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Wholesale Lender Automates To Expand Business Growth

MORE Lending has implemented Portfolio Producer from LoanScorecard as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution. Here’s why:

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MORE Lending is the wholesale division of Synergy One Lending, a San Diego-based mortgage lender. Licensed in 42 states, MORE Lending offers a variety of non-agency loan products, including program options for foreign nationals, interest only, non-warrantable condos, and recent credit events such as deeds-in-lieu, short sales, and foreclosures.

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Portfolio Producer is a sales distribution system that integrates with LoanScorecard’s AUS, Portfolio Underwriter, and PPE, Pricer1. 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.

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Using Portfolio Producer, MORE Lending will be able to instantly distribute the guidelines and pricing for their non-agency loan programs to TPOs via Calyx Point and their website. 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 MORE Lending will approve the loan and reduces the likelihood that the TPO will provide inaccurate quotes to the borrower.

“Our goal is to provide the broker community with an automated solution that allows them to learn about our non-agency, non-QM offerings and gives them greater confidence when sharing these financing options with their borrowers,” said Steve Majerus, President of MORE Lending. “LoanScorecard’s Portfolio Producer, combined with our first-class customer support, helps us differentiate our company among brokers and provide them with more options for their borrowers.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Open Mortgage Launches A Wholesale Program

Open Mortgage LLC, a provider of traditional and reverse mortgages throughout the United States, announced their expanded Wholesale Program for Traditional and Reverse (HECM) Channels.

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“By joining the Open Mortgage Wholesale Program, partners have access to an extensive network of loan programs, training, marketing, and loan tools. These provide brokers with powerful benefits,” said Scott Gordon CEO, Open Mortgage.

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The wholesale program offers a wide range of products such as FHA, USDA, VA, FHA DPA, HECM (Reverse) loans as well as Prime, Alt A (Non-QM Near Prime, Non-QM Non-Prime) with competitive rates and no lender fees (on wholesale transactions). It also provides fast underwriting, in-depth training, and a dedicated operations team to help partners grow their business.

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“Open Mortgage’s top priority is to provide mortgage professionals with a wide range of products that meet their borrowers’ varying needs,” said Kevin McKnight, Vice President of Forward Sales Division, Open Mortgage.

“We have built a team with a main objective of building strategic programs that position partners to take advantage of the opportunities in their markets, said Sharon Falvey, Vice President of Reverse Sales Division, Open Mortgage.

Open Mortgage also hired experienced mortgage industry specialist Jerry Burleson to manage the Traditional Mortgage Wholesale Team. Upon joining Open Mortgage, Burleson said, “I am very excited to be part of a team that builds a terrific wholesale platform committed to providing the highest level of customer service.  I am thrilled to be part of this dynamic group.”

Brenley Gagnon, a mortgage and military veteran with more than 18 years in the marketplace, joined Open Mortgage, LLC, as a Regional Sales Manager for Wholesale Division of Home Equity Conversion Mortgages, commonly known as reverse mortgages.

“The reverse mortgage industry is misunderstood, and many brokers and clients don’t understand how these loans can change the lives of seniors for the better. It’s an exciting time to be in this industry. Open Mortgage has given me the opportunity to educate our brokers and clients about the reverse mortgage,” Gagnon said.

Progress In Lending
The Place For Thought Leaders And Visionaries

Parkside Lending Expands Jumbo Loan Program

Parkside Lending, LLC, a national wholesale and correspondent lender, announces it has expanded its Jumbo loan program and is now offering Jumbo mortgages (fixed rates or ARM options) with LTVs as high as 95 percent with or without mortgage insurance.

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Unlike other Jumbo programs that feature high LTV with mortgage insurance (MI), Parkside Lending’s new Jumbo III offers both lender-paid and borrower-paid MI options. Borrower-paid MI allows the borrower to take advantage of less expensive mortgage insurance and does not stay on for the full life of the loan.

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Parkside Lending provides four Jumbo products (Jumbo I, Jumbo III, Expanded Jumbo and Premier Jumbo), with robust guidelines and aggressive pricing.

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“As a wholesale lender that doesn’t have a retail channel, our number one goal is to provide mortgage professionals with a suite of products for their borrowers’ varying circumstances. There are creditworthy borrowers that are underserved in the Jumbo market; therefore, we continue to enhance our Jumbo offering to meet the range of needs in the marketplace,” said Clint Rosenthal, Executive Vice President of Sales, Parkside Lending.

Progress In Lending
The Place For Thought Leaders And Visionaries

Lenders Innovate, Too

We always talk about technology vendors innovating, but lenders are innovating, as well. For Example. American Financial Resources, Inc., an approved Fannie Mae, Ginnie Mae and Freddie Mac seller/servicer, the leading sponsored originator for FHA 203k loans and one of the nation’s leading independent mortgage originators, has launched MyLoanCenter, a new B2B technology solution to streamline and improve the way brokers communicate with their customers.

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MyLoanCenter is a free, mobile-optimized, white-label platform that facilitates real-time communication between the broker, borrower and lender, as well as effective monitoring of the loan at every stage of the process. It can help brokers better manage their client relationships and keep track of important transactions, while empowering the borrower by allowing them to remain constantly apprised of their loan status.

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The platform offers a range of innovative features, which include:

>> Admin Control – highly customizable settings that allow brokers to apply personal branding to the platform interface, create and manage internal teams, edit branch permissions and more

>> Loan Pipeline and Pipeline Management – enables brokers to view and sort their existing loan pipeline, register new loans, access pricing, order appraisals and conduct a loan estimate review expeditiously

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>> Loan Feed – provides brokers and borrowers alike with the opportunity to view real-time updates pertaining to the status of their loan, and any outstanding action items

>> Newsroom – helps users to remain abreast of pertinent news regarding regulatory updates, industry news and updates to the platform

>> Data Sync – MyLoanCenter enables instant upload of necessary client and broker documents

“Technology has transformed the lives of everyday Americans in recent years and, now more than ever, they require tools that simplify and streamline seemingly complex tasks such as applying for a mortgage,” said Bill Packer, CIO at American Financial Resources. “The development of this tool underscores not only American Financial Resource’s pioneering mindset, but its commitment to ensuring an optimal experience for both brokers and lenders.”

Parsippany, NJ-based American Financial Resources is a leading wholesale, correspondent, and retail mortgage originator and servicer of residential mortgage loans. AFR has residential mortgage banking licenses in all 50 states plus HUD, FHA, Fannie Mae, Freddie Mac, VA, Guaranteed Rural Housing and Ginnie Mae authority to underwrite and service mortgage loans. The Company’s wholesale/correspondent division serves a nationwide network of more than 1,000 wholesale/correspondent brokers making it one of the largest providers of these services in the country.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Parkside Lending Creates New Correspondent Advisory Board

Parkside Lending, LLC, a national wholesale and correspondent lender, announces the launch of a new Correspondent Advisory Board which was formed on September 1, 2016. Similar to its Broker Advisory Board which was formed earlier this year, the Correspondent Advisory Board is comprised of Parkside Lending’s correspondent lenders.

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Advisory Board members will meet quarterly with Parkside Lending’s senior management team, led by Matthew Ostrander, Chairman and Chief Executive Officer of Parkside Lending. The purpose of their discussions is to provide input that will be used to optimize Parkside Lending’s products, improve the customer experience and enhance communication. The Advisory Board members, in turn, will benefit by learning about opportunities, business strategies and peer successes and challenges.

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“This new forum is a continuation of a strategy that is designed to help us better understand our customers,” said Ostrander. “At the same time, the Advisory Board will offer us useful insights that will help direct future product and service enhancements to ensure we extend the ‘Power of Caring’ to everyone with whom we do business.”

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The first quarterly meeting took place on September 1.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

New Technology Automates Wholesale Lending

LoanScoreCard introduced LO Connect, an integrated automated distribution solution for aggregators and wholesale lenders sourcing non-agency loans from third-party originators (TPOs) and correspondents. LO Connect combines the power of LoanScoreCard Custom AUS (automated underwriting system); their product and pricing engine (PPE); and a unique integration with loan origination systems (LOSs). The first version of the product has been launched for multiple wholesalers within Calyx Point and will eventually be available on other LOSs as well.

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LO Connect allows TPOs to see branded product and pricing offers from participating wholesalers within Point. If the originator likes an eligible product and fully-adjusted price, they can run “upfront decisioning” against Custom AUS and get back an in-depth Findings Report which delivers an early indication of the likelihood that the specific investor will approve the loan. Uniquely, any Point originator can use LO Connect without first having a business relationship with the investor or needing to put together a full loan package. This saves time and effort for both the TPOs and the investors.

From an originator’s perspective, it helps the lender determine who to sell specific loans to and which investors to develop a relationship with. It also eliminates the likelihood that the originator will quote the wrong information to the borrower.

For wholesalers and investors, LO Connect is a more efficient way to distribute and promote their product and pricing offerings to originators, and it reduces “false starts” that can increase operating costs, require HMDA filings and foster bad will with correspondents and brokers.

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Because LO Connect operates independently from the wholesaler’s submission portal, it can be implemented in as little as 60 days.

“LO Connect provides automation and visibility that many TPOs don’t have at all today,” said Ben Wu, executive director at LoanScoreCard. “Because LO Connect is run at point of sale, TPOs receive an early look into whether a loan file is likely to be accepted by a wholesaler, without taking up anyone’s time—particularly the borrower’s or the wholesaler’s, who, if they see the file prematurely, have a tremendous burden to actually underwrite it, render a decision, issue disclosures, etc.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Lender Reaches Out To Brokers

Parkside Lending, LLC, a national wholesale and correspondent lender, announces the creation of a new Broker Advisory Board that is designed to leverage the expertise and feedback from a diverse group of Parkside Lending’s wholesale clients.

Advisory Board members will meet quarterly with Parkside Lending’s senior management team, led by Matthew Ostrander, Chairman and Chief Executive Officer of Parkside Lending. Their discussions are intended to provide input that will be used to optimize Parkside Lending’s products, enhance the customer experience and improve communication. The participants, in turn, will benefit by learning about opportunities, business strategies and peer successes and challenges.

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“We are excited about this new forum as it will provide us with constructive insights that will help guide future Parkside enhancements and strengthen our ability to deliver the ‘Power of Caring,’” said Ostrander. “At the same time, the individual Board members will benefit by strengthening their relationships with members of our senior management team. Ultimately, the exchange of ideas and information will positively influence their businesses and ours.”

The first of the quarterly meetings commenced earlier this month.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Lender Launches New Jumbo Product

United Wholesale Mortgage (UWM), the nation’s No. 1 wholesale mortgage lender, has launched a new Jumbo Elite program that will enable mortgage brokers to offer their borrowers one of the easiest Jumbo processes along with highly competitive rates. Rates associated with the Jumbo Elite program offer brokers significantly improved pricing compared to the industry average.

“In such a competitive market, brokers can now look forward to offering their clients extremely competitive jumbo pricing that levels the playing field with larger banks” said Mat Ishbia, president and CEO of UWM. “We’ve really upped the ante for brokers in the jumbo lending space.  Brokers can now attract more Jumbo clients with incredible pricing and the industry’s fastest turn times.”

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The Jumbo Elite program’s simplified process will make brokers more attractive to savvy Jumbo borrowers throughout the country. Brokers will enjoy transparent guidelines and direct communication with their underwriter throughout the entire loan process.

Highlights of UWM’s Jumbo Elite program include:

>> Loan amounts up to $2 million

>> Exclusive rate incentives for borrowers with 740+ FICO

>> Eligible for primary and second homes

>> ARM and fixed-rate options available

>> Closings in 25 days or less

To learn more about Jumbo Elite and other Jumbo programs that UWM offers, visit uwm.com.

Progress In Lending
The Place For Thought Leaders And Visionaries

Wholesale Lender Expands To Missouri

Parkside Lending, LLC, a national wholesale and correspondent lender, is pleased to announce that it is now lending in the state of Missouri.

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Parkside has been growing rapidly and with the addition of Missouri, its national expansion has now reached 48 states.

“We are excited to bring Parkside’s ‘power of caring’ to our clients’ borrowers in Missouri,” said Matthew Ostrander, Chairman and Chief Executive Officer of Parkside Lending.  “We will deliver the same great customer experience that our clients rely on in all the other regions of the country.”

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Ostrander co-founded Parkside Lending in 2004. He and his management team successfully navigated the mortgage deterioration of 2007-08, and have since grown the company to become a well-known national wholesale lending platform.

Progress In Lending
The Place For Thought Leaders And Visionaries

Lenders Need To Get This Right

Too often lenders worry more about the process and not enough about their customer. Good lenders offer great customer service. For example, United Wholesale Mortgage (UWM), the country’s No. 1 wholesale mortgage lender, has announced the creation of its Pronto team, a solutions-focused super-helpdesk aimed at providing the fastest and most streamlined client service in the industry.

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“Delivering exceptional client service is the backbone of our company,” said Mat Ishbia, president and CEO of UWM. “We are confident that our Pronto Team will set the gold standard for service industrywide.”

Pronto is a client service supergroup that is staffed with experts in every mortgage discipline to support UWM’s front line teams of account executives and underwriters. Comprised of experts in underwriting, closing, secondary marketing, AUS and closing, Pronto is on-call for brokers when additional help is needed in any facet of the loan process.

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UWM has launched a multimedia “We Have Pronto” campaign to illustrate Pronto and the major advantages it offers its nationwide network of independent mortgage brokers. In a recently released video, UWM compares the make-up of its Pronto team to a Rock n’ Roll Supergroup “where they’ve taken the best musicians from the greatest bands and put them together on one stage.”

Pronto gives brokers access to constant support and ensures that clients’ tough questions get answered, tricky circumstances get resolved, and high expectations are met in a timely manner.

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.