CommunityBanksOnline Interfaces with Freddie Mac's Loan Prospector; Strategic Interface Will Help Banks and Their Customers.Business Editors OCALA, Fla.--(BUSINESS WIRE)--July 30, 2003 CommunityBanksOnline (CBO CBO See: Collateralized Bond Obligation. ), a free, Web-based total mortgage origination service for bankers and offered by Taylor, Bean & Whitaker Mortgage Corp. (TBW TBW Total Body Water TBW Total Body Weight TBW To Be Written TBW Tambov (Russia) TBW To Be Watched TBW Talking Book World TBW The Business Workshop (India) TBW Time-Bandwidth Product ), has been approved to interface with Freddie Mac's (NYSE NYSE See: New York Stock Exchange :FRE FRE French FRE Freddie Mac (stock symbol) FRE Federal Rules of Evidence FRE Freedom Realty Exchange FRE Freedom Party FRE Food and Resource Economics FRE Free Range Eggs FRE French Real Estate ) Loan Prospector(R). Currently, more than 14,000 brokers and bankers nationwide use the Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. service. The CBO platform gives bankers a technology solution to address each aspect of the mortgage loan process from origination to underwriting, closing and funding. The more than 600 community banks using CBO to originate and process loans across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and their customers will be the greatest benefactors of the alliance. "CommunityBanksOnline shares in Freddie Mac's commitment to increase homeownership throughout America, particularly those areas that are traditionally underserved," said Darren Green, president of CBO. "The community banks making loans via CommunityBanksOnline are perfect conduits for completing the Freddie Mac mission of helping more Americans realize the dream of homeownership. In exchange, we have the opportunity to add an even higher level of service and automated efficiencies to our highly comprehensive mortgage loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. solution--which fulfills our mission of opening the mortgage marketplace to community banks with the least amount of cost and effort to those institutions. CBO's new interface to Loan Prospector helps lenders make faster automated underwriting decisions and further streamlines their loan origination processes. Features include loan evaluation feedback results with a documentation checklist detailing the minimum amount of documentation the lender needs to collect to sell the loan to Freddie Mac, and a loan summary so the lender can quickly validate the data to minimize discrepancies and errors. It also uses industry standard data to provide enhanced data transfer capabilities, allowing lenders to access and re-use data across multiple platforms Refers to two or more operating environments, which typically include the CPU family and operating system. For example, if versions of a program run on Windows and the Macintosh, the software is said to support multiple platforms. and loan origination applications and services, ultimately saving them significant time and resources. "We are excited that CBO is using Loan Prospector to make it easier for community banks to move beyond bricks and mortar A store (shop, supermarket, department store, etc.) in the real world. Contrast with clicks and mortar. to source loans online and reach more customers," said Tricia McClung, vice president of Loan Prospector, Freddie Mac. The new interface gives CBO lenders like First American Bank First American Bank is the name of numerous banks operating separately in each state of the United States. Please refer to the individual articles for more information on each bank. & Trust of Athens, Ga., more detailed findings on loan requests, "It clarifies the feedback certificate," said June Willett, mortgage loan officer for the bank. "Having the checklist is a real timesaver Timesaver is a well-known model railroad train shunting puzzle created by John Allen. It consists of a specific track layout, a set of initial conditions, a defined goal, and rules which must be obeyed while performing the shunting operations. because it cuts down on the need for back-and-forth correspondence between the bank and customers trying to get all of the needed documents. It has shortened the process for us and for our customers." About Freddie Mac Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened doors for one in six homebuyers and more than two million renters in America. More information on Freddie Mac can be found on the company's web site located at www.freddiemac.com. About CommunityBanksOnline CommunityBanksOnline, developed by Taylor, Bean & Whitaker Mortgage Corp. is an Internet (Web) based mortgage marketplace that combines technological efficiencies with the personal service of community banks. CBO equips local banks with a suite of online tools that streamline and automate the process of originating, underwriting and closing a vast range of loans. Our automated technologies, immediate underwriting decisions, live loan status, instant loan registrations and rate locks along with online closing documents capabilities help banks deliver a faster and more efficient mortgage process to their customers. For additional information about CBO, visit www.cbobanks.com. |
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