Quick Pricer saves me a lot of time when working with a client
Costa Mesa, CA (PRWEB) March 17, 2009
PriceMyLoan is announcing the release of Quick Pricer, a new feature for their automated underwriting and loan pricing engine that provides quick and easy access to loan pricing. Quick Pricer is an enhancement that focuses on giving loan originators the ability to quickly preview a lender's pricing before submitting a loan for full approval.
In today's connected world, online loan eligibility and pricing engines have become widespread. But a major challenge in designing these systems has been addressing a lender's need for accuracy and thoroughness while providing the speed and convenience that originators demand. In many cases, these systems end up sacrificing one element for the sake of the other.
In order to satisfy both lenders and originators, PriceMyLoan created Quick Pricer, an abbreviated version of PriceMyLoan that greatly simplifies the task of pricing loans. In order to obtain detailed pricing results on qualified loan products, only eight (8) pieces of data need to be entered by the originator and the entire process can be completed in a matter of seconds.
"PriceMyLoan is great at helping lenders improve their pull-through by accurately determining loan eligibility and pricing," said Gigi Campbell, national sales director at PriceMyLoan. "But in order to attain that level of accuracy, loan officers have to provide more information than they might have if they're in a pre-qualification stage. Quick Pricer gives originators the flexibility to get basic pricing information very easily, so they can determine whether to move forward or not."
When originators choose to fully qualify a borrower, the Quick Pricer result can be converted into a complete PriceMyLoan loan file, where additional information such as credit report data, property and loan characteristics, and other details can be entered to produce a more accurate decision, and the loan can subsequently be submitted for locking.
"Quick Pricer saves me a lot of time when working with a client," said Robert Santangelo, a loan officer at San Diego-based Spectra Funding. "My realtors can't believe how fast I can get them scenarios with actual pricing, and being able to convert a Quick Pricer to a loan saves a lot of steps and time. It definitely gives me a competitive advantage over other loan officers."
PriceMyLoan is a proprietary product of Insight Lending Solutions (ILS). Founded in 2002, ILS provides web-based application service for the mortgage lending industry and software as a service (SaaS) to its clients to enhance productivity, reduce IT dependency, and accelerate time-to-value for mortgage companies. Combining advanced technology development using XML and MISMO standards with high-quality service, ILS provides its clients with solutions that result in reduced loan cycle times, improved pull through rates, and a lowered total cost of software ownership. For more information, please visit http://www.pricemyloan.com.