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"Online network that lists residential mortgage loans, including rates and fees, offered by different mortgage lenders, accessible through mortgage brokers and real estate agents. Many CLO networks also support online mortgage applications. CLO networks give home buyers the convenience of comparison shopping mortgage loans from competing lenders directly from the broker's office. A downside risk is the list of participating lenders may not be very extensive. Mortgage originators use CLO networks to offer home buyers rapid approval of mortgage applications, and also to pool mortgages for resale in the Secondary Mortgage Market." Source: http://www.answers.com/topic/computerized-loan-origination-clo
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Computerized Loan Origination (CLO) a computer-based network of lenders that allows affiliated real estate brokers, builders, or advisors to originate loans at the site of the home. Provides a streamlined process whereby a person can buy a home and apply for a loan at the same place and time. Example: Several regional and national firms offer computerized loan origination systems, consisting of computer software, a network of lenders, and technical support. Real estate brokers can subscribe to the service and offer loan analysis and origination services to prospective homebuyers. http://www.allbusiness.com/glossaries/computerized-loan-origination-clo/4949850-1.html
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