MILA introduces comprehensive credit reissuing serviceMortgagePress.comCredit reissuing service
Brokers who turn to MILA for their loans will now be able to
reissue credit from a list of 189 credit agencies—the same
that are recognized by Fannie Mae—empowering them to use the
agency of their choice instead of one that is lender-mandated.
MILA's policy on credit reports remains the same with brokers able
to reissue reports within 60 days of the original pull date to
obtain a loan commitment. The process to do so is as simple as
selecting the credit agency's name from a drop-down menu in
AccessPoint, MILA's proprietary online automated underwriting and
loan management tool. So long as the loan is funded within 60 days
of the original pull date, the credit report is good.
"The introduction of this comprehensive credit reissue feature
at MILA underscores our lending philosophy and is the guiding force
behind our technology innovations," said MILA CEO Layne Sapp. "It's
about empowering brokers to manage their entire business from start
to finish."
Brokers familiar with AccessPoint will recognize the intuitive
ease with which they can incorporate this new feature into their
existing loan process. Brokers will also be able to reissue new
broker-originated credit reports at any time as long as the
original pull date is more recent than the report currently on
file. In those situations where the credit report expires, however,
the broker may pull a new credit report in AccessPoint or reissue
an updated report from another credit agency.
"At MILA, we believe in simplifying the loan process and
removing the hoops that brokers have to jump through with other
lenders," said Layne. "By introducing the most comprehensive credit
reissuing service out there, we are getting closer to attaining our
vision of the four-hour loan."
Already a recognized leader on the cutting edge of mortgage
technology, recognized by such organizations as Ernst & Young,
Deloitte & Touche and the Inc. 500, this latest innovation
further moves the Mountlake Terrace, Wash. lender toward its goal
of consistently closing loans in under four hours.
For more information, visit www.mila.com.
