has announced that 1st Tribal Lending
has implemented its Portfolio Producer as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution.
1st Tribal Lending is a division of Mid America Mortgage, a multi-state, full-service mortgage lender. 1st Tribal Lending, licensed in 40 states, offers Section 184 home loans to Native Americans who are enrolled members of federally-recognized tribes. Properties can be financed both on and off reservations, within approved areas.
“More and more lenders with products for niche markets, like 1st Tribal Lending, are turning to automated technology to help them promote their programs, as well as eliminate manual underwriting, which is time consuming and prone to human error,” said Ben Wu, Executive Director at LoanScorecard. “Portfolio Producer allows them to deliver real-time product guidelines and pricing and provide immediate feedback on borrower eligibility to TPOs—extending their reach, while improving the mortgage experience for all parties.”
Portfolio Producer is a sales distribution system that integrates with LoanScorecard’s AUS, Portfolio Underwriter, and PPE, Pricer1, to provide third-party originators (TPOs) access to a wholesaler’s product and pricing offers within their loan origination system (LOS). In the case of 1st Tribal Lending, Portfolio Producer lets the company instantly distribute the guidelines and pricing for their Section 184 loan programs to TPOs via Calyx Point. TPOs can search based on borrower profile, product type, rate and price to provide eligible products and pricing options to potential borrowers. If they like an eligible product and fully-adjusted price, they can run “upfront decisioning,” and get back an in-depth Findings Report—receiving an early indication of the likelihood that 1st Tribal Lending will approve the loan and eliminating the likelihood that the TPO will misquote information to the borrower.
“The three biggest challenges we face with our Section 184 loans are creating awareness, educating TPOs on the guidelines, and having to manually underwrite the loans because they fall outside of agency AUSs,” said Brett Robinson, Managing Director of 1st Tribal Lending. “LoanScorecard allows us to not only automate our underwriting process, but also to better inform and support our TPO partners. Now TPOs can run the information for a Native American borrower through their LOS and know immediately whether or not the borrower would qualify for one of our Section 184 loan programs. It’s a win/win for TPOs and their Native American borrowers.”