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LoanCity introduces five-year fixed payment option ARM

Jun 06, 2006

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
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