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Danica Patrick to introduce new Argent alt-A products

National Mortgage Professional
Nov 20, 2006

ABC announces the launch of DU/CDU import processMortgagePress.comAmerican Brokers Conduit American Brokers Conduit (ABC), the wholesale division of American Home Mortgage Investment Corporation, a publicly held mortgage real estate investment trust, has announced that brokers now have the ability to import their Desktop Underwriting (DU) and Custom Desktop Underwriting (CDU) findings, 1003 and credit directly to the company's Web site at www.abconduit.com. Importing DU/CDU findings is another step that ABC has taken in giving their broker partners a competitive edge. By importing their DU/CDU findings directly to ABC, brokers can get a pre-approval prior to loan submission, giving their clients a decision in minutes instead of days. The DU/CDU findings include the 1003 and credit report as well. By importing the broker's credit report electronically, ABC can eliminate the need for re-pulling credit—saving both the broker and his client the possibility of the loan being re-priced or re-structured as the client's credit scores are maintained. "We are very excited about this enhancement, as we are one of only a few lenders offering such an extensive product line through CDU. Now that we have the ability to receive these files electronically, we are confident that this technology will help our broker partners close more loans and grow their business significantly," noted Lisa Schreiber, executive vice president of ABC. "Being able to offer clients a pre-approval letter in minutes will give ABC broker partners a significant advantage in the purchase market with their borrowers and their referral partners." In addition, as of Aug. 1, ABC now offers an online pricing incentive of one-eighth for all DU/CDU finding imports. ABC is looking to deliver exciting new capabilities before year end to continue to bring value to their broker partners. "This enhancement is already promoting increased broker interaction with our ABC Web site, providing a more positive loan process experience for our broker partners and their clients," Schreiber concluded. Brokers can get ABC product-specific DU and CDU findings through efanniemae.com, eMagic and AU Central, with FannieMae providing a direct link to www.abconduit.com through "Link to Lender" and giving brokers a more streamlined loan process. For more information, visit www.abconduit.com.
Published
Nov 20, 2006
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