|One recent offering enables wholesale lenders to determine the level of risk of its mortgage brokers, while two other offerings enable brokers to determine the best available wholesale programs. Other mortgage technology activity includes improvements to credit reporting, digital loan delivery and appraising.
Credit Plus Inc. announced Wednesday that in the middle of this month Fair Isaac Corp.’s FICO Expansion Score will be included in its PRBC Reports. The Expansion Score, which enables assessment of borrowers with little or no credit, uses the FICO scoring range of 300-850 and will be combined with the PRBC Report to provide a more thorough assessment of risk.
“Today’s mortgage environment is fraught with fraud and this thorough analysis is one way to mitigate it,” Credit Plus Vice President of Sales and Marketing Allen Johnson said in a press release.
Interthinx, provider for tools for mortgage fraud prevention, announced Tuesday its ability to review and score third-party originators. Broker Risk Score uses proprietary loan data and bases its assessment on the number of loans identified for a broker, the share of loan reviews identified as high risk transactions and the weighted alerts within the reviews that are assigned a value.
Nomis Solutions announced Tuesday that Royal Bank of Canada will use its Price Optimizer 3.3 to better price its loans.
Fiserv Inc. announced Wednesday that Wells Fargo Funding will use its eLending technology platform to accept for purchase loans from correspondents and brokers that have electronic disclosures and 1003s delivered, tracked and signed electronically.
The Mortgage Institute for Financial Services Professionals Inc. announced Wednesday the release of the Mortgage Prepay Equivalent Yield calculator, which helps originators determine whether a borrower should use capital to prepay a mortgage or invest.
Financial Crossing Inc. announced a partnership Tuesday with mortgage lending guidelines and rates database NYLX for integration of the NYLX data with Financial Crossing’s sales methods. Through the partnership, mortgage industry professionals will be able to provide their customers with risks and benefits comparisons.
Financial Crossing said the move enables originators to easily compare thousands of wholesale programs and rates.
a la mode inc. announced today that its DaVinci product is the first of the industry’s appraisal programs in the nation to receive the Certified for Windows Vista logo. DaVinci, which enables appraisers to create and get information needed for floor plans, also allows for an onsite inspection that is entirely customized by the appraiser.
7 Refinance Strategies
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...