LoanScoreCard has rolled out a new nonagency pricing and decisioning technology for the wholesale and correspondent channels.
Called LO Connect, the service merges the functionality of LoanScoreCard's automated underwriting system and pricing and product engine, the company said in a news release Tuesday. LO Connect can also integrate with loan origination systems.
When using LO Connect, mortgage brokers can examine product and pricing offers from wholesalers and access the automated underwriting system for a decision. This process generates a report that assesses the likelihood that a specific investor will approve a loan.
"LO Connect provides automation and visibility that many third-party originators don’t have at all today," LoanScoreCard Executive Director Ben Wu said in the release. "Because LO Connect is run at point of sale, TPOs receive an early look into whether a loan file is likely to be accepted by a wholesaler, without taking up anyone's time — particularly the borrower's or the wholesaler's."
LoanScoreCard said that the new service can be put into place in 60 days' time because it operates independently from the wholesaler's submission portal. The service will initially roll out to wholesalers with interfaces to the Calyx Point LOS, with later versions expected to become available on other systems.
