heard on the street
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tion offered by Ellie Mae within the next 12 months.” For more information, visit www.service1inc.com or www.elliemae.com.
Wells Fargo approves Loan-Score’s AUS interface with FHA TOTAL Scorecard
Loan Score Decisioning Systems, an enterprise-class pricing and automated
Scorecard using one of the following eligible AUSs: Freddie Mac’s Loan Prospector (LP), Fannie Mae’s Desktop Underwriter (DU), Loan-Score or www.LoanSCORECARD.com.” In 2009, Loan-Score completed a direct system-to-system interface between its AUS and the Federal Housing Administration’s TOTAL Scorecard platform for lenders to receive eligibility results on FHA loans. Loan-Score offers connectivity to Scorecard by: Utilizing Loan-Score’s comprehensive PPE, AUS and customer-facing Web portals; using Web services to transparently connect to Loan-Score’s AUS; and using the continued on page 22
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and lines of credit under certain conditions, including completion of a HAMP modification on the first mortgage on the property. “For many homeowners facing severe financial difficulty, decreasing the payment on the first mortgage without a reduction in the payment on the second lien may not produce an affordable combined mortgage payment,” said Barbara Desoer, president of Bank of America Home Loans. “We continue to work with elected officials and policymakers on sound approaches to helping struggling homeowners keep their homes in these difficult economic times. Signing this contract ahead of the release of the final program guidelines is a continued demonstration of Bank of America’s strong overall commitment to homeownership retention and to the Making Home Affordable program as the centerpiece of these efforts.” As one the nation’s largest mortgage servicers with nearly 14 million loans, including approximately three million second liens, Bank of America will modify eligible second liens regardless of whether the first lien is serviced by Bank of America or another participating servicer. “2MP will become a valuable addition to Bank of America’s broad toolkit of potential solutions for customers facing financial difficulty and will increase our ability to help even more homeowners,” said Desoer. Using non-government programs, Bank of America modified more than 57,000 second liens to assist financially strapped homeowners over the last two years. For more information, visit www.bankofamerica.com.
underwriting solution provider, has announced that Wells Fargo is officially accepting Federal Housing Administration (FHA) loans that have been determined as eligible through Loan-Score’s automated underwriting system (AUS), which interfaces with FHA TOTAL Scorecard. In a statement issued by Wells Fargo on January 11, 2010 in its lender newsflash bulletin, Wells stated: “Wells Fargo Funding is pleased to announce that effective immediately, sellers approved to deliver FHA loans, when FHA eligibility results have been obtained using Loan-Score’s integration with FHA TOTAL Mortgage Scorecard. All FHA loans eligible for AUS submission must be submitted to FHA’s TOTAL Mortgage
Service 1st joins the Ellie Mae Network
Presidents First is a multi-state, full-service home mortgage Banker dedicated to offering quality mortgage solutions with an unwavering commitment to service. Having years of experience in the mortgage industry, we understand what’s important. Presidents First is dedicated to providing our customers with intelligent, innovative mortgage products at aggressive rates and unparalleled service levels. Utilizing hands-on common sense underwriting, expeditious closing strategies and personalized account servicing, Presidents First is focused on helping our customers to grow their business. Offering affordable lending solutions for borrowers that deserve quality loan programs and stability - it’s clear to see why Presidents First is America’s Leading Wholesale Lender.™
Conforming Fixed FHA 203B FHA 203k FHA Streamline
WHOLESALE AE’S WANTED
For additional information Please contact us at:
1-877-773-7178
445 Broadhollow Road Melville, NY 11747 www.presidentsfirst.com
O MARCH 2010
Presidents f irst
America’s Leading Wholesale Lender ™ Let Us Help Grow Your Business!
NEW JERSEY MORTGAGE PROFESSIONAL MAGAZINE
Service 1st Valuation and Settlement Services Inc. has signed on with the Ellie Mae Network. As a result of the Service 1st integration, Service 1st will be available as an independent appraiser on the Ellie Mae Network and available to all users of Encompass360. Service 1st is a national appraisal management company (AMC) committed to developing the highest level of customer service in the appraisal management industry. “Service 1st is committed to achieving superior customer service by delivering fast, reliable, efficient and service oriented appraisal management and by joining the Ellie Mae Network, it only strengthens our abilities,” said Mark Oliver, chief executive officer of Service 1st Valuation and Settlement Services Inc. “As Service 1st grows, we look forward to expanding our offering by utilizing the custom technology integra-
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