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America's Best Mortgage!
One Mortgage Product - $10 Billion Committed
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4.25%
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Fixed 30 Year (as of 11/16/2009)
No Down Payment, No Closing Costs
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NACA TECHNOLOGY and MORTGAGE SOFTWARE PROGRAM
Software to make character-based lending possible
NACA has developed the industry standard in utilizing technology for mortgage counseling, processing and underwriting. While other lenders employ software to underwrite loans using risk-based pricing that considers only the applicant’s credit score, debt ratios and loan-to-value, NACA utilizes customized, state-of-the-art technology which enables NACA to engage in character-based lending. NACA has developed a proprietary software system called NACA-Lynx™ that stores, manages, and manipulates the information and documentation necessary for NACA’s underwriting. This software allows for consideration of a Member’s overall circumstances and incorporates their own explanations of credit history in order to make a character judgment on their ability to make the mortgage payments. NACA-Lynx is a totally paperless mortgage counseling, processing and underwriting system. No other system exists that compares to the sophistication and comprehensive nature of the NACA-Lynx.
Web-based software
The NACA-Lynx is a web-based system. Thus, all of NACA’s offices are able to access the system via the NACA data center seven days a week, 24 hours a day with real-time updating. The data center is equipped with servers in a storage area network and utilizes off-site back-up and redundancies for all equipment. Each NACA staff person has a computer with a high speed processor, a multi-function scanner/printer/copier, and a large screen, high-resolution LCD monitor for easy viewing by both the staff person and the Member as the work is done in the NACA-Lynx.
A NACA staff person would scan the Member’s documents into the NACA-Lynx and return the original documents to the Member without NACA needing them or copies for its files. In addition, the Member can fax or e-mail their documents directly into NACA’s data storage using an individualized, dynamically generated NACA Cover Sheet bearing their unique ID number. Members fax their documents toll-free to NACA’s fax server at 1-877-FAX-NACA (1-877-329-6222). The Member’s ID is read by the fax server using optical character recognition software and then automatically routed into the Member’s pending file. A NACA staff person assigned to the file is notified of the incoming document via e-mail and transfers the document from pending status into the Member’s permanent file by reviewing the document and completing some basic data entry.
Automated character-based underwriting and processing
All loan underwriting is performed behind the scenes by the NACA-Lynx using documents and information in the Member’s file. Credit report data is imported directly into the NACA-Lynx from the credit reporting agency or credit bureaus using XML syndication. This credit data is dynamically displayed for easy analysis by NACA staff under a number of separate categories, such as active debts, late payments, bankruptcy, foreclosure, collections and charge-offs, liens and judgments, etc. Member explanations for negative items are required to meet the underwriting criteria; the software will not allow mortgage approval to occur unless all required explanations and documentation (i.e. three months of bank statements, pay stubs, etc.) have been entered and the data meets NACA’s and the lender’s underwriting criteria.
If the Member does not meet the underwriting criteria, the NACA staff person can provide other evidence to support their position that the Member should be approved. This allows the staff person to advocate for approval based on the Member’s character despite a possible checkered credit history, and facilitates rapid review of the entire file by NACA’s supervisory staff. It is expected that staff members will make these character judgments on a regular basis and frequently advocate for Members slightly outside the underwriting criteria.
Mortgage applications are also dynamically generated and completed by the NACA-Lynx, with integrated controls for the completion of required documents such as lender- and government-required forms. One such document, the home inspection report, is uploaded from NACA’s external website by the home inspector and transferred immediately into the NACA-Lynx. This process also includes user-level controls; for instance, for each required repair item included on the report, the inspector is required to insert a digital picture so that NACA’s Rehab Department can review it and determine whether the item must be repaired. Depending on the property location, required documents for both NACA and the lender must be completed and scanned into the file.
Once the mortgage application has been signed and scanned back into the system, the NACA-Lynx underwrites the file. If all the required documents have been scanned and the data is complete, the NACA staff person is able to submit the loan. The NACA-Lynx then automatically registers the loan with the lender, submits the appraisal order, submits the title request, and the complete loan package is submitted to NACA’s Underwriting Department for approval. Once approved, the entire loan file—supporting documents and all—is electronically submitted to the lender via email, and the loan closing is scheduled.
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