Web Tool Enables Wholesalers and Investors to Distribute Portfolio Products to Originators
Via a Branded Website for Instant Pre-Qualification at the Point-of-Sale
IRVINE, August 29, 2017 – 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."
About LoanScorecard
LoanScorecard is a leading provider of non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. 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 and supports banks and credit unions preparing for the upcoming impacts of CECL.
For more information, visit loanscorecard.com or call 800-617-0892.
For press inquiries, please contact:
Jessica Ruiz-Krout
Campbell Lewis Communications
212.995.8058
jessica@campbelllewis.com
