Skip to main content

Discover Home Loans And Ncontracts Launches LeadER Collaboration

Apr 16, 2021
Ncontracts and Discover logos.

Ncontracts, a provider of risk management and compliance solutions, announced that the company’s Questsoft lending solutions team has collaborated with Discover Financial Services to create a new prequalification review. According to the company, the new review helps streamline loan originations while ensuring compliance with all applicable Federal, State, and local rate limits.

General Manager of Discover Home Loans, Nicole Straub, describes the software solution as “providing a simple and seamless application process from start to finish for our customers."

Before LeadER, interest rates exceeded the high-cost threshold and loans were manually adjusted during underwriting, causing buyers to require burdensome re-disclosures late in the process. Ncontracts and Questsoft’s LeadER, features a compliance system that automatically adjusts the pricing when the rate exceeds high-cost thresholds, so applicants have the right price quote upfront. The system also evaluates applicable index values while calculating and verifying APR and payment streams for multiple side-by-side quotes and estimating calculations for all types of loans.

“LeadER can also now be used throughout the mortgage industry to help other lenders accurately quote rates to applicants while remaining compliant with all the various rate limits," said Steve Butler, senior vice president, automated mortgage lending solutions at Ncontracts.

More than 1,300 applicants have received auto-adjustments since launching the prequalification review, including 200 applicants who previously required manual adjustments during final underwriting. Additionally, 71 applicants were able to receive lower rates during the initial sales discussion that brought their debt-to-income ratios under the required threshold, according to a press release.

Published
Apr 16, 2021
More from
Tech
Black Knight Integrates Servicing Digital With AVM, PPE, And Loss Mitigation Technology

Black Knight Inc., announces the enhancement of their servicing digital solution by integrating it with loss mitigation, automated valuation model (AVM), and product, pricing, and eligibility (PPE). 

Tech
Aug 04, 2021
Localize Raises $25M In Funding And Introduces Hunter, The Human-AI Concierge Service

Localize has developed an AI-driven platform to assist buyers and brokers in solving existing pain points related to the real estate market.

Tech
Aug 04, 2021
Flagstar Bank's Christy Soukhamneut To Appear On The Mortgage Leadership Outlook

The next installment in the Mortgage Leadership Outlook's Tech Stack Heroes collaboration with BeSmartee is set to feature Christy Soukhamneut, chief of staff/director of mortgage strategic initiatives for Flagstar Bank.

Tech
Aug 02, 2021
First Tech Federal Credit Union Chooses ICE Mortgage Technology’s EPPS

First Tech Federal Credit Union has chosen ICE Mortgage Technology’s EPPS to improve automation, compliance, and scalability to meet the demands of over 720,000 members. 

Tech
Jul 29, 2021
ICE Makes Enhancements To Its Mortgage Prepayment Model

The Intercontinental Exchange, Inc. made enhancements to its mortgage prepayment model with daily residential mortgage rates from ICE Mortgage technology.

Tech
Jul 27, 2021
Liquid Mortgage Technology Supports Efficient Debt Market

Liquid Mortgage received a U.S. patent for its distributed ledger technology to support its future vision of efficient and transparent debt markets.

Tech
Jul 22, 2021