Teaneck, NJ (PRWEB) November 17, 2004
When Daniel Altmark, a Staten Island native, decided to relocate his residence to Israel, small did he know that his selection impacted a lot more than just the instant members of his family. At the time, Altmark was lead underwriter at Approved Funding, a direct mortgage lender, who had relied on him for streamlined approvals on their borrowers. An underwriter is the particular person accountable to determine and sign off on the credit worthiness of applicants who apply for mortgage loans. We were quite content for Daniel on his choice to move to Israel, recalls Shmuel Shayowitz, Senior Vice President of Approved Funding, but we had been fairly concerned about our existing loans and new clients. The organization started to scramble for possible options, but the existing scenario was without doubt their preference.

With such in-residence underwriting capabilities, Authorized Funding found a niche as a direct lender that was not very the norm in the oversaturated mortgage sector. Most mortgage brokers and modest bankers do not have underwriters and are forced to outsource this task via different costly and time consuming channels. Via in-house underwriting Authorized Funding is able to make their personal credit decisions and rely on frequent sense conclusions when reviewing applications submitted to them for evaluation. During the refinance boom of 2003, it took most banks far more than four weeks to underwrite a loan, and we had been able to do it in a matter of hours which gave us a considerable edge, says Uri Dreifus, Approved Funding Vice President of Sales. Altmark, who was promoted from his preceding loan office position inside the firm was educated and educated on the job. He was in a position to make use of information and understanding learned at Authorized Funding, to help make judgment calls that other underwriters just would not be capable to make. This capability helped improve the companys over all approval rating on its loans to more than 90%.

Altmarks choice to make Aliyah, to relocate his complete household to Israel after the summer time of 2004, was absolute and each he and Authorized Funding had been forced to make life altering choices. Following significantly study and investigation, the organization and Altmark concluded that with some slight modifications and technological enhancements it would be possible to have Altmark continue underwriting for the company despite being situated in Israel. It is not that uncommon for residents of Israel to commute back to the states for their job. Some companies are capable to develop an international branch within Israel to complete the work by way of computer systems and email, but by no means before had these functions been attempted for the mortgage business. To my knowledge, this was the first of its kind in our industry for such a core member of the mortgage process, says Shayowitz. Approved Funding contracted with Independent Personal computer Upkeep, of Clifton, New Jersey to reconfigure their network and set up remote access for Altmark. This would let him the ability to seamlessly connect to the New Jersey operations center and function entirely from Israel with out missing any components of getting offsite. Altmarks move to Israel came in late August and because its start off, the process has been fairly easy. Mortgage applications and supporting documentation are scanned through a higher energy scanner at the New Jersey operations center of Authorized Funding and are posted to the network for accessibility by Altmark. An e-mail is then sent to Altmark informing him of the new application and often a short overview of the file. Loans are normally reviewed and authorized within hours of their receipt. To everyones surprise, the general turnaround time for loan approvals has decreased as a outcome of this system. Without having the distractions of becoming in the office, Altmark is capable to concentrate all of his attention and time on dealing with the files in front of him. The organization has plans on converting some of the other skilled processors in their other offices to become underwriters as well although sustaining Altmarks role as Senior underwriter. To date, all of Approved Funding offices in Passaic, NJ, Brooklyn, NY, Hollywood, FL, Lawrence, NY and Teaneck, NJ use Altmarks underwriting capabilities through this international partnership. This extended distance connection has turned into a win-win for the firm, Daniel Altmark, and the customers of Authorized Funding.

Approved Funding is a direct mortgage banker licensed in New York, New Jersey, Connecticut and Florida and originates loans by means of its retail offices and its network of in-property mortgage consultants.

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