DALLAS, June 13, 2017 — Calyx Software®, a leading provider of comprehensive mortgage software solutions for banks, credit unions, mortgage bankers and brokers, announced Portfolio Underwriter™, an advanced automated underwriting system (AUS) from LoanScorecard™, is now available to Point® and PointCentral® clients.
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 solution helps portfolio lenders by:
- Providing a mechanism to safely and easily communicate underwriting criteria for new niche products.
- Conducting extensive loan file data checks and in-depth credit report reviews.
- Allowing them to manage exceptions based on valid compensating factors on the loan, rather than loan officer "discretion."
- Ensuring consistent, transparent credit policy application to demonstrate Fair Lending and improve efficiency.
"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."
"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, Vice President of Business Development at Calyx Software. “While lenders are certainly familiar with agency AUSs, 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.”
For more information, visit https://www.calyxsoftware.com/products/portfolio-producer.
About Calyx Software
Calyx Software is an established provider of compliant mortgage software solutions used by banks, credit unions, mortgage lenders, and brokerages nationwide. The company’s easy-to-use technology, including its borrower interview platform, loan origination systems, and secure electronic signature software, is designed to streamline, integrate and optimize all phases of the loan process for customers of various sizes, workflows, channels and complexities. Combined with its extensive network of vendor partners, Calyx products deliver a true digital mortgage solution that maximizes profitability and enhances the customer experience.
For more information, call (800) 362-2599 or visit www.calyxsoftware.com.
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