A California firm claims its technology can help secondary market players lower the cost of acquiring mortgage loans.
Commerce Velocity announced its Correspondent Solution facilitates loan processing from point of sale through fulfillment, and into the secondary market.
"The module's functionality is based on many of our clients' requirements and input," commented Fred Popke, product director of the Irvine, Calif.-based company, in the written statement. "It enables lenders to accept and then automatically decision and price loans that are submitted in flow, batch or bulk mode.
'We've designed it so that our clients can immediately offer their sellers customized portal views, complete with simultaneous side-by-side spot, commitment and bulk pricing capability. Our clients can easily plug their proprietary decisioning, best-execution and/or pricing algorithms into our out-of-the-box solution."
The solution also incorporates all adjustments, compensating factors, correspondent pricing tiers and other detail upon loan submission. Additionally, customizable pipeline views highlight "next step" activities for each role or user, allowing lenders to monitor activity for correspondents, investors and third-party service providers.
"The Correspondent/Conduit module enables sellers and investors to originate or acquire loans efficiently, and at a lower cost," said Amit Athalye, Commerce chief strategy officer, in the announcement. "This mortgage intelligence solution can also be private-labeled with the personalization of seller/investor business process."