First Horizon unveils 'FAMUS' new technology for brokers.

Irving, Texas-based First Horizon Home Loan Corporation announced it has introduced an automated loan underwriting engine designed specifically for mortgage brokers originating nonprime loans.

FAMUS--an acronym for First Horizon Automated Mortgage Underwriting System--is a pre-qualification

The FAMUS loan engine was designed to provide First Horizon's brokers with the means to provide homebuyers with faster service and better rates, explained John McGuire, division president of First Horizon Lending Center.

"Since FAMUS helps lower our internal operating costs by increasing efficiency and productivity, these savings will be reflected by better wholesale prices," said McGuire. "This will in turn enable us to offer increasingly competitive loan pricing to our valued broker associates."

In addition to faster loan pre-qualifications without manual pre-grading, brokers can log on to www.famus.com to view their loan pipeline, request credit reports, compare and optimize loan programs, and download applicants' loan information from their front-end LOS or FannieMae[R] 3.2 formatted files.

Other FAMUS features include identification of products and pricing, plus options for customizing loans and viewing rate options. Brokers will also be offered alternative program recommendations so they can offer their clients multiple programs that best meet their mortgage needs, according to Ron Booth, president of First Horizon Non-Prime Lending.

"With the release of FAMUS, First Horizon's nonprime brokers can get real-time underwriting feedback immediately as they work with their borrowers," said Booth. "We are excited about this release and future releases as we further enhance this technology."