FinancingSources.Com, a developer of on-line loan submission systems for the commercial real estate industry, said Monday that NationsCredit is now participating in its on-line network, CyberLoan 2000.
The system, which went live Feb. 1, is a digital loan pre-qualification, analysis, and routing system used by more than 500 lending institutions. It lets borrowers electronically submit loan applications to multiple lenders, and it matches the information with a data base detailing each lender's underwriting criteria.
The company said that $30 million to $50 million in loan applications pass through the system each day, with over $2 billion in total volume since the system began processing applications.
Spencer L. Kluesner, chief executive officer of FinancingSources.Com, said he expects the inclusion of NationsCredit, a unit of Bank of America Corp., in the network to significantly increase daily loan volume.
NationsCredit provides real estate financing for multifamily housing, hotels, office buildings, retail centers, mobile home parks, parking garages, and golf courses.