LoanCity Adds 'Matching 2nds' to Platform

LoanCity, a wholesale mortgage lender based in San Jose, Calif., has announced that brokers using its AU 2.0 automated pricing and underwriting platform will now automatically be shown all home equity options for which their borrowers are eligible.Now when a broker "locks" a first mortgage on the system, he or she will automatically see all the home equity lines and loans that the borrower might also be eligible for, the company said. "Finding the right combination of a first and second mortgage is critical to meeting customer needs, closing deals, and improving the economics of these transactions for brokers," said Rick Soukoulis, LoanCity's chief executive officer. "Our new 'matching seconds' feature accelerates this process and eliminates the possibility of selecting a product that the client won't qualify for, which can add friction to the origination process." The company can be found online at http://www.loancity.com.