RealTime IT News

OnLoan.com Launches B2B Services

Consumer home loan site OnLoan.com is rolling out business-to-business services, including training for mortgage brokers in Florida, Boston, Colorado and northern California to utilize its wholesale-pricing technology and back-office services.

"By being strictly Web-based, there is no installation and upgrading of complicated software for the brokers, many of whom are too busy," said Scott Leon, Onloan.com's vice president and chief marketing officer at the ASP.

"Our proprietary technology is what the mortgage profession has been craving for years, and we are providing it free of charge."

OnLoan.com's B2B services are powered by the company's Qualification Logic Engine (QLE), a virtual underwriter which in real-time electronically interfaces with credit and market-valuation verification services.

It also offers real-time access to loan programs on a county-specific basis in each of the 42 states in which the company is licensed, doing in seconds what takes days for a normal underwriter to accomplish, OnLoan said.

The QLE's Intelligent Rate Sheet is smart technology that replaces the paper rate sheets that for years have piled up daily on traditional brokers' desk.