Underwriting

Loan Producer provides numerous automation tools for quick, easy, qualified and accurate loan decisioning.

Uniform Underwriting and Transmittal Summary

For your conventional loans, Loan Producer offers a very convenient view of all the information and parameters an underwriter needs to make a qualified decision for approval or other disposition. Property information note, mortgage, appraisal, income, liabilities, proposed payment numbers, special feature/characteristic codes, risk assessment, AUS info, credit scores and all your calculated ratios are all accessed on the Uniform Underwriting and Transmittal Summary screen. If denying the loan, a pop-up denial reasons screen lets you check off the reasons for denial.

FHA Loan Underwriting and Transmittal Summary

For your FHA loans, Loan Producer offers a convenient view showing everything you need to know to make a qualified loan decision. Review property, amortization type, loan information, loan purpose, secondary financing, gifts and debt obligations, income, funds required to close, proposed payment amounts and all the calculated ratios in one convenient location. Add your underwriting comments and select the final application decision.

VA Loan Analysis

Underwrite your VA loans using the convenient VA loan analysis view showing everything you need including borrower information, shelter expenses, debts and obligations, income and deductions, and all applicable ratios. Modify income or debts if necessary before the final application decision.

Customized Underwriting Conditions

Create your own customized underwriting conditions in the optional, user-friendly, yet powerful, business rules engine Rules OnDemand module. Define the criteria the loan must qualify for before it can be approved. Decisioning loans has never been easier knowing that the loans have been through your detailed qualification requirements.

Automated Underwriting Engine Interfaces

Loan Producer has tightly integrated interfaces with both Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector. There is no need to exit Loan Producer to deliver and receive all the information each of these automated underwriting engines require and supply. View all the underwriting finds, document checklist, credit report, merged credit certificate, error list and liabilities in one convenient area.

FHA Direct Endorsement Conditional Commitment

Enter and store all applicable FHA commitment information, mortgagee, property, estimated monthly expenses and specific commitment conditions.

203 (k) and Streamlined (k) Maximum Mortgage Worksheet

If originating 203 (k) and streamlined (k) loans, you have the information needed to quickly and efficiently calculate the maximum mortgage allowed for either a purchase or a refinance. Input your property information and all rehabilitation and other allowable costs and let the system calculate the loan’s maximum mortgage amount with upfront mortgage insurance premium.

Approval/Denial Letter, Credit Score Notice

Depending on the loan disposition, Loan Producer automatically creates the appropriate approval or denial letter along with the credit score notice to be sent to the borrower.

Approval and Closing Conditions

Maintain a list of approval conditions left outstanding before the loan heads to closing. Conditions are date and user stamped so that you can see exactly who applied the conditions and when. When a condition is satisfied, such as an outstanding appraisal being received, the condition is user and date stamped as being satisfied. Conditions can also be classified as a closing condition so that your closers can ensure that the loan passed all requirements before scheduling the closing.

The optional Rules OnDemand business logic module can be used to generate underwriting and closing conditions based on specific rules.

Financial Industry Computer Systems