The decision to use an automated pricing and underwriting software for its lending platform has paid off in spades for a national wholesale and retail mortgage banker[1]. Stearns Lending, Inc., is the 15th largest lender in the country, and it credits more than half of the past year’s growth to a decision to go automatic.
The software in use enables brokers to upload information, pull credit and get an instant underwriting decision – all automatically. Once in the system, the loan can be managed by authorized entities in the broker system and enables brokers and customers to develop highly customized profiles that meet the customer’s precise needs. As a result, according to Stearns, the company’s levels of customer service and “broker-to-lender trust” have been dramatically improved.
The lender goes on to praise the automated system as one that meets individual borrower’s needs rather than being “one-size-fits-all.” This renders the automated decisions more reasonable and provides better rationale for an acceptance or a rejection.
Do you think that software can be trusted to make lending decisions, or is this type of program simply asking for trouble? What do you as a real estate investor – and potentially frequent borrower – prefer?
Thank you for reading! Your comments and questions are welcomed below.
[1] http://nationalmortgageprofessional.com/