Street Solutions is a provider of product, pricing and loan management systems for hedge funds and investors buying correspondent loans, while Promontory Fulfillment Services is a division of Promontory MortgagePath offering end-to-end white-label mortgage fulfillment services for banks, mortgage banks and private investors. Promontory MortgagePath also has a technology division, PromonTech.
With the integration, correspondent sellers can effortlessly upload and submit credit packages for pre-close eligibility review all within the LMS portal. Loan data and documents are automatically transferred to Promontory Fulfillment Services, improving data accuracy and expediting review turn-times.
Joint clients are already using the new integration to deliver pre-approval eligibility reviews to non-agency originators, the companies say in a release.
The eligibility results are based on investor guidelines and conditions that are seamlessly posted to LMS, the companies say. Originators can clear conditions with ease, and ultimately download a clear to close form giving them the confidence the loan will close in accordance with the guidelines. Promontory Fulfillment Services can also provide underwriting for non-delegated submissions and post-close credit and compliance reviews to accelerate the due diligence process.
“The quest for yield is creating renewed interest among hedge funds and institutional investors in directly acquiring mortgage assets,” says Bruce Witherell, CEO of Promontory MortgagePath. “Many of these new entrants are looking to deploy capital with only a minimal investment in infrastructure, which makes our combination of technology, capital markets, agency and non-agency expertise, along with our tailored review services particularly attractive.”
“Our collaboration with PFS gives our joint clients a more streamlined way to move eligibility reviews and conditions clearing closer to the point of origination,” adds Sundeep Amrute, Principal at Street Solutions. “This prevents errors and enables originators to more confidently test the waters across agency and non-agency offerings.”