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Article: Automating the Nonstandard: Firm pitches Hispanic underwriting model.(Hispanic National Mortgage Association)(Company overview)
- Article from:
- American Banker
- Article date:
- November 15, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Hispanic National Mortgage Association, a small mortgage company that until now has focused on retail lending, has set its sights on becoming a secondary marketer of loans made to Hispanic borrowers.
The tool it hopes will give it an edge: an automated underwriting system it has developed that it says can make credit decisions using nontraditional information.
The San Diego company, which despite its name is privately held and for-profit, has started a correspondent division to buy loans originated by lenders that use the system. It plans eventually to resell those loans to investors.
It says the underwriting system will overcome the ...