The programming of Freddie Mac servicing released pricing in our LoanDecisions platform has greatly simplified things for our customers.
Mount Arlington, NJ (PRWEB) February 9, 2010
NYLX, a leading provider of automated mortgage data applications and solutions, has now programmed Freddie Mac Servicing Released pricing into their LoanDecisions product eligibility and loan pricing platform. LoanDecisions is currently the only pricing engine in the industry that provides both retained and released pricing for Freddie Mac Conforming 15 Year and 30 Year Fixed products. You must be an approved Freddie Mac Seller/Servicer and receive Servicing Retained pricing to take advantage of this offering.
Northwest Bank, based in Spencer, Iowa, was a driving force behind the NYLX pursuit of expanding its support of Freddie Mac pricing. “When Freddie Mac pricing became very favorable in late 2008, our demand really increased,” said Eric Schaub, Vice President Mortgage Banking at Northwest Mortgage. “In serving both rural and urban customers, we found that in some markets we needed to retain servicing to meet customer needs, whereas in other markets we could release servicing and extract income up front. The pricing process, however, became very convoluted. We could price a loan scenario for Freddie servicing retained and other Investor products within our pricing engine, but needing to re-enter that same loan scenario on the Freddie Mac website to get servicing released pricing. Now that we have both in our LoanDecisions pricing engine, we can easily compare products and adjust our margins to drive activity.”
“The programming of Freddie Mac servicing released pricing in our LoanDecisions platform has greatly simplified things for our customers,” said Ed Kasa, Vice President Investor Management at NYLX. “You can now leverage all the benefits of side-by-side pricing comparisons for a single loan entry and independently apply margins to drive behavior and manage your asset profile.”
NYLX continues to demonstrate innovation in the automation of loan pricing. With the added support of Freddie Mac servicing released pricing for users of Freddie Mac servicing retained pricing, more comprehensive solutions can be delivered to NYLX customers.
NYLX is the market leader for automated mortgage data applications and solutions. From point of sale to secondary market, NYLX makes mortgage investor data actionable, providing our customers a strong return on investment. We give mortgage professionals the unique ability to attract borrowers, adapt to market conditions in real-time, make smarter decisions and achieve better executions on transactions. With over one million pricings per month, our flagship on-demand product eligibility and pricing platform, LoanDecisions, is used by banks, credit unions and mortgage bankers nationwide. Additional information may be found at http://www.nylx.com.