Skip to main content

The world of credit: Defining current credit scoring

National Mortgage Professional
Jan 03, 2006

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 access. 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.
Published
Jan 03, 2006
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous Better.com CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Millennials Are Still Powering The Housing Market

First American Financial Corporation's Potential Home Sales Model for Dec. 2021 revealed that millennial demand is propelling the housing market, thanks to low rates and increased geographic flexibility.

Analysis and Data
Jan 19, 2022
Open Mortgage Adds A Chief Revenue Officer

Scott Harkless will spearhead all wholesale and retail sales functions for the national multi-channel mortgage lender.

Industry News
Jan 19, 2022
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Construction
Jan 18, 2022