The additional government lending capabilities include support for the Federal Housing Authority (FHA) 203K loan type and improved handling of FHA and Veteran Administration refinance transactions. This functionality provides additional loan-level automation, increasing efficiencies and reducing the opportunity for errors resulting from manual data entry.
Enhancements in the point-of-sale module include improvements to the data entry area as well as technical improvements. The point-of-sale and originations components now share a common-code base, making it easier to deploy and to add future enhancements in a uniform manner. This shared code base also supports a common user experience across all modules from point-of-sale to delivery, resulting in decreased training costs and improved employee efficiency.
"This new release of iLoan further demonstrates ALLTEL's commitment to the mortgage origination market," said Rob Lee, executive vice president of product strategy for ALLTEL Information Services. "We are focused on helping lenders make loans that make money and will continue to enhance this origination system to support this goal."
ALLTEL iLoan is the only thin-client, HTML-based loan origination and fulfillment platform in the mortgage industry. It allows mortgage originators to run the largest production volumes in the industry and reduces the cost of originating loans in all channels of business.
"Lenders need to be able to originate loans quickly, efficiently and accurately, while providing a superior level of customer service," said Lee. "iLoan gives them the tools and technology to meet these needs."
Forty-seven of the top 50 U.S. banks rely on ALLTEL's products and services. ALLTEL provides loan-servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion, including 2.5 million subprime loans. Additionally, more than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications.
ALLTEL, with more than 12 million communications customers and $7.6 billion in annual revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries.