ATLANTA, June 22, 2006 (PRIMEZONE) -- NetBank Funding Services, one of the nation's leading wholesale originators of conforming, residential mortgage loans and a division of NetBank(r), recently introduced two new web-based tools for brokers and correspondents on its website at www.netbankfunding.com.
A new automated underwriting engine enables brokers and correspondents to qualify borrowers for Alt A products at the point of sale. Users simply go to the NetBank Funding website, upload their loan file and then submit it to the automated underwriting engine. It evaluates credit and loan data on Alt A products and instantly provides a recommendation of Eligible, Ineligible or Refer with a detailed findings report.
Online Docs gives brokers the power to request a closing package and have it delivered to the closing agent for same day funds. There's no additional fee involved, and it puts brokers in control by allowing them to:
-- schedule the closing; -- prepare the closing instructions; -- handle the disbursement of funds; and -- ensure all docs are compliant.
"Our goal is to create the most convenient process possible for our broker and correspondent partners," said Russell Burdsall, chief sales and fulfillment executive, NetBank, Inc. "These new tools create a win-win for everyone involved. They help us do business more quickly and cost effectively. But more importantly, they provide our broker and correspondent partners with more control while saving them time and money. And that means they can help make homes more affordable for clients and close more loans."
About NetBank Funding Services
NetBank Funding Services is the wholesale and correspondent lending division of NetBank, Equal Housing Lender, focused on the origination of residential mortgages through a nationwide network of independent brokers and correspondent lenders. The company sells the majority of its loans to institutional purchasers. NetBank has established itself as a convenience and value provider in the wholesale lending industry. Its innovative use of technology helps its business partners facilitate the mortgage lending process more quickly and with less paper. Its online lending platform, netbankfunding.com, automates the flow of information to and from the customer. More than half of the company's originations in 2005 were processed or funded electronically.