Specialty Mortgage Bank Deploys New Underwriting System

Cascade Financial Services, an independent mortgage bank based in Arizona, has implemented LoanScorecard’s Portfolio Underwriter as its automated underwriting system (AUS).

Cascade, which is currently licensed in 38 states and plans to expand to the contiguous 48 states by the end of 2017, specializes in manufactured and modular home financing. Its portfolio loan products include both land/home and home-only loan options for manufactured home buyers.

With Portfolio Underwriter, Cascade’s guidelines for these products can be captured within the engine to deliver a rules-based underwriting decision in seconds, LoanScorecard says. Results of the decision are documented in an in-depth findings report, which includes the program-specific, conditional underwriting criteria used in the data analysis. This allows Cascade to automate the underwriting of its portfolio loans and manage exceptions based on compensating loan factors rather than loan officer “discretion.” It also ensures consistent, transparent credit policy application to demonstrate Fair Lending.

“Having an AUS to provide quick and consistent underwriting decisions on portfolio loan products is a very important part of being able to scale a business,” says Gerron Dover, executive vice president of production at Cascade. “We selected LoanScorecard’s Portfolio Underwriter because it works seamlessly with our LOS, it was relatively quick and inexpensive to get set up, and it is now providing us the efficiency we need to offer our portfolio loan products on a more expanded scale.”

LoanScorecard also offers Portfolio Producer, which electronically distributes wholesale and investor products and pricing to third-party originators.


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