MORE Lending implements Portfolio Producer from LoanScorecard
Solution will help lender increase broker adoption and accelerate business growth
IRVINE, CA (October 12, 2017) — LoanScorecard™, a leading provider of automated underwriting and compliance solutions, announced today that MORE Lending has implemented Portfolio Producer as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution.
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.
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.
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.”
“As wholesale lenders, like MORE Lending, look to take advantage of the growing non-agency, non-QM market, technology will be a critical factor in helping them distribute the product and pricing, as well as determine borrower eligibility,” said Ben Wu, executive director at LoanScorecard. “With Portfolio Producer, MORE Lending can increase broker adoption by delivering real-time product guidelines and pricing, as well as pre-qualifications, and ultimately accelerate their business growth.”
LoanScorecard® is a leading provider of non-agency automated underwriting, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. LoanScorecard helps institutions address CFPB regulations through its QM Findings™, the industry's first qualified mortgage (QM) engine, which has rendered more than 5 million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL. For more information, visit loanscorecard.com or call 800-617-0892.