MILA wins BBB award; shifts rate locksMortgagePress.comBetter Business Bureau
MILA wins Better Business Bureau award
MILA Inc., an e-commerce wholesale lender based in Mountlake
Terrace, Wash., was recognized at the Better Business Bureau's 2005
Business of the Year Award Ceremony, with the Innovative Business
Practices award for large businesses. This is the second year in a
row MILA has been recognized by the Better Business Bureau, having
won the Customer Service award in 2004.
"This award is a testament to the culture of forward thinking we
have at MILA with people who work hard to always see beyond the
status quo to deliver superior results for our customers,"
explained MILA founder and CEO Layne Sapp. "Accepting this award on
their behalf in front of the region's top businesses was a
milestone moment for our company."
The Better Business Bureau's Business of the Year category
awards go to one large and one small business with the highest
scores in customer service, community involvement or innovative
business practices.
MILA Inc. ramps up for prime products
MILA Inc. is shifting its rate locks to conform to prime product
standards. Introducing a 15-, 30- and 45-day rate lock also allows
MILA to immediately lower rates for its existing Latitude and Apex
products. Besides enabling MILA to decrease rates across the board,
brokers can also take advantage of the no-fee 15-day rate lock for
their borrowers who are ready to buy today.
"Why pay more if your customers are ready to close?" asked Sapp.
"In the past, we've based our pricing on customers closing in 30-45
days. However, through our reporting, we've discovered that most of
our customers close faster with an average of four or five days.
And since shorter rate locks mean less cost, we can pass that
savings on to our customers in the form of lower rates."
MILA's customers close faster, because of the lender's
proprietary online loan management and decisioning system,
AccessPoint. This technology has been nationally recognized for its
turn times and ranked number one in a survey conducted by Campbell
Communications. Sapp added, "Because AccessPoint delivers closed
loans so quickly, our brokers and customers can take advantage of
our lower rates, and a 15-day lock still provides customers plenty
of cushion to get the loan funded."
The company is also offering a 30-day rate lock with a 0.125
rate increase and a 45-day rate lock at a 0.25 rate increase. All
rates are locked in MILA's AccessPoint technology, when the broker
is issued his loan commitment. Following the introduction of the
rate lock changes, MILA will soon bring on mortgage insurance and
impounds. This will allow the lender to enter the prime market and
also launch additional alt-A products to the current alt-A menu in
its Apex family of loans. Prime products will launch in April
2006.
"As the market proves more challenging, providing new prime and
alt-A product options to our brokers with MILA's proprietary loan
management system, AccessPoint, will help them maintain--even
increase--their volume," Sapp said. "Once these new products are
put into AccessPoint, MILA will be able to offer brokers something
that simply doesn't exist anywhere else--a single platform that
provides a consistent, reliable loan fulfillment process for prime,
alt-A and non-prime."
For more information, visit www.mila.com.
