Loan Score Decisioning Systems, an enterprise-class pricing and automated underwriting solutions provider, announced that it has launched a new solution suite to provide smaller lenders with the option to utilize various components of its decisioning platform in a modular fashion. In order to better accommodate the financial readiness and growth needs of lenders with different requirements, Loan-Score loosely coupled its decisioning platform into separate pieces. The suite is called Walk Before You Run, which allows lenders to first utilize Loan-Score’s new SwiftPricer application, later transition to its PowerPricer standalone product and pricing engine (PPE), then migrate to its enterprise-class automated underwriting system (AUS) and finally take advantage of a seamless integration with the lender’s back-office loan origination system (LOS).
Loan-Score’s new model is specifically designed to provide lenders with the option to utilize a low-cost pricing and eligibility solution and later move to much more robust level of decision management with a true AUS and credit analysis capability. Because the decisioning suite can be implemented as modules, initial costs and monthly maintenance fees are significantly reduced.
“What this approach essentially does is separate our PPE from our AUS to allow lenders to start off with a simple pre-qual and pricing solution until they are ready to graduate to a more sophisticated solution,” said Joe Bowerbank, senior vice president of marketing and strategic alliances at Loan-Score. “Previously, this functionality was coupled together, which meant they had to be implemented simultaneously thus resulting in a higher outlay of money. This forced us to turn down a lot of mortgage bankers because they were either too small or not yet ready to take advantage of the breadth of our full decisioning suite. Now, however, we are able to offer our Web-based PPE as a standalone application and at a competitive price. This allows us to effectively pursue this space and enables our clients to grow with us as long-term partners. It makes perfect sense for both the now and the future.”
Loan-Score’s new Walk Before You Run decisioning suite encompasses:
► SwiftPricer: A low-cost solution that quickly determines pricing and eligibility based off a minimal set of data points for loan officers, brokers and consumers. SwiftPricer is placed on lenders’ websites and does not require log in credentials for quick access by real estate professionals.
► PowerPricer: A robust product and pricing engine which accompanies a customizable customer-facing Web portal that returns accurate pricing and eligibility. PowerPricer is a credentials-based solution that can be used as a standalone application or as integrated with the lender’s back-office loan origination system (LOS) to populate pricing and other relevant data into the LOS.
► Enterprise AUS: Combines Loan-Score’s PPE and AUS to deliver a comprehensive, integrated decision management solution that ensures deals are fundable and profitable for LOs and brokers working with borrowers at the point-of sale. If lenders have not yet purchased a back-end LOS, designated back-office staff can reside on Loan-Score’s underwriting workbench to manage loan files, clear conditions and communicate with LOs and brokers in real-time.
► LOS Integration: When lenders are ready, the platform can also can be seamlessly integrated with back-office LOSs in a real-time, bi-directional fashion, complete with population of the 1003, passing of loan details, pricing, rules-based conditions/stips, AU pre-approvals and other relevant data. This model combines Loan-Score’s PPE, AUS and LOS integration to deliver streamlined decision management automation.
Company officials say that lenders are drawn to its Walk Before You Run model because it allows them to move to Loan-Score more advanced solutions as they are ready. As a result, organizations are able to avoid the future growth restraints that accompany a PPE.
Loan-Score will be offering demonstrations of its decisioning solutions at the 96th Mortgage Bankers Association Exposition and Conference in San Diego, Sunday-Tuesday, Oct. 11-13 at its booth and in a private meeting suite at the Hyatt Regency.
For more information, visit www.loan-score.com.