TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1175308
4 | TH E M R EP O RT MTECH Analyzing Loan Eligibility LOANSCORECARD IS POWERING LSM'S PRICING AND SCENARIO TOOL. L oanScorecard recently an- nounced that it has part- nered with LoanStream Mortgage (LSM) to power LSM's pricing and scenario tool, Qua- lONE. Headquartered in Irvine, California, LSM is a privately held, multi-channel mortgage lender licensed in more than 30 states. LSM offers a variety of residential financing solutions, including conventional fixed-rate and adjustable-rate loans; FHA, VA, and USDA loans; jumbo mortgages; as well as non- Qualified Mortgage (Non-QM) options through its NanQ ONE Program. "Today, many lenders, like LSM, are considering whether to build or buy technology that can automate decisioning for their non-QM products," said Ben Wu, Executive Director at LoanScorecard. "Often, these lenders choose our technology be- cause, in addition to streamlining the non-QM loan origination process for their broker and cor- respondent partners, we're able to offer significant advantages in terms of cost and time to market." Under this partnership, LSM's QualONE is powered by LoanScorecard's product and pricing engine (PPE), Pricer1, and non-agency AUS, Portfolio Underwriter. This tool enables brokers and correspondents to run loan scenarios and instantly determine the eligibility for vari- ous products across LSM's NanQ ONE Programs. QualONE can be accessed on LSM's website, LSM's client portal or via the Calyx Point loan origination system. "We've established ourselves as a leader in the non-QM space through our innovative non-QM loan products, which we've of- fered since 2013, and having the cutting-edge technology necessary to deliver these products efficient- ly to third-party originators," said Serene Vernon, President of LSM. "We considered building pro- prietary technology but decided against it after a thorough review of LoanScorecard and the benefit of its ownership by Calyx, who continues to be a preferred broker loan origination system provider." Vernon said that by leveraging the power of LoanScorecard's PPE and AUS in QualONE, LSM would be able to reduce origina- tion costs, as well as help its bro- ker and correspondent partners find the right non-QM products for their hard-to-fit borrowers— quickly and confidently. "This will also bring us another step closer to fulfilling the vision our CEO/Chairman Rabi Aziz had back in 2013 and dominating the non-prime lending sector, which he was confident would become a large segment of the lending market," she said. Modernizing Real-Estate Documentation AS PART OF RHODE ISLAND'S PUSH FOR E-RECORDING, THE TOWN OF WESTERLY NOW OFFERS THIS FACILITY THROUGH SIMPLIFILE. S implifile, a tech provider for real estate documenta- tion has announced that the town of Westerly in Rhode Island has joined its e-recording network following the July 1 passage of a law authorizing e-recording statewide in Rhode Island. "This is a terrific development for Rhode Island settlement agents and municipal recorders, who have long expressed an interest in modernizing their recording processes," said Paul Clifford, President of Simplifile. "We're ready to help additional mu- nicipalities get up and running—a Platforms and Partnerships Lenders and mortgage tech companies explored strategic ventures, raising funds, and adding new clients in their quest to improve the digital lending experience for customers.