Tool provides "faster and more accurate quotes" to borrowers
Discover Home Loans has partnered with software firm Ncontracts to develop a new automated tool that “provides faster and more accurate quotes to borrowers during the prequalification process.”
In a statement, Ncontracts said Discover worked with its QuestSoft lending solutions team to create the LeadER review, a “compliance system that automatically adjusts the pricing when the rate exceeds high-cost thresholds, so applicants have the right price quote upfront.”
“The new system also evaluates applicable index values while calculating and verifying APR [annual percentage rate] and payment streams for multiple side-by-side quotes and estimating calculations for all types of loans,” Ncontracts said in its statement.
“We’re focused on providing a superior customer experience throughout the entire home loan process,” said Nicole Straub, general manager of Discover Home Loans. “By working with Ncontracts and QuestSoft to develop LeadER, we were able to continue providing a simple and seamless application process from start to finish for our customers.”
“We are excited that in just nine months we were able to work with the team at Discover to create this automated solution that improves the origination process and the borrowers’ experience,” said Steve Butler, senior vice president, automated mortgage lending solutions at Ncontracts. “LeadER can also now be used throughout the mortgage industry to help other lenders accurately quote rates to applicants while remaining compliant with all the various rate limits.”