AUSTIN, TX (PRWEB) June 28, 2004
VueCentric, Inc., developer of the MortgageDashboardÂ paperless loan origination system, has released HomeForMyLoan, a Web-based tool that searches through loan programs offered by the nation's top wholesale lenders and returns all matching programs, that meet the loan officer's criteria. Only loan programs from wholesale lenders the loan officer is approved with will appear in search results.
"It's like having a magic button you can press that will give you the perfect loan program for every borrower," said Jorge Sauri, CEO of VueCentric, Inc. "The search form is very detailed, allowing you to drill down to the specific programs that will work for your customer very quickly. Since it's Web-based, like all of the VueCentric solutions, you can use it anywhere and it's extremely fast."
Sallie Mae Home Loans was the first mortgage lender to use the new tool. The company has been using it for the past 60 days.
"Loan officers input their loan criteria, FICO score, stated income, etc and it comes back with all the programs and investors that fit that criteria," said Anthony J. Fulginiti, Director of Sales for Sallie Mae Home Loans. "It's a very productive interactive search engine for our loan officers."
Loan officers can search for loan programs by any characteristic: loan type, loan-to-value ratio, documentation type, credit rating or property type. The tool can use detailed borrower credit history to refine a search, making it perfect for subprime lending. Upon completion, search form details can be changed and the search re-executed to test what-if scenarios.
Other useful search tools include filters for self-employed borrowers, HELOC loan programs and other special situations that will return only the programs that work. Once a list of suitable loan programs is returned for a borrower, a link in each program takes the loan officer to a complete documentation and requirements page specific to that loan, as well as an LTV grid for pricing.
HomeForMyLoan works as a standalone tool, but is designed to integrate seamlessly with MortgageDashboardÂ. When used as part of the complete solution, data is shared between the loan origination system, the HomeForMyLoan and the BundleOne electronic partner network, eliminating the need to ever re-key information and allowing straight-through mortgage loan processing from point-of-sale to close.
HomeForMyLoan comes preloaded with more than 125 loan programs, but new investors are easy to add, allowing branch managers to disseminate new programs to all company loan officers in a single step. The tool can be customized with a lender's look and feel to disseminate to a branch network.
According to Fulginiti, the tool has another key benefit. "It's an effective training tool for new loan officers. It gives the new loan officer confidence in choosing the right program for their customer. In our organization, that's the most important thing."
For more information on HomeForMyLoan, go to http://www.Vuecentric.com .
Designed from the ground up for straight through processing of all-electronic mortgages, MortgageDashboard features pipeline tracking, bundled settlement services and electronic fulfillment all in a convenient Web-based system served up as an ASP. The system is flexible enough to work for a single loan officer, a branch or a nationwide lender and priced to be affordable to players at any of these levels.
Based in Austin, Texas, VueCentric was formed in 2000 to create Web-based software solutions for the mortgage lending industry. Leveraging experience in new media, software development and real estate finance, the company's MortgageDashboardÂ solution is the only end-to-end, ASP-based LOS on the market today.
Contact: VueCentric, Inc., Jorge Sauri, CEO, 512-637-9751.
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