MIDDLETOWN, CT – Mortgage Lenders Network USA, Inc. (MLN), one of the top originators and servicers of Alt-A/Non-Conforming mortgages in the country, has announced the launch of MLoan, a new automated underwriting (AU) system. MLoan is the first AU tool for brokers where the online technology is simple — and the personalized support is advanced, according to MLN’s Executive Vice President, James Pedrick.
“MLoan, with its user friendly interface and personalized support, further enhances the automated underwriting experience for brokers,” said Pedrick.
“Our company prides itself on providing outstanding customer service. MLoan enhances our service offerings by giving brokers quicker turnaround times on loan approvals and also provides the flexibility to receive multiple loan approvals.”
Benefits of MLoan
MLoan’s unique features streamline the loan process. Its easy-to-use interface allows brokers to create, manage and save multiple loan scenarios (i.e. a full-doc loan vs. a light-doc loan).
“This feature is intuitive and unique only to MLoan,” said MLN’s Senior Vice President of Technology, Michael Simeone. “It grants the user with the flexibility to choose how they navigate through the sections in MLoan.”
MLoan’s “validate-your-value” feature provides brokers with the ability to certify appraisals prior to submission. This feature ensures that an appraisal value will not be questioned when the final loan package is submitted.
Pulling credit with MLoan makes the loan submission process even easier. Brokers can simply import the case, pull a free credit report, and click submit.
MLoan can exchange data with virtually all loan origination software such as Contour, Calyx, Encompass and Genesis. Brokers can upload and submit a completed 1003 and receive approval within seconds.
Customer service is a major component of MLoan. Users can access a built- in “help” function that provides descriptions and definitions of MLoan’s features. Users can phone or e-mail questions to MLoan’s Support Team and receive a response within 24 hours.
To make MLoan even simpler to use, MLN has written MLoan for Dummies, a first of its kind handbook and resource guide for brokers. Written in the standard Dummies format, MLoan for Dummies easily explains MLoan’s features in a simplistic way, such as how to import loans from loan origination software (LOS), pull free credit reports, view reasons for a loan referral, and more.
