Plaza Home Mortgage Taps Loan-Score Decisioning Systems to Integrate Enterprise AUS
SAN DIEGO, CA, February 15, 2008- Plaza Home Mortgage Inc., a San Diego-based national wholesale lender, today announced it has signed with Loan-Score Decisioning Systems, an emerging leader in enterprise-class automated underwriting (AUS) solutions, to utilize its AUS, product and pricing engine, PDA Pricer application, and broker portal. Loan-Score's AUS underwrites all types of loans and connects to Fannie Mae's DU®/DO®, Freddie Mac;s LP®, FHA Total Scorecard and seamlessly integrates with DataTrac®, Plaza's back-end processing and banking system. The solution is designed to deliver instant product eligibility, pricing and automated underwriting approvals, complete with all conditions and loan details. The solution utilizes a centralized rules repository to ensure continuity and accuracy for each of Plaza's 16 branch locations. Brokers stand to benefit from the enhanced portal and pipeline management capabilities that will be embedded into the lender's existing corporate website. "Point-of-sale technology is an essential tool for our clients," said Kevin Parra, president of Plaza Home Mortgage, Inc. "We've searched for a solution that would provide our brokers cutting-edge tools to make their jobs easier in this challenging market. After evaluating vendors, we determined Loan-Score's model to be the best fit for our needs, and we believe Loan-Score's solution will give our brokers a competitive edge." Brokers will run an initial prequalification, then complete or upload a 1003 into Loan-Score's system to accurately decision and underwrite a loan. It is then automatically populated into the appropriate fields within DataTrac via a tight, nine-point integration with Plaza's core system. Loan-Score's AUS and DataTrac automatically talk to each other, updating conditions and loan-level status in real-time within the broker portal using advanced Microsoft® .NET 3.0 Web Services. This seamless integration allows for the bi-directional flow of loan-level details and real-time status between back-end processing staff and brokers at the POS, and also eliminates the need to re-key data, thus reducing costly errors. "As market needs have shifted, so have we in terms of our development efforts," said David P. Colwell, executive vice president of Loan-Score. "We engineered our AUS to evaluate very complex lending scenarios where deep credit analysis is critical to accuracy and risk mitigation. The industry, however, has clearly gravitated toward safer underwriting practices. Consequently, we responded by establishing integrations with Fannie's DU®/DO®, Freddie's LP® and connectivity to FHA Total Scorecard through DU®. This is huge given the market shift." About Plaza Home Mortgage, Inc.
Founded in 2001 and headquartered in San Diego, California, Plaza Home Mortgage Inc. is a full-service wholesale mortgage banker committed to producing quality loans and delivering superior customer service to its valued brokers and borrowers. With 16 branches in operation, Plaza employs more than 300 employees nationwide. The company offers a variety of simple, affordable financing options designed to meet the needs of the majority of brokers and borrowers, such as conventional fixed rate, conventional ARM, FHA, VA and non-conforming loans. Plaza is dedicated to building quality, long-term relationships with its customers by offering comprehensive programs and exceptional customer support. For more information, visit www.plazahomemortgage.com or call (866) 260-2529. About Loan-Score Decisioning Systems
Founded in 2000 and headquartered in Irvine, California, Loan-Score Decisioning Systems offers a true, enterprise-class AUS and product/pricing engine available on a software-as-a-service (SaaS) and also a self-hosted basis for all lending channels and product types. The company also extends various functionality to the point-of-sale using its Web portals. Loan-Score maintains a comprehensive, up-to-date library of investor guidelines and pricing to ensure eligibility is met and market conditions are adjusted to deliver precision-based underwriting that results in fundable loans. The company's solutions are engineered to deliver swift, cost-effective implementations that integrate with existing LOSs and avoid inflexible programming efforts and high maintenance costs. Through Loan-Score's unique approach to customer service, the company's on-demand SaaS model offers clients the option to utilize its extensive library of investor guidelines, or the ability to manage unique program guidelines themselves. Loan-Score's solutions are in production with small, medium and large lending institutions. For more information, visit www.loan-score.com or call 949-450-0102.
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CONTACT:
Joe Bowerbank
Loan-Score Decisioning Systems
949.450.0102