Newsroom

3/19/2004
MILA, INC. MAKING STRIDES TO CREATE UNIFIED LENDING PROCESS IN NON-PRIME

Streamlined Lending Process Provides Consistent Mortgage Experience from
Point-of-Sale Through Closing

MOUNTLAKE TERRRACE, WA – Lenders across the country are talking about closing more loans faster. Today MILA, Inc. announced the launch of a new piece of their lending process that puts that talk into action.

With a streamlined file flow process and leading-edge automated underwriting system already in place, MILA has created a new rate sheet system and credit policy methodology that unifies MILA’s entire loan process and provides brokers with a consistent lending experience from point-of-sale through funding.

“We’ve created new user friendly rate sheets and unified MILA’s credit policy, consolidating our rules and making our criteria easy to understand,” explained Layne Sapp, MILA CEO. “By doing so, we give our brokers all the criteria MILA uses in DecisionPoint, our automated underwriting system, and in our underwriting process upfront so they can determine at the point-of-sale what loan programs are available to their borrowers. Because our materials are so streamlined, Brokers also understand the credit policy tied to each loan decision.

“Our published materials (rate sheets, underwriting guideline and credit guideline matrices) are aligned with how DecisionPoint decisions loans, and how our underwriters validate conditions. Because all areas of our lending process are aligned, Brokers get the same answers at each phase of the lending process. This consistency helps take the fear out of non-prime lending and eliminates the surprises that often occur with other non-prime lenders. Brokers who work with MILA can focus on closing loans and servicing their customers rather than managing the loan process.”

MILA’s Process Also a Boon for Borrowers

With the integration of MILA’s credit policy, more loan options are available to a greater pool of borrowers.

“Streamlining our loan process has allowed us to consolidate our underwriting guidelines and eliminate unnecessary lending criteria that have restricted our loan decisions in the past,” said Sapp. “Our new system has also helped us reduce our interest rates and increase our product line which allows us the opportunity to fund more loans for more borrowers.”

This falls in line with the company’s overall philosophy of helping all types of borrower’s realize the dream of home ownership.

“And as the lender, these process improvements allow us to reduce our underwriting turn times and expedite the closing of each loan, so borrowers get their loans faster.”

“Based on this new system, we expect a decrease in the number of hours it takes MILA to close a loan,” states Sapp. “We see this as a big step to obtaining our vision of delivering the four-hour loan.”