Wholesalers Tout Online Offerings

GMAC Bank recently announced its wholesale lending unit has launched a Web application that allows its brokers and correspondent customers to search for loan pricing and product matching for their potential borrowers.

The Horsham, Pa.-based lender said its Get Scenario program enables the user to obtain a list of eligible products after entering “a few pieces of their customer’s loan information, and a requested final rate or final price.” Detailed pricing and loan attributes are listed and if the broker chooses to view other options, they can alter the data and view other eligible products, the announcement said.

Once a product is selected, the announcement explained, the broker could then register and lock the loan directly from the application.

San Jose, Calif.-based LoanCity CEO founder Rick Soukoulis said the search and lock process should be so simple that the broker feels as if they never left their personal LOS (loan origination software).

“Technology should integrate the broker’s back office with the lender’s back office,” Soukoulis told MortgageDaily.com. “We have accomplished this on our site by delivering price discovery-to-funding with our brokers.”

For the wholesale lender’s Web site Soukoulis said, “We like to use the Google approach to move the broker through the process as efficiently as possible; it’s easy to navigate without a lot of distractions.”

With seven credit bands to consider, including government products and Alt-A and B, Soukoulis said it’s the credit quality of the borrower that sets the groundwork for the loan program search.

Users can search all available programs altering data for alternatives, upload the file out of the LOS, gain approval from a fully automated underwriting engine, manage their pipeline and communicate with LoanCity through the site, Soukoulis said.

Ownit Mortgage executive Bruce Dickinson said ease of use and speed for the broker are the two factors they have focused on when designing a Web site for brokers to search for and submit loans.

Dickinson said the Agoura Hills-based wholesaler would implement the new site beginning with the third quarter this year. “We’ve designed an easy site,” he told MortgageDaily.com. “You don’t have to load in 63 pieces of information to get results; we have reduced the amount of input and you still get a robust search and a tickler to get TLC if needed.”