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.