CBA Commercial Earns Innovation Prize for its CBAC Authorized Lender Web Site
July 21, 2006 (PRLEAP.COM) Business NewsStamford, Conn. – CBA Commercial, LLC has received the Connecticut Quality Improvement Award Partnership’s 2006 Silver CQIA Innovation Prize for the company’s CBAC Authorized Lender Web site. The 19-year-old Connecticut Quality Improvement Award Partnership presents the award annually to companies in recognition of their innovation and performance excellence.
CBA Commercial’s user-friendly CBAC Authorized Lender Web site dramatically streamlines an expensive and time-consuming manual process for qualifying and approving small balance commercial mortgage loans. The Web site is available to all lenders that have formed partnerships with CBA Commercial.
Since launching the CBAC Authorized Lender program in October 2005, CBA Commercial has established partnerships with more than 75 lenders.
The Web site gives CBAC Authorized Lenders a single online source for uploading and reviewing all the documentation required for submitting a commercial mortgage loan.
The site makes processing small balance commercial mortgage loans as efficient as processing residential mortgage loans. As a result, CBAC Authorized Lenders can profitably originate a much greater volume of small balance commercial loans – an important competitive advantage as the residential mortgage market cools.
The CBAC Authorized Lender Web site increases efficiency in several ways:
· The site’s Qualify now!TM tool prequalifies borrowers, properties and loan amounts in seconds, without human intervention. A manual prequalification process can take up to six man-hours and 10 days.
· Web-based loan applications are processed in as little as one hour – versus three to five man-hours (and up to seven days) for manual applications.
· The site helps reduce the time from loan origination to closing from up to 120 days to as little as 30 days.
“We’re extremely pleased to receive the Partnership’s recognition for an innovation that benefits both lenders and borrowers,” said Craig Knutson, CBA Commercial’s executive vice president. “The time and cost savings will enable more lenders to offer small balance commercial mortgage loans, which means small multifamily, mixed-use and commercial property owners will have greater access to mortgage financing.”
CBA Commercial, LLC (www.cbaloans.com) is a specialized mortgage investment firm that purchases and securitizes small balance multifamily, commercial and mixed-use mortgage loans. Its nationwide CBAC Authorized Lender program provides standard loan documentation, standard underwriting guidelines, online processing, appraisals and environmental insurance for loans ranging from $100,000 to $3 million.
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