Santa Monica, Calif.-based Adinta.com recently released the latest version of its Virtual Loan Office pricing and eligibility engine.
As per a company press release, Virtual Loan Officer will quote a full range of rates and fees based on a selected loan scenario. Monthly payments, property taxes, insurance, mortgage insurance and all other payments are auto-calculated.
Lenders can customize the platform by programming guideline overlays, region-specific cost factors and more. This solution will make a lender's website a valuable resource for both local Realtors and home buyers.
The optional secondary detail screen displays all loan level pricing adjustments and origination fees used to arrive at the quoted pricing. A qualification calculator displays the debt-to-income ratios in a color-coded format (green, yellow or red) before a client is forwarded to the online application. Borrowers can follow daily rates and get instant answers without waiting for callbacks.
According to the company, the software helps lenders meet anti-steering safe harbor and qualified mortgage regulations. Using this pricing engine, smaller lenders can compete with big bank online technology, without paying for expensive IT professionals, Adinta claims.Â
First introduced in 2005, Virtual Loan Officer has benefited from years of in-house use by hands-on mortgage originators, the company claims.
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