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Article: Automated Underwriting Makes it Possible to Increase Origination Volume.
- Article from:
- American Banker
- Article date:
- September 15, 1997
- Author:
CopyrightCOPYRIGHT 1997 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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CFX Bank and GMAC Mortgage, which use Freddie Mac and Fannie Mae systems, are streamlining work for processors and underwriters alike while gaining market advantage.
How does a lender ramp up yearly origination volumes from $300 million to $550 million without doubling staff? This was the challenge before Paul T. Pouliot, president of Bedford, NH-based CFX Mortgage, Inc., a subsidiary of CFX Bank, who found part of the answer in automated underwriting. "Automated underwriting has allowed us to add a small increment of people for this big-volume expansion. We can do more with less people," he says.
CFX Mortgage, a long-time Freddie Mac customer, currently uses ...