Del Mar Database and Integrated Loan Services Partner to Provide New Home Equity Program to Small and Medium Size Lenders.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- As mortgage lending competition continues to tighten, lenders are looking to home equity and non-conforming loans A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. to increase production. For most small to medium lenders who sell their loans to investors, their home equity programs are not as competitive as programs offered by larger lenders. Small to medium lenders often find themselves at a competitive disadvantage to larger lenders in the home equity and non-conforming first lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. markets. To improve their competitive positions, disadvantaged lenders can compete by improving their service levels. Del Mar Del Mar is the name of several places in the United States of America:
In currencies, this is the abbreviation for the Israeli Shekel. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) have teamed together to offer small to medium lenders tools with which to compete. QuickClose is just such a tool. QuickClose is an efficient alternative to traditional title insurance that can reduce the time required to close a loan by up to 14 days. The time compressions may reduce the cost to the borrower by up to 40 percent of traditional title insurance cost. "At Del Mar Database, our focus has always been small to medium mortgage lenders," said John Walsh
John E. Walsh (born December 26, 1945 in Auburn, New York) is the host of the TV show America's Most Wanted. , president of Del Mar Database. "Our goal is to provide these lenders with solutions that help increase production, reduce costs, increase profitability and ultimately help them compete with the largest lenders. Our recent acquisition by Fiserv enables us to expose products and services to our clients that have previously only been available to 'mega-lenders.' QuickClose is a great example. In addition, Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Correspondent lending has agreed to accept loans with ILS's QuickClose Lien Protection Insurance." "Today's competitive environment demands that lenders streamline the home equity process, and alternative title products are a means to that end," points out Walsh. "Consumers expect and receive loans with no application or closing fees on these products, so lenders have to find alternative solutions for closing loans quicker and at a lower cost." "When you look at the things that have the greatest potential to slow down the loan closing process, or bring it to a grinding halt, they usually involve title issues," says Walsh. "Lenders will not close home equity loans until titles have been cleared. This places the burden on borrowers who often do not have the mortgage satisfaction or discharge documents to clear paid liens. It can take months for the borrower to secure this documentation, delaying processing and frustrating frus·trate tr.v. frus·trat·ed, frus·trat·ing, frus·trates 1. a. To prevent from accomplishing a purpose or fulfilling a desire; thwart: customers." "The product insures the lender against loss if any intervening liens are not disclosed on the application or a credit report alters the lender's position on the land records in case of loan default," said David Stokes David Stokes (b. May 28 1982, Dumfries, Virginia) is an American soccer player, who currently plays for Carolina RailHawks of the USL First Division. Stokes played three years of college soccer at the University of North Carolina Chapel Hill from 2000 to 2002. , executive vice president of Sales and Marketing for Integrated Loan Services. "It also covers the lender for any loans that appear on the credit report where the lender is unable to determine whether the loan is secured against the collateral property. New title insurance products like QuickClose give lenders the ability to close home equity loans faster, often enabling lenders to close a loan in hours instead of days. This alternative also reduces title search costs Search costs Costs associated with locating a counterparty to a trade, including explicit costs (such as advertising) and implicit costs (such as the value of time). Related: Information costs. , especially on loans that do not close, and allows lenders to streamline their staff and improve their efficiency. Many of our clients have found this process extremely easy to implement and have realized great cost savings since QuickClose is billed only on closed loans. Enabling an excellent borrower lending experience is key in this competitive home equity market." "Countrywide has been accepting this product for several years and has seen great success with it," said Walsh. "The ability for our customers to deliver these loans to Countrywide's Home Equity Division will streamline the process even further. We look forward to exposing more Fiserv products and services to our customers. Many of these solutions are already in use by the 'mega-lenders'. This will be a great opportunity for our customers to continue to increase production, reduce costs and increase the profitability of their businesses." About Del Mar Database San Diego-based Del Mar Database introduces new technologies to lenders of all sizes that leverage their existing tools to improve efficiencies, increase profitability and increase pipeline capacity. The company's proprietary software solution, DataTrac(R), enables lenders to reduce costs, generate greater profits per loan, minimize errors using business intelligence and fund more loans with fewer people. Founded in 1991, the company's customers include mortgage lenders, brokers becoming lenders, credit unions and community banks. For more information, visit www.delmardb.com. About Integrated Loans Services (ILS) ILS is a 50-year old company that provides appraisals, collateral assessments, credit reports, title searches, flood determinations, loan processing and property inspections. Their corporate offices are in Rocky Hill, Connecticut Rocky Hill is a town in Hartford County, Connecticut, United States with a population of 17,966 as of the 2000 census. Rocky Hill was part of Wethersfield, the neighboring town to the north, until it was indepedently incorporated in 1849. with additional locations in Fairfield, Connecticut Fairfield is a town located in Fairfield County, Connecticut, United States. It is situated along the Gold Coast of Connecticut. Fairfield is a town of many neighborhoods, two of which -- Southport and Greenfield Hill -- are notably affluent. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Massachusetts and Florida. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion