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National Mortgage Professional
Mar 18, 2009

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.
Published
Mar 18, 2009
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