The new feature is called Non-Fractionalized Transfer (NFT), which is an automated system that uses technology to streamline the pre-approval process. By utilizing this system, Sun West Mortgage can confirm that borrowers and co-borrowers have the financial capacity to purchase or refinance their home, and also check if their credit report meets the requirements.
As a result of using NFT, Sun West will be able to provide more accurate pre-approvals and speed up the verification process for borrowers. It will also help the company improve overall accuracy of loan origination processes, while avoiding unnecessary delays. Sun West will be able to have a better understanding of the borrower’s financial profile and be able to make informed decisions about their loan applications.
NFT was developed by a company called Fintech Standards, which is a company that specializes in developing innovative financial technologies. The company provides a full suite of automation solutions, from pre-qualification to underwriting, billing and collections, and fraud prevention. These services allow lenders to automate as much of the loan application and closing process as possible.
Sun West Mortgage is the first mortgage lender to utilize NFT in its pre-approval process, and the company hopes that other lenders will follow suit. By adopting automated technology, lenders can reduce risk and increase efficiency, while providing a better experience to borrowers. This kind of technology can also be beneficial in ensuring compliance with federal regulations such as the Truth in Lending Act (TILA).
The implementation of non-fractionalized transfer (NFT) into Sun West Mortgage's pre-approval process signals the beginning of a shift in the mortgage industry towards increased automation and efficiency. NFT was developed by the company Fintech Standards, who specializes in the development of innovative financial technologies. Through the use of NFT, Sun West Mortgage is able to confirm the financial capacity of borrowers and co-borrowers to purchase or refinance their homes, and check if their credit report meets the requirements. This streamlined process allows for greater accuracy in loan origination and decision-making, reducing risk and avoiding delays.
Sun West is the first mortgage lender to adopt this technology, and it is expected that other lenders will follow suit. Automation allows for increased efficiency in both the application and closing process, as well as providing a better experience to borrowers. Automating the process also has regulatory benefits – it reduces the potential for human error and improves compliance with federal regulations, such as the Truth in Lending Act (TILA).
In conclusion, the addition of NFT to the pre-approval process of Sun West Mortgage is just one step towards increasing automation and efficiency in the mortgage market. By reducing risk and improving compliance with regulations, lenders can provide a better experience to borrowers, and have a better understanding of the borrower’s financial profile. This shift towards automation is likely to gain traction over time as more lenders adopt automated technologies.
This article was contributed on Nov 07, 2023
