Cherrywood Mortgage launches tool that helps brokers close loans faster

by Candyd Mendoza24 Feb 2020

Cherrywood Mortgage has announced the launch of a loan product tool that accelerates the pre-qualification process and connects brokers to clients.

Cherrywood-Portal Real-time Online (C-PRO) is a broker/client dashboard that automatically calculates loan eligibility decisions instantly and gives registered brokers access to their loan pipeline with Cherrywood.

“When we set out to create this tool, our focus was on optimizing brokers’ time by giving them the power to potentially close loans faster and coordinate the customer relationship even better,” said Ed Resendez, president and chief operations officer at Cherrywood Mortgage. “The qualification process can be daunting for many individuals, so we see this technology improving efficiency and opening more doors for brokers who are looking to grow their businesses.”

With C-PRO, brokers and prospects can find out online if a property qualifies for a loan, and at what rate. If the loan qualifies based on the data input, C-PRO will provide a letter of interest to registered brokers, who will then gain access to the dashboard that will enable them to track loan requests and communicate directly with Cherrywood personnel in real time.

“C-PRO’s ability to qualify and offer financing options at the click of a button will revolutionize the industry,” said Christopher Lappi, executive vice president, chief information officer and chief technology officer at Cherrywood Mortgage. “By making manual tasks obsolete, such as sizing loans and issuing letters of interest, we help our clients get more deals done. C-PRO allows brokers registered with Cherrywood to upload loan condition documents and monitor their loans throughout processing and underwriting. Automating the financing process shows our dedication to 100% client satisfaction.”

In 2018, Cherrywood Mortgage became Angel Oak Commercial’s wholesale small-balance commercial lending arm. Angel Oak acquired Cherrywood as part of its initiatives to expand its leadership position in the residential non-QM lending business.

“Cherrywood’s successful integration of C-PRO is a foreshadowing of where the small-balance commercial lending industry is heading,” said Mike Fierman, managing partner and co-chief executive officer at Angel Oak Companies. “Angel Oak and our affiliated companies aim to be leaders in the lending space, and it starts with our ability to leverage technology. Our dedication to technology and Cherrywood’s innovation serve as testaments to that goal.”