LoanScorecard, a provider of automated underwriting and compliance solutions, says new turnkey web features for its Portfolio Producer online product distribution system will enable wholesalers and investors to efficiently market to and interact with correspondent lenders and brokers.
The web version of Portfolio Producer allows secondary market players to reach third-party originators (TPOs) regardless of the LOS they use, and to promote their products via an interactive pre-qualification tool with a unique URL, which they can embed in their own websites. Wholesalers can decide whether to grant engine access only to existing clients or to provide universal access to reach all prospective originators.
Portfolio Producer allows any TPO to run loan scenarios to determine eligibility and pricing for different product options in real-time. Portfolio Producer can also generate a custom-tailored loan submission checklist to help the TPO put together a complete file package the first time through, avoiding last-minute surprises after submission and going back to the borrower for additional documentation. The wholesaler can enable originators to render a full automated underwriting findings report right at the point of sale in order to provide the loan-level guideline analysis needed particularly in non-agency lending.
“As secondary market players become more comfortable with non-agency and portfolio lending, having an efficient way to build awareness, trial and trust among TPOs becomes critical,” says Ben Wu, executive director of LoanScorecard.
“The latest version of Portfolio Producer allows investors to cast a broad net. Wholesalers can provide current and prospective TPOs access to their unique website, branded with their logo and product offerings. This allows wholesalers to deliver real-time pricing with dynamic guideline feedback pre-submission to reduce the back and forth between the originator, account executive and underwriter,” he adds.