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LendingQB Works Insurance Underwriting Guidelines into AUS

In California, ""LendingQB"":http://www.lendingqb.com/index.php announced the implementation of mortgage insurance (MI) underwriting guidelines into its automated underwriting system (AUS), giving users the ability to automatically check MI eligibility and pricing.

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""One of the problems with calculating MI is that loan officers and underwriters are forced to individually visit each of the MI companies' respective Web sites to determine eligibility and pricing, which is time [COLUMN_BREAK]

consuming and error prone,"" said David Colwell, VP of corporate strategy at LendingQB. ""Our proprietary AUS already houses the entire set of underwriting manuals for each investor.

""By implementing MI eligibility guidelines and rate cards into our decisioning engine, clients are able to quickly render an accurate decision with the click of a button--without having to bounce to other applications. This makes it a breeze to shop for the best MI products and prices,"" he continued.

LendingQB manages and ensures that all guidelines and rates are current in its AUS for Radian, Mortgage Guaranty Insurance Corporation (MGIC), Essent, and Genworth. When a decision is rendered, loan products are paired with eligible insurance products along with accurate debt-to-income calculations.

At the point of sale where loan officers are talking to borrowers, they are able to quickly view side-by-side comparisons from all eligible products from each company along with best execution pricing. Using the system, lenders are given full control over which MI providers are available for pairing and also the preferred order of providers.

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