Calyx Software , a provider of comprehensive mortgage software solutions for banks, credit unions, mortgage bankers and brokers, announced Portfolio Underwrite, an automated underwriting system (AUS) from LoanScorecard, is now available to Point and PointCentral clients.
“Manually underwriting portfolio loans not only exposes lenders to Fair Lending issues, but is also time consuming and costly,” said Ben Wu, Executive Director at LoanScorecard. “By incorporating automated technology like Portfolio Underwriter, portfolio lenders using Point and PointCentral can improve efficiency by streamlining decisioning for their unique programs and focus on more complex transactions.”
Portfolio Underwriter allows portfolio lenders to customize credit decisioning and safely originate non-agency loans that they intend to put on their balance sheets. It captures a portfolio lender’s program guidelines within its engine and delivers a rules-based underwriting decision in seconds. Results of the decision are documented in a findings report. This report includes program-specific, conditional underwriting criteria utilized in the data analysis.
Portfolio Underwriter seamlessly integrates with Calyx Point and PointCentral loan origination systems. The connection facilitates bidirectional data flow and provides a single system of record for all loan documentation. Centralization of processes and documents streamlines preparation for audits, board reviews and regulatory submissions.
“The predominant focus of Fair Lending violations is how and why loans were approved; therefore, it is critical to have an AUS in place to demonstrate the standard practice of quality underwriting,” said Bob Dougherty, VP of Business Development at Calyx Software. “While lenders are certainly familiar with agency AUS, they are also aware of gaps in automated decisioning for their portfolio products. Portfolio Underwriter helps lenders who originate portfolio loans automatically determine the appropriate response for their institution—ensuring compliance with Fair Lending at the point of sale and in the underwriting process.”