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New Century announces 12-second internet loan approvals. (Tech Newz).

IRVINE, CALIFORNIA-BASED NEW CENTURY Financial Corporation and its subsidiary, New Century Mortgage Corporation, have introduced FastQual[TM], a new proprietary Web-based loan underwriting engine. According to the companies, FastQual can provide registered users with loan approvals in less than 12 seconds. FastQual is designed to serve customers in the nonprime mortgage market, and is available at the New Century Mortgage broker Web site, www.newcentury.com.

Loan information from brokers' loan origination systems (LOS) is automatically uploaded from their computers to FastQual with the click of a mouse. The FastQual engine evaluates the data and gives an answer within 12 seconds, then the system lists all loan products for which the borrower qualifies. The new version of the New Century Mortgage broker Web site equips mortgage brokers to prequalify borrowers, submit loans, pull credit at no cost, automatically underwrite, obtain pricing and track loans.
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Publication:Mortgage Banking
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 1, 2003
Words:144
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