PrimeLending Loan Lift Helps Borrowers Qualify for More Mortgage Options

Rhea-AI Summary

PrimeLending, a national residential lender, has introduced Loan Lift, an innovative mortgage underwriting process designed to enhance borrowers' credit eligibility assessment. This new approach captures positive financial behaviors, such as consistent rent payments, potentially leading to better loan terms and expanded lending options.

Loan Lift combines advanced technology with PrimeLending's extensive range of over 400 mortgage programs and experienced mortgage experts. The process includes comprehensive data collection, digital verification through PointServ, and a customer-focused service philosophy. By considering a wider range of financial activities, including shared bill payments and positive cash flow transactions, Loan Lift aims to provide a more holistic view of a borrower's financial health.

Positive

• Introduction of Loan Lift, an innovative mortgage underwriting process
• Potential for better loan terms and expanded lending options for borrowers
• Comprehensive data collection including rent payments and positive cash flow activities
• Digital verification process for faster documentation and verification
• Offering over 400 mortgage programs

Negative

• None.

DALLAS--(BUSINESS WIRE)-- National residential lender PrimeLending, a PlainsCapital Company, now offers Loan LIft, a mortgage underwriting process that helps ensure borrowers’ positive financial behaviors, such as consistent rent payments, are captured during credit eligibility assessment, potentially resulting in better loan terms and more lending options.

How does Loan Lift work? Through our unique service model that combines innovative technology, a wide range of options, including 400-plus mortgage progams, and experienced mortgage experts who know how to get to “yes.”

• Comprehensive Data Collection – Our process gathers a borrower’s assets, income, and employment history, as well as documents rent payments, shared bill payments and positive cash flow activities, such as Venmo or Zelle transactions, not always captured by standard underwriting systems.
• Digital Verification – We work with PointServ, our secure third-party provider, to digitally document and verify transactions and personal financial history within minutes.
• Customer-focused Service Philosophy – Our mortgage professionals have the skills, expertise and commitment to assess each borrowers unique circumstances and find a wider range of possible home financing solutions.

“Today’s borrowers don’t fit in a one-size-fits-all mortgage,” said Tim Elkins, PrimeLending’s Chief Production Officer. “With Loan Lift we can offer our customers more options and more expertise when financing a home. It’s just one more example of how the customer always comes first at PrimeLending.”

About PrimeLending

Whether looking to buy, refinance, renovate or build a home, the PrimeLending team works alongside our customers in all 50 states. PrimeLending’s customer-centric approach blends unmatched mortgage expertise, product choice and digital convenience to deliver a rewarding homebuying experience. Delivering on this promise since 1986, PrimeLending is proud to consistently earn a 96% customer satisfaction rating¹. PrimeLending is a wholly owned subsidiary of PlainsCapital Bank, which in turn is a wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH). More information at PrimeLending.com.

¹Survey administered and managed by an independent third party following loan closing. 96% satisfaction rating refers to the rating our customers give our loan officers. PrimeLending received an overall 96% Customer Satisfaction Rating for the period 1/1/23-12/31/23.

All loans subject to credit approval. Rates and fees subject to change.

©2024 PrimeLending, a PlainsCapital Company (PrimeLending). (NMLS: 13649) Equal Housing Lender.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717077653/en/

Mandy Jordan

972-852-8235 | mjordan@primelending.com

Source: PrimeLending

FAQ

What is PrimeLending's Loan Lift and how does it benefit borrowers?

Loan Lift is PrimeLending's innovative mortgage underwriting process that captures positive financial behaviors, such as consistent rent payments, during credit eligibility assessment. It potentially results in better loan terms and more lending options for borrowers by providing a more comprehensive view of their financial health.

How does PrimeLending's Loan Lift process work?

Loan Lift works by combining innovative technology, over 400 mortgage programs, and experienced mortgage experts. It includes comprehensive data collection of assets, income, employment history, rent payments, and positive cash flow activities. Digital verification is done through PointServ, a secure third-party provider, to document and verify transactions quickly.

What types of financial activities does PrimeLending's Loan Lift consider in its assessment?

Loan Lift considers a wide range of financial activities, including rent payments, shared bill payments, and positive cash flow activities such as Venmo or Zelle transactions, which are not always captured by standard underwriting systems.

Who is the third-party provider PrimeLending uses for digital verification in the Loan Lift process?

PrimeLending works with PointServ, a secure third-party provider, to digitally document and verify transactions and personal financial history within minutes as part of the Loan Lift process.