NAMB supports home loan guarantee reforms

Cogent Road debuts new underwriting productMortgagePress.comFunding Suite credit management software, Underwriting Conditions Scan, Fannie Mae, Freddie Mac Cogent Road announced that its Funding Suite credit management software now includes a free Underwriting Conditions (UC) Scan that automatically detects underwriting conditions and translates those into easily interpreted language. The new economic stimulus plan that raises Fannie Mae and Freddie Mac loan limits from $417,000 to as high as $730,000 may result in many brokers dealing a higher percentage of loans through these automated underwriting systems in 2008. For many originators, this may be their first experience with the various underwriting conditions presented by Fannie Mae's Desktop Underwriter (DU) or Freddie Mac's Loan Prospector. Funding Suite's UC Scan, which is currently compatible with Fannie Mae's DU, not only educates the broker as to what conditions exist and what they are, it also helps resolve them more effectively and get the loan moved through the Fannie Mae system more efficiently. Cogent Road, based in San Diego, Calif., is a provider of Internet-based applications for the mortgage industry. For more information, call (800) 848-2514 or visit www.cogentroad.com.