Lender Uses AUS To Ensure Consistency

Central Pacific Bank, a leading residential mortgage lender in Hawaii and the primary subsidiary of Central Pacific Financial Corp., has implemented LoanScorecard’s Custom AUS as its automated underwriting system (AUS). Central Pacific Bank provides a full range of mortgage services that include retail, portfolio and correspondent lending, as well as investment and trust services through a network of 35 branches in the state of Hawaii. The bank has more than $5 billion in assets.

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With Custom AUS from LoanScorecard, Central Pacific Bank can now customize underwriting decisioning and safely originate compliant assets. The system delivers an underwriting decision to third-party originators (TPOs) and provides an assessment report that includes a breakdown of every rule applied and whether the loan passed or failed a particular guideline—creating an audit trail for underwriting and ability-to-repay decisions and helping to ensure consistent, transparent application of credit policy.

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“Approximately 35 percent of our business is portfolio lending, so it is critical for us to have a system in place that allows us to easily define our underwriting guidelines and ensures any and all exceptions are handled in a consistent manner,” said Kirsten Kemper, Vice President, Capital Markets Manager at Central Pacific Bank. “We expect Custom AUS to make us more efficient, reduce errors and provide better feedback to our sales team.”

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“The new Home Mortgage Disclosure Act (HMDA) reporting requirements go into effect in about a year and the status quo of manual underwriting is insufficient to be in compliance,” said Ben Wu, Executive Director at LoanScorecard. “Before the rule goes into effect, many forward-thinking lenders, like Central Pacific Bank, are putting systems in place now that will ensure mortgages applied for at the end of 2017 and closed in 2018 are manufactured consistently and compliantly—mitigating any fair lending risk.”

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