United Fidelity Funding signs with Loan-Score MortgagePress.comLoan-Score Decisioning Systems, United Fidelity Funding Corporation, PPE, Kevin Marconi, David Colwell
Loan-Score Decisioning Systems, an enterprise-class pricing and
automated underwriting solutions provider, has announced that
United Fidelity Funding Corporation, a national wholesale and
retail mortgage banker, has signed with the company to implement
its comprehensive decisioning suite for its business channels. The
solution integrates seamlessly with United Fidelity's back office
loan processing and fulfillment platform for ease of communication,
data population, lock request submittal, real-time loan status and
conditions management between sales staff, underwriters and
processors.
"We evaluated the usual covey of out-of-the-box product and
pricing engine (PPE) vendors on the market today, but none of them
were able to offer the breath of decisioning capability that
Loan-Score delivers," said Kevin Marconi, COO of United Fidelity
Funding. "In this highly discriminating market, we want to
implement technology that goes way beyond what our competitors
offer to make us a preeminent lender of choice for investors,
warehouse lenders and originators. This all starts with technology
that drives quality, speed and service. Many lenders are neglecting
these value drivers and are thus losing market share. It is for
this reason that we seek to raise the loan quality and service bar,
which benefits everyone we do business with. Currently, we are
poised to catapult production into reaching our goal of joining the
billion dollar club by the end of 2009."
Loan-Score's centralized rules engine automates United Fidelity
Funding's custom pricing, eligibility, product selection,
underwriting and rate sheets for its retail and wholesale lending
channels. Because the solution's AUS component emulates each of
United Fidelity Fundings full set of investor underwriting
guidelines, loan officers and brokers receive accurate pricing and
instant automated underwriting approvals while at the point-of-sale
(POS), which carries the same weight as a human underwriter's
decision. Since the system is integrated with Del Mar DataTrac,
United Fidelity Funding's existing loan processing and fulfillment
platform, lock requests, seamless data passing, conditions sign
off, and real-time status updates are fluidly exchanged between
originators and back office staff.
United Fidelity Funding plans to grow without adding more staff
by moving the bulk of the underwriting process to the POS. As a
result, underwriters can focus on conditions management and loan
reviews to process more loans while ensuring quality control. In
addition, a reduction in cycle times allows United Fidelity Funding
to get loans off its warehouse lines quicker to free up much needed
capacity. On average, the direct lender has been able to turn its
entire warehouse capacity almost three times per month, well beyond
the industry norm. Loan-Score's integrated solution is expected to
further speed up United Fidelity's turn times. The platform will
also reduce loan acquisition and underwriting costs while at the
same time increase volume and pull-though rates.
"Now more than ever it is critical to implement the right
solution for both the present and also for the future in order to
lay a sound foundation for growth," said David Colwell, executive
vice president at Loan-Score. "While PPEs are inexpensive and are
an attractive quick fix for some lenders, forward-thinking mortgage
bankers focused on long-term growth have their sights set much
higher. Loan-Score's solution allows United Fidelity Funding to
accomplish this using our combined PPE and AUS that houses the
entire stack of up-to-date investor underwriting guidelines and
pricing in our rules engine. Our competitors cannot offer this type
of powerful efficiency and visibility to their end users and
customers."
Loan-Score's PPE and AUS ensure pricing accuracy and
underwriting quality by automatically evaluating and interpreting
every single credit parameter on a tri-merged credit report to
accurately fit investor eligibility requirements. Loan-Score's team
of business analysts maintains all changes to investor pricing and
complete underwriting guidelines while allowing lenders to add
their own profit margins. The solution can be implemented in a
modular fashion or all at once as a complete, integrated decision
management platform.
For more information, visit www.uffmortgage.com or www.loan-score.com.
