MOUNTLAKE TERRACE, Wash. – June 9, 2006 – Today MILA Inc. made the most significant step to introducing Prime products with the launch of Mortgage Insurance (MI) and Impounds. The Mountlake Terrace e-commerce wholesaler is expecting to introduce a suite of conforming products to its already robust non-prime and Alt-A lines within the next 30 to 60 days.
“MI and Impounds bring about a new chapter in MILA’s history,” explained Layne Sapp, MILA’s founder and CEO. “It makes us the only lender capable of delivering a detailed loan commitment – complete with conditions – for both conforming and non-conforming loans in a single lending platform.”
MI is a private insurance policy underwritten by an independent mortgage insurance company, which protects the mortgage lender against loss incurred by a mortgage default.
It is important because it allows MILA to offer higher LTV’s on a range of existing and future products greater than 80 percent. Not to mention the fact that with the introduction of MI and Impounds, MILA is able to offer up to 100 percent financing at conforming rates.
“The development of the technology needed to implement MI into AccessPoint has been a big focus in recent months here at MILA,” Sapp continued. “Ultimately it allows us to offer borrowers with limited resources more choices at conforming rates.”
MILA has made a name for itself recently as one of the nation’s leading e-commerce lenders, with brokers naming the Mountlake Terrace wholesaler the best in conditional turn-times and loan commitments in a recent Campbell Communications survey. With MI, brokers will be able to experience that same efficiency and dependability for borrowers in virtually every lending category.
“I work exclusively with MILA,” explained Eric Johnson, Manager at Abacus Mortgage in Seattle, Washington. “I am thrilled that they are planning to bring on prime products because it just means I can now take advantage of their technology with more borrowers.”
MILA’s technology is named AccessPoint and was developed over six years, costing more than $50 million in research. Far more than a decisioning engine, AccessPoint aims to allow brokers to manage their entire business. From marketing, product selection and rate locks to fraud prevention, settlement service fulfillment and document preparation. And it has set the Mountlake Terrace lender apart from the competition since its introduction in 2001.
Today there are no other lenders that can provide the same one-stop shop mortgage solution. MILA’s AccessPoint maintains the vision that has driven its development over the years. Namely, to create a more seamless loan process and consistently close loans in under four hours. While the lender has proved it can close loans in hours, with a record of 2 hours and 39 minutes, today’s average close-time is three days. Still a far cry from the industry-standard three weeks.
“It’s a no-brainer,” Johnson continued. “MILA allows me to get more loans closed in less time, giving me the chance to not only make more money but also make more of a life.”
With the introduction of prime products, MILA plans to expand into 22 additional states over the course of 2006, having just launched into Florida last month. States in the southeastern part of the country will be added in the summer of 2006 with northeastern states coming on board in the fall. The expansion exposes the lender to more potential brokers and their borrowers and the introduction of conforming products opens the lender to a new segment of borrowers who make up an estimated 80 percent of all home loan sales.
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 27 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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