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Specialty Mortgage Bank Deploys New Underwriting System

Cascade Financial Services , an independent mortgage bank based in Arizona, has implemented LoanScorecard ’s Portfolio Underwriter as its automated underwriting system (AUS).

Cascade, which is currently licensed in 38 states and plans to expand to the contiguous 48 states by the end of 2017, specializes in manufactured and modular home financing. Its portfolio loan products include both land/home and home-only loan options for manufactured home buyers.

With Portfolio Underwriter, Cascade’s guidelines for these products can be captured within the engine to deliver a rules-based underwriting decision in seconds, LoanScorecard says. Results of the decision are documented in an in-depth findings report, which includes the program-specific, conditional underwriting criteria used in the data analysis. This allows Cascade to automate the underwriting of its portfolio loans and manage exceptions based on compensating loan factors rather than loan officer “discretion.” It also ensures consistent, transparent credit policy application to demonstrate Fair Lending.