Solution Will Help Non-Profit Lender Provide Mortgages to More Low-to-Moderate Income Borrowers
IRVINE, January 3, 2018 – LoanScorecardTM, a leading provider of automated underwriting and compliance solutions, announced today that Dallas Neighborhood Homes, a nonprofit provider of home loans, has implemented Portfolio Producer as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution.
Dallas Neighborhood Homes (DNH) is a Texas-licensed mortgage bank that specializes in providing home loans to low and moderate income households through its proprietary lending program. In addition to working with other lenders and mortgage brokers, DNH works closely with Dallas Area Habitat for Humanity and other governmental agencies to provide down-payment assistance to prospective homebuyers to facilitate homeownership.
Portfolio Producer is a sales distribution system that integrates with LoanScorecard’s AUS, Portfolio UnderwriterTM, and PPE, Pricer1TM. It provides third-party originators (TPOs) access to a wholesale lender’s product and pricing options from within their loan origination system (LOS) or via the wholesale lender’s website.
With Portfolio Producer, DNH can instantly distribute the guidelines and pricing for its mortgage products for low and moderate income families to TPOs via Calyx Point®. TPOs can search based on borrower profile, product type, rate and price to provide eligible products and pricing options to potential borrowers. If they like an eligible product and fully-adjusted price, TPOs can run “upfront decisioning,” and get back an in-depth Findings Report. The report provides an early indication of the likelihood that DNH will approve the loan and reduces the likelihood that the TPO will provide inaccurate quotes to the borrower.
“We were looking to partner with an AUS provider that would allow us share our loan programs with more borrowers,” said Moni Robinson, Senior Vice President of DNH. “It was a no-brainer for us to go with LoanScorecard. It was easy to set up our configuration and distribution through Point, and ultimately automatically underwrite our loans—giving more low-to-moderate income borrowers the opportunity to achieve the American Dream.”
“LoanScorecard technology was designed to support lenders, like DNH, who offer products that help ‘outside-of-the-box’ borrowers,” said Ben Wu, executive director at LoanScorecard. “Portfolio Producer will help DNH deliver its product guidelines and pricing to more brokers in real time, and ultimately provide more underserved, yet creditworthy borrowers with an affordable mortgage.”
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.
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