We did our homework and knew that PriceMyLoan was the most effective pricing tool out there, but our biggest fear was cost
Costa Mesa, California (PRWEB) January 16, 2009
Premier Capital Lending, a mortgage lender based in Arlington, Texas, has successfully deployed PriceMyLoan's automated underwriting and loan pricing engine. "We did our homework and knew that PriceMyLoan was the most effective pricing tool out there, but our biggest fear was cost," said Perry Stiles, senior vice president of branch development for Premier Capital Lending. "We assumed that automated underwriting would be out of our league. We were glad to be proven wrong."
PriceMyLoan offers lenders a high degree of technology sophistication, which is usually associated with more expensive proprietary systems. Rather than provide originators with just a rough pre-qualification estimate, PriceMyLoan generates actual automated underwriting results based on credit data read directly from a borrower's credit report. The result is point of sale responses that translate directly into higher pull-through rate for lenders.
"PriceMyLoan does a complete underwrite before loans get to our pipeline, which keeps our staff focused on loans that are going to generate revenue. We're not chasing our tails working on loans that don't close," said Stiles.
The reason that PriceMyLoan is effective at a lower cost is primarily due to the web-based software application model that they use. PriceMyLoan eliminates the hassle and expense of traditional software implementations, significantly lowering IT costs for lenders. From a software development perspective, costs for PriceMyLoan are minimized because they are scaled and distributed across their entire client base. The result is a system that is sophisticated and robust but at the same time affordable.
"We always wanted to use an automated underwriting system because it streamlines the most time consuming and labor intensive part of any lender's process," said Stiles. "When we saw that PriceMyLoan's cost was equal to other systems that are only prequalification systems, we were elated. It levels the playing field with much larger competitors."
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.
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