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Computerized Loan Origination Systems (CLO's) MBS - Austin, Texas Consulting Services
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Computerized Loan Origination System
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COMPUTERIZED LOAN ORIGINATION SYSTEMS (CLO)

What is a Computerized Loan Origination Systems?

    Answer: A CLO is a computerized loan origination system. A CLO provides a list of lenders and their loan rates to consumers. The list of provider names on the CLO must be presented in a neutral format.

Can a lender reimburse the borrower for payment of the CLO fee?

    Answer: Yes. This issue was addressed in the 1996 RESPA rule.

Can the CLO provider charge a fee for providing the CLO service?

    Answer: Yes. A reasonable fee can be charged for providing this information.

    So, what is a computerized loan origination system? Well, much has been written in recent years about the changes in corporate strategies and industry structures associated with electronic coordination of market activities. This paper considers the advent of electronic market coordination in the home mortgage industry, focusing on Computerized Loan Origination systems. Case studies of five CLOs (First Boston's Shelternet, PRC's Loan Express, American Financial Network's Rennie Mae, Prudential's CLOS, and Citicorp's Mortgage Power Plus) reveal a range of system functionalities. Predictions from the Electronic Markets Hypothesis (EMH) are tested against the empirical results of the five case studies. As suggested by the EMH, financial intermediaries have been threatened by the introduction of CLOs, and in some cases, opposition has been mounted against the systems. On the other hand, despite the availability of the technology and mortgages' seemingly favorable characteristics as an electronically mediated market product, the industry has not been fundamentally changed by the introduction of these systems, despite more than a decade of experience with them. Of the two Computerized Loan Origination Systems case studies that could be characterized as electronic markets, neither continues to exist in that form today. And the system with the largest dollar volume of mortgages of the five is best characterized as an electronic hierarchy. These CLO - computerized loan origination systems and results suggest that either the full results predicted by the EMH require a longer gestation period or that the underlying hypothesis will require augmentation in order to fully explain the results in the home mortgage market.

    Mortgage Banking Solutions answers some basic questions about Computerized Loan Origination Systems (CLO's) .

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