LoanScorecardTM, a leading provider of automated underwriting and compliance solutions, announced today new turnkey web features for Portfolio Producer™, its online product distribution system that enables wholesalers and investors to efficiently market to and interact with correspondent lenders and brokers. The initial version of the product, launched last year, provided distribution through loan origination systems (LOSs).
The web version of Portfolio Producer enables secondary market players to reach third-party originators (TPOs) regardless of the LOS they use, and to promote their products via an interactive pre-qualification tool with a unique URL, which they can embed in their own websites. Wholesalers can decide whether to grant engine access only to existing clients or to provide universal access to reach all prospective originators.
Portfolio Producer allows any TPO to run loan scenarios to determine eligibility and pricing for different product options in real-time. Not only does this give the originator an early indication of the likelihood that the loan would be approved, but Portfolio Producer can also generate a custom-tailored loan submission checklist to help the TPO put together a complete file package the first time through, avoiding last-minute surprises after submission and going back to the borrower for additional documentation. The wholesaler can even enable originators to render a full automated underwriting findings report right at the point-of-sale, to provide the loan-level guideline analysis needed particularly in non-agency lending.
For wholesalers and investors, Portfolio Producer is a more efficient way to distribute and promote their product offerings to originators, with an interactive, self-service tool available 24/7. It reduces “false starts” that can increase operating costs, require adverse action, and lead to a bad experience with TPOs and the borrowers they serve.
“As secondary market players become more comfortable with non-agency and portfolio lending, having an efficient way to build awareness, trial and trust among TPOs becomes critical. The latest version of Portfolio Producer allows investors to cast a ‘broad net,’” said Ben Wu, Executive Director at LoanScorecard. “With Portfolio Producer, wholesalers can provide current and prospective TPOs access to their unique website, branded with their logo and product offerings. This allows wholesalers to deliver real-time pricing with dynamic guideline feedback pre-submission to reduce the back and forth between the originator, account executive, and underwriter.”
LoanScorecard™ is a leading provider of automated underwriting and loan pricing solutions designed to meet today's regulatory challenges and capitalize on market opportunities. The company’s Portfolio Underwriter™ can be tailored to capture a lender’s specific credit policy and render underwriting findings that demonstrate a consistent loan manufacturing process to auditors and investors. Portfolio Producer™ electronically distributes wholesale and investor products to third-party originators (TPOs), providing them with a real-time, interactive tool to determine borrower fit and risk-adjusted pricing for non-agency programs, and enabling them to submit qualified loans with confidence. Additionally, as the industry's first QM engine, LoanScorecard helps institutions address CFPB regulations through its QM Findings™, the industry's first qualified mortgage (QM) engine which has rendered more than 5 million QM findings reports to-date. For more information, visit loanscorecard.com or call 800-617-0892.