Mortgage Lenders Network takes lighthearted approach to broker manual
By MortgageDaily.com staff
5/23/2005

An Alt-A and nonconforming wholesaler has applied the For Dummies approach to the handbook of its automated underwriting system.

Mortgage Lenders Network USA Inc. announced it partnered with the publishers of the popular For Dummies guides to help write the training manual for its new AU tool, MLoan.

"Before introducing MLoan, we did a sufficient amount of broker research," said James Pedrick, Mortgage Lenders' executive vice president, in the announcement. "We learned that brokers were dissatisfied with the customer service and the lack of training provided for AU systems. [Mortgage Lenders] prides itself on exceptional customer service and with the launch of our new AU system, we wanted to assure brokers that we are bringing this philosophy to MLoan."

MLoan for Dummies is a "first-of-its-kind handbook" that explains the AU features, such as how to import loans from loan origination software and pull free credit reports, in a simplified way using the For Dummies' lighthearted approach, the Connecticut-based wholesaler said.

In addition to the handbook, printed in the signature yellow and black colors, the MLoan introductory kit includes a mini-CD that contains a short, informative overview of the system, Mortgage Lenders said, noting that it aims to communicate that it is "putting a new spin on AU."

MLoan was launched earlier this month. The system reportedly provides a user friendly interface and personalized support. Its features allow brokers to create, manage and save multiple loan scenarios, such as full-doc loan versus a light-doc loan, and to certify appraisals prior to submission to ensure that an appraisal value will not be questioned when the final loan package is submitted, according to an announcement.

Privately-held Mortgage Lenders says it is a lender and one of the nation's top ten sub-servicers of Alt-A/nonconforming loans, and that it services a majority of the loans it originates.

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