Loan-Score scores client wins with its software

Loan-Score Decisioning Systems, Irvine, Calif., an enterprise-class pricing and automated underwriting provider, recently announced that Stearns Lending Inc., a national wholesale and retail mortgage banker, has grown its business by more than 65% since going live with its solution in early 2009.

Stearns utilizes Loan-Score’s platform to automate pricing and underwriting for each of its 18 wholesale branches as well as its new affiliate branches. Currently, Stearns is the 15th largest lender in the country. Stearns is using Loan-Score's PPE, AUS and Broker Portal.

According to a source inside Loan-Score, Stearns exited the alt-A business back in 2007 and all but ceased originating loans. Since the lender has added the Loan-Score tool, it grown into a top-15 mortgage banker and the second largest in California.

Loan-Score’s solution integrates bi-directionally and seamlessly with Del Mar DataTrac®, Stearns’ back office loan processing and fulfillment platform. Once a decision is rendered at the POS, the full 1003, pricing, loan details and conditions automatically populate into DataTrac, which then becomes the system of record. Communication between back office staff and originators provides status updates throughout the underwriting process.

“Stearns turned to us due to the accuracy of our decisioning platform, our tight integration with DataTrac, and our ability to customize the solution to their unique workflow,” said David Colwell, executive vice president at Loan-Score. “Previously, Stearns was using a PPE vendor as a standalone system. Most of these solutions are essentially one-size-fits-all applications that do not pull credit to decision and underwrite off of the complete set of underwriting guidelines for each investor. This didn’t lend well to Stearns’ growth mode, which is why they turned to Loan-Score.”