MOUNTLAKE TERRACE, Wash. – February 23, 2006 – MILA Inc., the nation’s leading wholesale e-commerce lender, is shifting its rate locks to conform with Prime product standards. Introducing a 15, 30 and 45-day rate lock also allows MILA to immediately lower rates for its existing Latitude and Apex products.
Besides enabling MILA to decrease rates across the board, brokers can also take advantage of the no-fee 15-day rate lock for their borrowers who are ready to buy today.
“Why pay more if your customers are ready to close?” explained Layne Sapp, MILA’s CEO and founder. “In the past, we’ve based our pricing on customers closing in 30-45 days. However, through our reporting we’ve discovered that most of our customers close faster with an average of 4 or 5 days. And since shorter rates locks mean less cost, we can pass that savings on to our customers in the form of lower rates.”
MILA’s customers close faster because of the lender’s proprietary online loan management and decisioning system, AccessPoint. This technology has been nationally recognized for its turn times, ranked number one in a survey conducted by Campbell Communications.
“Because AccessPoint delivers closed loans so quickly,” Sapp added, “our brokers and customers can take advantage of our lower rates and a 15-day lock still provides customers plenty of cushion to get the loan funded.”
The company is also offering a 30-day rate lock with a .125 rate increase for and a 45-day rate lock at a .25 rate increase. All rates are locked in MILA’s AccessPoint technology when the broker is issued their loan commitment.
Following the introduction of the rate lock changes, MILA will soon bring on Mortgage Insurance and Impounds. This will allow the Mountlake Terrace-based lender to enter the Prime market and also launch additional Alt-A products to the current Alt-A menu in its Apex family of loans. MILA’s Alt-A menu will be complete in March. Prime products will launch in April 2006.
“As the market proves more challenging,” Sapp continued, “providing new Prime and Alt-A product options to our brokers with MILA’s proprietary loan management system, AccessPoint, will help them maintain, even increase, their volume.”
“Once these new products are put into AccessPoint,” Sapp concluded, “MILA will be able to offer brokers something that simply doesn’t exist anywhere else – a single platform that provides a consistent, reliable loan fulfillment process for Prime, Alt-A and Non-prime.”
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.
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