tell you that
they can deliver competitive rates and great service, but how many
can close your loan over lunch?"
Just recently, MILA closed an initiated loan in two hours and 37
minutes. And the lender isn't the only one reaping the benefits of
this remarkable technology. Brokers, too, are seeing their volumes
go through the roof when they use MILA.
"My volume has more than doubled since working with MILA," said
Jim Kreiger, a broker with Golf Savings in Washington state. "MILA
is revitalizing the loan industry. They are my star quarterback and
first choice for a lender."
Unlike the online Web portals used by other lenders, MILA's
AccessPoint was developed in-house, by brokers, for brokers. It is
more than a business management tool or even an online funding
site. It is a total loan management system that takes a broker from
loan commitment to the loan funding in real time with 24/7
The upgrades that took place in early November focused on
security and usability. With the addition of committed
administrators who can monitor their own company's AccessPoint
pipeline and some enhancements to the user interface, MILA is
setting the stage for a February introduction of interfaces for
consumers and real estate agents.
"When most people are buying a house they turn to their Realtor
for all of their questions, including those associated with their
home loan," said Sapp. "That can frustrate some brokers and
borrowers, but at MILA, we're not ignoring the problem. We're
finding ways to solve it."
By spring of 2006, the company will not only be the only lender
in the nation to provide real loan commitments in seconds, but will
also be the first to provide a completely shareable platform
tailored to three distinctly different audiences, so that any party
at any time can see where the loan stands.
For more information, visit www.mila.com.