IRVINE, Calif., March 18, 2021 (GLOBE NEWSWIRE) -- LoanScorecard®, the leading provider of non-agency automated underwriting systems (AUS) announced today that Quontic has selected its non-agency AUS, Portfolio Underwriter™, as its non-QM Scenario tool.
Founded in 2010, Quontic is a digital bank and wholesale lender headquartered in New York, NY, with a rapidly growing non-QM business which currently accounts for approximately 60% of its volume. Along with a suite of competitive non-QM offerings, the lender offers a full range of loan products ranging from jumbo, government, and reverse mortgages, as well. Quontic is using LoanScorecard’s technology to equip their broker clients with the tools they need to provide a high-tech, easy-to-use, answer-driven borrower experience.
“The benefits of using LoanScorecard’s technology are two-fold: Empowering our broker clients and increasing our operational efficiency. With LoanScorecard’s technology, our brokers are more in control of the mortgage process. Using the AUS, they can pre-approve their borrowers faster; submit more complete files; and ultimately speed up the overall closing process,” said Peter Pavlakos, VP / Product Manager of Quontic. “In addition, from an operational standpoint, the technology is assisting our underwriters by eliminating manual processes and making the approval faster and more consistent.”
“As more lenders, like Quontic, enter the non-QM market and develop innovative programs they need the right technology and partners by their side to help them remove inefficiencies from the manual, time-consuming origination and underwriting processes,” said Raj Parekh, Managing Director of LoanScorecard. “Portfolio Underwriter provides Quontic the ability to deliver immediate feedback of eligibility, pricing and guideline analysis to significantly improve the broker and borrower mortgage experiences and results.”
About Quontic
Quontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. Quontic's disruptive banking platform reimagines traditional banking with adaptive lending and innovative deposit products. Quontic's mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. The bank focuses on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and more with a curated banking experience as opposed to a one-size-fits-all banking approach. Quontic is a privately held company based in New York, New York. Learn more at Quontic.com.
About Loan Scorecard
LoanScorecard is the leading provider of non-agency automated underwriting, pricing and loan-loss reserve solutions designed to meet today's regulatory challenges and capitalize on market opportunities. LoanScorecard helps institutions address CFPB regulations, compliance and fair lending, and supports banks and credit unions preparing for the upcoming impacts of CECL. For more information, visit loanscorecard.com or call 800-617-0892.
Contact:
Campbell Lewis Communications
Amanda Gonzalez
212.995.8058
amanda@campbelllewis.com