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LoanScoreCard, a leading provider of automated underwriting and compliance solutions, has announced that Plymouth Meeting, Penn.-based New Penn Financial has selected LoanScoreCard’s custom underwriting engine, Custom AUS, for its non-agency loans.
LoanScoreCard’s Custom AUS is an automated underwriting solution that allows lenders to customize credit decisioning and safely originate compliant assets. The system delivers an underwriting decision and provides an assessment report that includes a breakdown of every rule applied and whether the loan passed or failed a particular guideline—creating an audit trail for underwriting and ability-to-repay decisions. It also accommodates third-party origination programs and helps ensure consistent, transparent application of credit policy.
“LoanScoreCard’s Custom AUS will help us underwrite our jumbo, non-agency loans in a timely and efficient manner,” said Terri Merlino, chief credit officer at New Penn. “Underwriting these loans manually meant that just one loan could take hours. We needed a solution that could keep up with the increased volume and demand, and free up our underwriters’ time to focus on the more complex transactions.”
Founded in 2008, New Penn Financial is a ShellPoint Partners Company and is licensed in 48 states. The company offers a full line of mortgage finance products including government, conforming, jumbo, non-QM and HARP loans. In 2015, New Penn originated over $7 billion.
“LoanScoreCard’s Custom AUS is designed to increase efficiency and accelerate the origination and investment processes,” said Ben Wu, executive director at LoanScoreCard. “At the same time, it helps assure compliance and creates an auditable trail of the steps that went into the underwriting and ability to repay decisions.”