Wholesale Lending Innovations

Broker management tools from two First American units were integrated, according to an announcement. One integration streamlined the monitoring of wholesale channel brokers and the submission of broker data, due diligence, management. The other combination includes broker and third-party screening and license monitoring.

Brokers doing business with Online Financial Group will benefit from new loan pricing and underwriting software, according to an announcement. The technology, from Beanstalk Networks LLC, enables brokers to get fundable decisions at point of sale and maintains investor guideline updates, rate increases and broker fees.

Meanwhile, the Department of Veterans Affairs announced a policy change regarding borrower data input on appraisals for VA loans. After receiving feedback that lenders sometimes need to delay loan closing to await a name change on an appraisal report, a new policy mandates that fee appraisers input “Any Qualified Veteran,” rather than the veteran’s name, in the borrower field of the report. The update should also help limit disclosure of veterans’ personal identifiable information.

The department noted that lenders previously indicated that the correct borrower’s name on the appraisal report was necessary to sell the loan on the secondary market, but major purchasers of VA guaranteed loans reported they are only concerned with the name on the guaranty and the mortgage note. Additionally, the Appraisal Foundation concurred that the replacing the name with “Any Qualified Veteran” does not violate Uniform Standards of Professional Appraisal Practice.

In response to requests from brokers, Primary Capital Mortgage announced it is now processing Federal Housing Administration loans.

“Offering new FHA loan opportunities will enable Primary Capital to broaden its extensive line of mortgage products while offering brokers more alternatives in meeting customer demands,” the Atlanta-, Ga.-based lender said in the written statement.

On Friday, Silver Hill Financial kicked off the Advanced Commercial Workshop I series it will conduct in several key markets through yearend and 2008, according to an announcement. The company expects to attract hundreds of participants at workshops in select markets in Texas, California, Florida, Illinois, Michigan, Massachusetts and Georgia.

While the Florida-based lender has offered hundreds of introductory seminars across the country, the new workshops will help increase understanding of the variables and factors that affect commercial mortgage rates; real estate, processing and underwriting functions; and how to apply focused marketing and sales strategies.

Silver Hill said the series presents an opportunity for originators to diversify. It is also offering the course online weekly. The program is designed for residential originators inexperienced with commercial lending and commercial brokers who could benefit from small-balance commercial loans.