Newsroom

MOUNTLAKE TERRACE, Wash. – January 31, 2006 – Today brokers who turn to MILA for their loans will be able to reissue credit from a list of 189 credit agencies – the same that are recognized by Fannie Mae – empowering them to use the agency of their choice instead of one that is lender-mandated.

MILA’s policy on credit reports remains the same, with brokers able to reissue reports within 60 days of the original pull date to obtain a loan commitment. The process to do so is as simple as selecting the credit agency’s name from a drop-down menu in AccessPoint, MILA’s proprietary online automated underwriting and loan management tool. So long as the loan is funded within 60 days of the original pull date, the credit report is good.

“The introduction of this comprehensive credit reissue feature at MILA underscores our lending philosophy and is the guiding force behind our technology innovations,” Sapp added. “It’s about empowering brokers to manage their entire business from start to finish.”

Brokers familiar with AccessPoint will recognize the intuitive ease with which they can incorporate this new feature into their existing loan process. Brokers will also be able to re-issue new broker-originated credit reports at any time, as long as the original pull date is more recent than the report currently on file.

In those situations where the credit report expires, however, the broker may pull a new credit report in AccessPoint or re-issue an updated report from another credit agency.

“At MILA, we believe in simplifying the loan process and removing the hoops that brokers have to jump through with other lenders,” Sapp continued. “By introducing the most comprehensive credit reissuing service out there, we are getting closer to attaining our vision of the four-hour loan.”

Already a recognized leader on the cutting edge of mortgage technology, recognized by such organizations as Ernst & Young, Deloitte & Touch and the Inc.500, this latest innovation further moves the Mountlake Terrace, Washington lender toward its goal of consistently closing loans under four hours.

Note: For an online tutorial detailing MILA’s credit reissuing service, please visit www.mila.com.

About MILA, Inc.
MILA, Inc. is one of the fastest-growing e-commerce mortgage solution providers in the nation currently serving the wholesale residential market in 26 states with a broad range of mortgage lending products. Financial strength, management stability, and proprietary, cutting-edge technology give MILA the ability to meet the challenges of the ever-changing mortgage lending market and to anticipate market trends. For more information visit www.mila.com.