PriceMyLoan (PML) has announced that they have completed their interface with the Federal Housing Administration's (FHA) TOTAL Mortgage Scorecard loan approval platform. Lenders using PriceMyLoan's automated underwriting and pricing engine now have direct access to FHA eligibility and credit scoring, providing a more efficient and cost-effective method for approving FHA loans.
FHA's Technology Open to Approved Lenders (TOTAL) Mortgage Scorecard is a system developed by the U.S. Department of Housing & Urban Development (HUD) that evaluates borrower credit worthiness for FHA loans. PriceMyLoan's approval to interface with FHA's TOTAL Mortgage Scorecard gives lenders a fast and cost-effective way of approving FHA loans.
With the interface to FHA's TOTAL Mortgage Scorecard, PriceMyLoan becomes an all-in-one platform for lenders to originate, underwrite and price FHA loans. All aspects of the approval process — FHA insurance eligibility, investor guideline eligibility and real-time pricing—are handled through a single, Web-based interface.
"PriceMyLoan's ability to interface with HUD for FHA decisions is important both for lenders and borrowers," said Gigi Campbell, national sales director for PriceMyLoan. "FHA's decision to allow more vendors like us to interface with TOTAL Mortgage Scorecard makes FHA lending more accessible. Lenders can use our technology to improve the speed and accuracy of their FHA loan decisions, and borrowers benefit from lower costs and faster approvals."
For more information, visit www.pricemyloan.com.