New Century Unveils 12-Second Web Loan

New Century Financial Corp., Irvine, Calif., and its subsidiary, New Century Mortgage Corp., have introduced a proprietary Web-based loan underwriting engine designed to provide registered users with loan approvals in less than 12 seconds."We believe FastQual represents the fastest automated loan underwriting system in the nonprime market, and it's a tool which gives brokers a wide range of options to fully automate typically complex nonprime transactions," said Greg Schroeder, senior vice president of marketing at New Century Mortgage. Information from brokers' loan origination systems is automatically uploaded to FastQual with the click of a mouse, and the FastQual engine evaluates it and replies within 12 seconds with a list of all loan products the borrower qualifies for, the company said. The new version of the company's broker website enables brokers to prequalify borrowers, submit loans, pull credit at no cost, auto-underwrite, obtain pricing, and track loans. New Century Mortgage, including FastQual, can be found online at http://www.newcentury.com.