|Thursday March 23|
a powerful loan origination tool to help differentiate your lending business
Destiny’s unique Product Manager enables your mortgage professionals to easily create and maintain your own loan products. Destiny supports the origination of the most popular loan programs for FHA, VA, Conventional and Sub-Prime and any product/price combinations that you define with any combination of standard or custom eligibility and pricing criteria. In turn, the system generates a complete list of products for which an applicant qualifies. If the applicant does not quality for a certain product(s), Destiny also indicates the exact criteria (per loan type) an applicant does not meet. Match any credit item, including credit scores and tradeline items, to available loan programs and automatically select only those eligible loan programs in Destiny. Then compare three products side-by-side. It’s a fast and easy way to choose the right loan products(s) and price(s) for your applicants and issue pre-approvals faster than your competition.
Destiny’s Product Manager—unique in the industryWhereas other loan software products provide for vanilla-type, standard levels of product validation, more and more mortgage businesses are developing "creative" product offerings with unusual criteria for eligibility. An extreme example would be a lender that will not finance to a first time homebuyer with a credit score below 580 unless the homebuyer's annual household income is less than $25K and they haven't filed for bankruptcy in the past 7 years. Or you may need to determine eligibility for different types of Mortgage Insurance and defining the eligibility criteria for different documentation sets (the forms required for signature at closing are variable based on different criteria, e.g. geographical area, product type, property type, etc). With the Product Manager, INTEGRA clients are virtually unlimited in defining eligibility criteria.
Apply pricing adjustments yourselfSimilarly, the Product Manager lets you apply pricing adjustments using virtually any criteria. Other vendors are limited in their ability to automate pricing "bumps". Using the same example above, if a borrower meets the first time homebuyer criteria for eligibility, he or she still may be subject to pricing adjustments because if annual household income is from $20-25K apply a .125% discount, if his income is between $15-20K apply a .25% discount, etc.
Stay in complianceWith increasing lending regulations at the state and federal level, is becoming more complicated and onerous for lenders to ensure that they are in compliance. For example, in a particular state a lender may not be allowed charge points in excess 8% of the Amount Financed and the APR (Annual Percentage Rate) may not exceed 10% above the 30 Year Treasury Yield which is published monthly. Product Manager enables you to build these types of state (or other) specific guidelines into your Destiny product, thereby ensuring you stay in compliance. To mitigate the issue of creating and maintaining escalating numbers of products and pricing combinations INTEGRA has incorporated a method of "inheritance" (the ability to inherit characteristics of other products guidelines) while only having to define the differences, thus significantly reducing the time and effort to support all their product and pricing offerings. Lenders often deal with a large number of investors; hence the quantity of eligibility and pricing criteria—and ongoing management of those criteria—can easily become overwhelming without the automation provided by Destiny’s Product Manager.
Your own AUS engineConsidering that any logical rule can be created from any field in the database, you have, in fact, a user-definable AUS Engine at your disposal. Even fields that are non-existent in the database can be added and leveraged for underwriting purposes. With Destiny you have a complete rules-driven decision utility built in. Best of all, there are no third party interfaces or fees associated with this function. Find out more about INTEGRA’s Services that support your use of the Product Manager.
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