Tech Companies Team Up

Lender E-Source, Vista, Calif., has formed a joint venture with Commerce Velocity, Irvine, Calif., which develops technology to assist lenders in the efforts of loan product development and guideline maintenance.Under the arrangement, mortgage bankers using Lender E-Source's Electronic Loan Finder will now have access to Commerce Velocity's pricing and decisioning engine to access electronically their fully adjusted rates and pricing. The partnership enables loan officers and brokers to receive up-to-date product pricing and eligibility information in addition to their investor product guidelines by entering minimal credit and loan data, Lender E-Source said. The service also allows mortgage bankers to integrate their own fully adjusted pricing information, enabling loan officers to make more accurate pricing decisions, the company said. "This solution brings together our company's strengths -- Commerce Velocity's market-leading decisioning engine with Lender E-Source's product guideline maintenance solution," said Jim Schwegman, vice president of sales and marketing for Commerce Velocity. The companies can be found on the Web at http://www.lendere-source.com and http://www.cvelocity.com.