computerized loan origination

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computerized loan origination (CLO)

A computerized network of major lenders that uses artificial intelligence to evaluate loan application data entered online by agents and determine loan eligibility and terms.HUD has approved the procedure as long as there is full disclosure of the fee,multiple lenders are displayed on the screen to give borrowers freedom of choice,and the fee charged is a dollar amount rather than a percentage of the loan.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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Will the distribution channels (retail, wholesale, etc.) be expanded to include telemarketing or use of computerized loan origination systems (CLOs)?
Indeed, Kider said in a roundtable discussion following the panel that computerized loan origination systems (CLOs) "are going to have a greater adverse effect on brokers" than on other lenders.
For example, automated origination systems not only reduce costs, but also open up entire new origination channels, such as computerized loan origination networks (CLOs).

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