New Tool From LoanPASS Helps Correspondent Originators Find Niche Loan Products

LoanPASS, a provider of configurable loan decisioning and pricing technology for U.S. lenders, has launched LoanCOMPASS, a research tool designed to help lenders quickly find niche loan products.

LoanCOMPASS provides real-time loan eligibility and loan-level price adjustment (LLPA) details for over 900 niche and non-QM products, including:

• Jumbo loans
• Asset depletion, bank statement, 1099 and other alt doc loans
• Down payment assistance (DPA) products
• Construction loans, bridge loans, fix and flips and other short-term financing
• Debt service coverage ration (DSCR) and other investment property loans
• HELOCs, home-equity loans and other second liens
• Reverse mortgages
• ITIN and other foreign national loans
• Physician loans

As a tool designed specifically for secondary market and product development teams operating in the correspondent channel, LoanCOMPASS does not catalog wholesale investors or their products, nor does it contain agency loan programs. Instead, the tool focuses on making it easy for correspondent originators to find niche products that fit any lending scenario.

With more than a dozen filters, including loan type, loan purpose, lien position, occupancy type, purchase price, credit score and loan-to-value (LTV) ratio, LoanCOMPASS cuts product development research down to a matter of seconds. It even includes contact information and instructions for initiating a new correspondent relationship with each investor.

“Secondary market teams can spend hours—sometimes weeks—searching for an investor to support the latest niche product their sales team wants to originate,” explained LoanPASS Chief Operating Officer Derek Long. “LoanCOMPASS solves that problem, greatly accelerating product development and making it easy for lenders to find products that address known market needs as well as explore niches they’ve never even considered.”

“We call it LoanCOMPASS because it points lenders straight to investors whose niche loan programs meet their criteria,” added Long. “We’re excited by the strong, positive response this tool has received already, and we look forward to enhancing LoanCOMPASS in the coming months with more investors, products and details.”