I am looking for a list of IT providers of "automated underwriting
systems" (aka "decision support systems") for mortgages products in
the financial services industry.
A quick way to describe this would be to say that I am looking for
competitors to the two major players in this arena, "Arc Systems" and
"CommerceVelocity's" decisioning suite.
An A/U (automated underwriting) engine takes loan data that is
provided by a potential loan seller (like a broker-dealer or loan
officer at a bank), and then uses a lot of business rules that my
client (a bank) will define (such as credit quality/FICO, credit
agency reporting values, appraisal value, etc.) to determine if my
client is willing to buy the loan in question for eventual
securitization/resale. The service can either be
application-service-provider (ASP) based or a product that I install
on my server and host myself.
My client is *not* ORIGINATING loans to borrowers, so I am NOT looking
for A/U engines that determine whether I'm willing to lend a retail
borrower money. I am looking for systmes that determine the salability
of a given loan on the secondary market.
This A/U engine will be a proprietary version (customizable version)
of Fannie Mae's "Desktop Underwriter" which buys loans according to
Fannie's guidelines and rules. The loans my client will be buying are
non-conforming (don't conform to Fannie or Freddie's rules).
I am looking for a list of vendors in this arena and their web site
address, or references to them in mortgages publications, etc.
thanks! |
