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June 6, 1997 |
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Mortgage Computer Builds Links Mortgage Lenders to Faster, Easier Loan Underwriting System OGDEN, UTAH --Mortgage Computer, a leader in real estate software, announced today an interface that gives mortgage lenders access to Loan Prospectorâ, Freddie Mac's automated underwriting service. "The Loan Prospector interface is a clear example of Mortgage Computer's commitment to provide lenders with cutting-edge business solutions," says Brian L. Belnap, senior vice president at Mortgage Computer. Peter Maselli, vice president-automated underwriting at Freddie Mac, says, "By writing a software interface to Freddie Mac's Loan Prospectorâ, Mortgage Computer is helping lenders streamline the mortgage underwriting process and focus on improved service to borrowers." Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing. Freddie Mac purchases mortgages from lenders and packages them into securities that are sold to investors. The Loan Prospector interface works with Mortgage Computer's Mortgage Banker software. After taking the mortgage loan application, a lender submits the loan data electronically to Freddie Mac's Loan Prospector automated underwriting service. Loan Prospector evaluates the loan quality using statistical models and judgmental rules to determine loan performance. With electronic access to information from credit providers, Loan Prospector performs its own credit check, evaluates the credit quality of the loan and within minutes returns an overall risk assessment. Credit evaluations are returned to the lender, who may also request a collateral assessment to determine if the property can serve as security for the transaction. Mortgage insurance may be requested for those loans that require it. Through the Mortgage Computer/Loan Prospector interface, lenders dramatically speed up the underwriting approval process and position loans for immediate sale. Applicants are informed immediately of loan approval and processing is reduced to three to five days--all while the lender obtains higher-quality, lower-risk loan opportunities. "It's a win-win situation for everyone involved," Belnap says. Mortgage Computer was established in 1974 to offer mortgage lenders a complete real estate software solution. The MC OFFICE Software provides all the tools to run a complete real estate department: loan origination, servicing, construction, pools, reverse mortgages, home equity lines of credit, HMDA reporting, investor reporting, aggregate escrows, accounting, EDI-Plus, Management Tool Kit, IRS reporting, and interfaces to MIDANET, MORNET, and flood certification. For more information, |
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