New Pricing and Scenario Tool Streamlines the Origination Process for Non-QM Loans
IRVINE, Calif., August 20, 2019 - LoanScorecard®, the leading provider of non-agency automated underwriting systems (AUS), today announced that it has partnered with LoanStream Mortgage (LSM) to power LSM’s pricing and scenario tool, QualONE.
Headquartered in Irvine, Calif., LSM is a privately held, multi-channel mortgage lender licensed in more than 30 states. LSM offers a variety of residential financing solutions, including conventional fixed-rate and adjustable-rate loans; FHA, VA and USDA loans; jumbo mortgages; as well as non-Qualified Mortgage (Non-QM) options through its NanQ ONE Program. The NanQ ONE Program is the first of its kind, offering one simple matrix of LSM’s broad array of Non-QM Residential and Business Purpose loan programs. A leader in the non-QM market, LSM was the first lender to write guidelines replacing costly and time-consuming appraisal desk reviews with the FNMA CU score, which has since been adopted by other non-QM lenders and investors.
Under this partnership, LSM’s QualONE is powered by LoanScorecard’s product and pricing engine (PPE), Pricer1™, and non-agency AUS, Portfolio Underwriter™. This tool enables brokers and correspondents to run loan scenarios and instantly determine the eligibility for various products across LSM’s NanQ ONE Programs—accelerating the origination process for non-QM loans. QualONE can be accessed on LSM’s website, LSM’s client portal or via the Calyx® Point® loan origination system.
“We’ve established ourselves as a leader in the non-QM space through our innovative non-QM loan products, which we've offered since 2013, and having the cutting-edge technology necessary to deliver these products efficiently to third-party originators,” said Serene Vernon, President of LSM. “We considered building proprietary technology but decided against it after thorough review of LoanScorecard and the benefit of its ownership by Calyx, who continues to be a preferred broker loan origination system provider. By leveraging the power of their PPE and AUS in QualONE, we’re confident we’ll be able to reduce origination costs, as well as help our broker and correspondent partners find the right non-QM products for their hard-to-fit borrowers—quickly and confidently. This will also bring us another step closer to fulfilling the vision our CEO/Chairman Rabi Aziz had back in 2013 and dominating the non-prime lending sector, which he was confident would become a large segment of the lending market.”
“Today, many lenders, like LSM, are considering whether to build or buy technology that can automate decisioning for their non-QM products,” said Ben Wu, Executive Director at LoanScorecard. “Often, these lenders choose our technology because, in addition to streamlining the non-QM loan origination process for their broker and correspondent partners, we’re able to offer significant advantages in terms of cost and time to market.”
LoanScorecard is the leading provider of non-agency automated underwriting, pricing, bank statement analysis and loan-loss reserve solutions designed to meet today's regulatory challenges and capitalize on market opportunities. LoanScorecard helps institutions address CFPB regulations, compliance and fair lending, and supports banks and credit unions preparing for the upcoming impacts of CECL. For more information, visit loanscorecard.com or call 800-617-0892.