“Paramount Equity has a companywide initiative to use green technologies whenever possible. The company also offers residential solar financing solutions to make solar technology more accessible to homeowners.” On the back end, all documents submitted electronically via D3 are indexed into Funding Suite and the system matches documents with the appropriate order and routes them together to the specific credit processor working on the file. These documents stored in Funding Suite are also easily accessible if they need to be retrieved at a later date. “Digital Document Delivery was designed to streamline the paper-intensive credit verification process that can be frustrating for mortgage originators, processors and consumers,” said William DiPaolo, managing partner of Cogent Road. “Instead of originators wondering if their faxes were correctly sent or worrying that processors overlooked e-mail attachments, D3 gives originators more control during the credit verification process because necessary documents such as bankruptcy filings and summary judgments are electronically attached to the order automatically.” For more information, visit www.cogentroad.com.
Loan-Score introduces Walk Before You Run suite
NEEDED residential refinance for Greenwich, CT. estate property Specifics: Prefers Private Investor/Hard Money Lender Current appraised valuation: (all appraisals performed by nationally recognized appraisal companies). current $5.9 million (April 2009), $6.3 million (November 2008) $6.1 million Property info: 6400 SQ FT home on 4 1/2 acres in estate back-country area. Separate guest house, small barn, pool, pond. World-class neighborhood. CLTV: as low as 40%. Client Credit score: 800 Borrower has perfect employment, career and un-affiliated mortgage history spanning 30+ years. Client has cash reserves of 8-10 months I&P. Client seeks stated loan with verified assets. Assets verified through notarized bank verification of deposits forms or letters. Client will accept short-term commercial note, private lender note. Title has been held for ten years in a family trust. Client (borrower) will guarantee mortgage, and, in addition, the Trust will guarantee the mortgage. Trust has verifiable income (2005, 2006, 2007). Client WILL NOT pay application fees under any circumstances. Appraisals, plot plan, tri-merge credit, 1003, photos available to bona fide lenders. Home can be used for primary residence, OR, used for rental income (which has been its use in 2005-2008).
Shelley A. Marcus The Marcus Law Firm 275 Branford Road • North Branford, CT 06471 Tel. (203) 481-3330 • Fax (203) 488-4070 smarcus@marcuslawfirm.com
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Think Reverse! Table of Contents Part I: The new pillar of retirement security Part II: Marketing reverse mortgages: It’s all about education Part III: Originating reverse mortgages Part IV: Enhancing freedom: The essence of reverse mortgages Part V: A new frontier in mortgage lending
“This book combines Atare’s keen insights and know-how with extensive research to create a first of its kind resource for the reverse mortgage industry. It offers a comprehensive overview of the industry plus detailed information on marketing and originating reverse mortgages. “Present and future reverse mortgage professionals and senior advisors will profit from decades of experience skillfully woven into this book. If you plan to succeed in this industry, this book is the place to start.” —Sarah F. Hulbert, President, Senior Financial Corporation and former four-term Co-Chair of NRMLA’s Board of Directors “This book should be required reading for all new loan consultants originating reverse mortgages and is recommended for experienced ones as well. This book provides excellent insight and information on preparing ahead to provide the service our seniors deserve, to ensure a smooth loan process and shorten the time to closing. Most of the problems caused in the processing and closing of reverse mortgages come from inadequate preparation.” —Deanne Opstad, AVP, Senior Underwriter, Generation Mortgage Company
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Loan Score Decisioning Systems has announced that it has launched a new solution suite to provide smaller lenders with the option to utilize various components of its decisioning platform in a modular fashion. In order to better accommodate the financial readiness and growth needs of lenders with different requirements, LoanScore coupled its decisioning platform into separate pieces. The suite is called Walk Before You Run, which allows lenders to first utilize Loan-Score’s SwiftPricer application, later transition to its PowerPricer standalone product and pricing engine (PPE), then migrate to its enterprise-class automated
underwriting system (AUS) and finally take advantage of a seamless integration with the lender’s back-office loan origination system (LOS). Loan-Score’s new model is specifically designed to provide lenders with the option to utilize a low-cost pricing and eligibility solution and later move to much more robust level of decision management with a true AUS and credit analysis capability. Because the decisioning suite can be implemented as modules, initial costs and monthly maintenance fees are significantly reduced. “What this approach essentially does is separate our PPE from our AUS to allow lenders to start off with a simple pre-qual and pricing solution until they are ready to graduate to a more sophisticated solution,” said Joe Bowerbank, senior vice president of marketing and strategic alliances at Loan-Score. “Previously, this functionality was coupled together, which meant they had to be implemented simultaneously thus resulting in a higher outlay of money. This forced us to turn down a lot of mortgage bankers because they were either too small or not yet ready to take advantage of the breadth of our full decisioning suite. Now, however, we are able to offer our Web-based PPE as a standalone application and at a competitive price. This allows us to effectively pursue this space and enables our clients to grow with us as long-term partners. It makes perfect sense for both the now and the future.” For more information, visit www.loanscore.com.
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