Loan decisions in 30 seconds and closed loans in 30 minutes
using Lien Protection Reports from 1 Source Data.
SAN DIEGO, CA (OCTOBER 27, 2003) – 1 Source Data,
a credit reporting agency and leader in Internet-based credit
services for the mortgage industry, announced today two
collateral lien-position products which can help equity
lenders qualify and close loans in as little as 30 minutes.
When bundled with other 1 Source
Data reports these new products can dramatically reduce
lenders costs for origination of home equity, re-finance
and debt consolidation loans.
1 Source Data’s Mortgage Lien Report (MLR) identifies
collateral-secured liens as reported on the borrower’s
credit report; the Property Lien Report is a title–based
report. Both reports include an affidavit for borrowers
to add lien holders not listed in the report, and both reports
provided lenders with the same protection as traditional
tile products.. The MLR takes about 30 seconds to produce,
versus the traditional 5 to 10 day wait for a title report.
“These are proven products, and very popular with Credit
Unions and Community Banks across the country,” said
John Merrill, 1 Source Data’s President. “By bundling
these Lien Protection Reports with credit, fraud, flood
and automated valuation reports, we give lenders the security
they need to close and fund loans weeks sooner, and do it
for a as little as one-third of the cost of traditional
credit and closing packages. That’s a real breakthrough
for both lenders and consumers.”
1 Source Data protects lenders from losses due to foreclosure
and other events through a standard-form errors and omissions
policy. The underwriter is Markel Corporation, a $7 billion
publicly traded (MKL-NYSE) international insurance holding
company located in Glen Allen, VA, rated AX(Excellent) by
AM Best and A (strong) by Standard & Poors.
About 1 Source Data
Headquartered in San Diego County, California since 1983,
1 Source Data is a leading
provider of web-based technology and online credit reporting
solutions for the financial lending industry. Technology
solutions include Internet-based transaction platforms to
support fast, accurate credit decisions, and tools to streamline
finance loan processing and approval. 1 Source Data’s
technology handles more than 800,000 new borrower files
a month and is used by hundreds of lenders across the nation.
MORE NEWS...
01.02.2004
1 Source Data and First
Lenders Data Announce Partnership with
First Close, LLC
10.01.2003
1 Source Data Adds Credit
Analyzer Re-Score Simulator to its Origination Tools Software
Suite
09.13.2003
1 Source Data Adds Quick Value
AVM Services to its Funding Tools Software Suite
04.04.2003
1 Source Data Adds Notary Management
to its Software Suite
01.13.2003
1 Source Data Adds Value Comp
to its Funding Tools Services
12.09.2002
1 Source Data Forms Partnership
With RealEC™
11.26.2002
1 Source Data Releases Origination
Tools Version 5.0
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