NewFi Wholesale implements LoanScoreCard’s automated underwriting system

by Candyd Mendoza19 Jul 2019

NewFi Wholesale has announced that it has implemented LoanScoreCard’s Pricer1 product and pricing engine and Portfolio Underwriter non-agency automated underwriting systems (AUS).

LoanSoreCard’s tech will power the wholesale mortgage lender’s pricing and scenario tool, enabling approved and prospective broker partners to run loan scenarios through NewFi’s website.

“By combining our broad range of loan products with innovative technology, we are reshaping the way our broker partners shop for and close loans,” said Steve Abreu, chief executive officer of NewFi Wholesale. “We chose to partner with LoanScorecard because they allow us to provide brokers, whether or not they are approved partners, greater value by accessing our proprietary guidelines directly in their LOS. In addition, we didn’t need to spend significant time and resources building our own AUS. LoanScorecard’s implementation process was so smooth that we were up and running in less than a month.”

“Forward-looking wholesale lenders, like NewFi, know that, in order to be successful in today’s market, it’s essential to build strong relationships with brokers,” LoanScoreCard Executive Director Ben Wu said. “By leveraging LoanScorecard technology, NewFi is expanding its reach and empowering brokers with real-time pricing and an immediate indication of whether or not loans would be approved, so they can quickly and confidently close more loans.”