has announced that its Promontory Fulfillment Services (PFS) unit has integrated its loan review services with Street Solutions Inc. (SSI)
Loan Management System (LMS). SSI is a provider of product, pricing and loan management systems for hedge funds and investors buying correspondent loans.
With the integration, correspondent sellers can effortlessly upload and submit credit packages for pre-close eligibility review all within the LMS portal. Loan data and documents are automatically transferred to PFS improving data accuracy and expediting review turn-times.
The companies said that joint clients are already using the new integration to deliver pre-approval eligibility reviews to non-agency originators. The eligibility results are based on investor guidelines and conditions that are seamlessly posted to LMS. Originators can clear conditions with ease, and ultimately download a Clear to Close form giving them the confidence the loan will close in accordance with the guidelines. PFS can also provide underwriting for non-delegated submissions and post-close credit and compliance reviews to accelerate the due diligence process.
“The quest for yield is creating renewed interest among hedge funds and institutional investors in directly acquiring mortgage assets,” said Bruce Witherell, Chief Executive Officer of Promontory MortgagePath. “Many of these new entrants are looking to deploy capital with only a minimal investment in infrastructure, which makes our combination of technology, capital markets, agency and non-agency expertise, along with our tailored review services particularly attractive.”