All Credit Considered Mortgage, Inc . (ACC Mortgage) has selected LO Connect as its integrated automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution, according to an announcement from LoanScoreCard , a provider of automated pricing, underwriting and compliance solutions.
ACC Mortgage is a wholesale lender specializing in non-prime mortgages and U.S. Treasury Certified Community Development Financial Institution (CDFI) that has provided credit to underserved markets since 1999. The company is headquartered in Rockville, Md., and is licensed in California, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas and Virginia.
“As more forward-looking lenders like ACC Mortgage take advantage of the growing non-agency market, they’ll need to incorporate automated technology to meet demand,” said Ben Wu, executive director at LoanScoreCard. “LO Connect will provide ACC Mortgage an efficient way to distribute and promote their product and pricing offerings to TPOs—allowing them to extend their broker reach and reduce ‘false starts’ that could result in increased operating costs or ill will with brokers.”
LO Connect combines the power of LoanScoreCard Custom AUS, its PPE, and a unique integration with Calyx Point. It allows third-party originators (TPOs) to see branded product and pricing offers from participating wholesalers within Point. In regards to ACC Mortgage, these offerings will include non-prime and non-QM loan programs. If a TPO is interested in an eligible product and fully-adjusted price, they can run “upfront decisioning” against Custom AUS and get back an in-depth Findings Report which provides an early indication of the likelihood that the specific investor will approve the loan. Additionally, LO Connect significantly reduces the likelihood that the TPO will quote the wrong information to the borrower.
“In the current regulatory environment, it’s important to get accurate information upfront in order to provide disclosures correctly and originate in a consistent fashion,” said Robert Senko, president of ACC Mortgage. “LO Connect will allows us to offer the broker community the first automated subprime underwriting system to Point users and non-Point users, via our Warp Speed Underwriting, to help streamline the front-end and decisioning of non-QM loans, as well as help us originate compliant loans and grow our wholesale business.”