LoanScorecard has announced that NewFi Wholesale, a wholesale mortgage lender headquartered in Emeryville, Calif., has implemented its product and pricing engine, Pricer1, and non-agency AUS, Portfolio Underwriter, as its Non-QM Pricing & Scenario Tool.
NewFi has deep expertise in government, jumbo and non-qualified mortgage (non-QM) lending, licensed to do business in California, Arizona, Colorado, Florida, Maryland, New Jersey, Oregon, Pennsylvania, Utah and Washington.
Powered by LoanScorecard’s Pricer1 and Portfolio Underwriter technology, NewFi Wholesale’s Non-QM Pricing & Scenario Tool allows approved and potential broker partners to run loan scenarios in Calyx Point or on the lender’s Web site. Brokers can then quickly determine eligibility and pricing across NewFi Wholesale’s proprietary non-QM products: Sequoia Portfolio Plus, Sequoia Portfolio Expanded, Sequoia Investor Pro and Sequoia CPA.
“By combining our broad range of loan products with innovative technology we are reshaping the way our broker partners shop for and close loans,” said Steve Abreu, chief executive officer of NewFi Wholesale. “We chose to partner with LoanScorecard because they allow us to provide brokers, whether or not they are approved partners, greater value by accessing our proprietary guidelines directly in their LOS. In addition, we didn’t need to spend significant time and resources building our own AUS. LoanScorecard’s implementation process was so smooth that we were up and running in less than a month.”
Ben Wu, executive director of LoanScorecard, said, “Forward-looking wholesale lenders, like NewFi, know that, in order to be successful in today’s market, it’s essential to build strong relationships with brokers. By leveraging LoanScorecard technology, NewFi is expanding its reach and empowering brokers with real-time pricing and an immediate indication of whether or not loans would be approved, so they can quickly and confidently close more loans.”