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.

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That rule expressly declared computerized loan origination (CLO) systems legal (without providing any details), reversed HUD's previous position on payments to employees for referral activities and formally rescinded all existing informal opinion letters.
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.

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