Resource Bancshares Mortgage Group, Columbia, S.C., is implementing automated underwriting software developed by Commerce Velocity, Irvine, Calif.Commerce Velocity's Underwriter evaluates risks based on loan application data and underwrites loans using lender-determined rules. The tool also serves as a product engine, matching borrowers to suitable loan products within seconds. The initial implementation of the software will serve to automate the underwriting of RBMG's alternative-A loans and is expected to be completed by the end of November. The announcement was made at the MBA's annual convention in San Diego. Commerce Velocity can be found on the Internet at http://www.cvelocity.com. RBMG is a subsidiary of NetBank Inc., which can be found at http://www.netbank.com.
