Lender Price, a leader in delivering trusted and proven digital lending technology to some of the largest banks, credit unions, and mortgage lenders in the nation, recently released several new features and enhancements, including Marketplace 2.1, the latest upgrade to their extremely popular Marketplace solution.
PASADENA, Calif., Oct. 15, 2023 /PRNewswire-PRWeb/ -- Lender Price, a leader in delivering trusted and proven digital lending technology to some of the largest banks, credit unions, and mortgage lenders in the nation, recently released several new features and enhancements, including Marketplace 2.1, the latest upgrade to their extremely popular Marketplace solution.
As interest rates rise, lenders must be poised to capitalize on opportunities and ensure their products are ready to meet borrower expectations. Recognizing the current challenges in the market and the evolving needs of its customers, Lender Price has enhanced its Marketplace solution to further connect lenders with brokers by providing a more personalized experience for both originators and wholesale lenders.
Lenders are relying on the Lender Price Marketplace to drive new opportunities with one of the largest audiences of mortgage brokers. This solution has proven to be a cost-effective lead source that gives them the ability to get all of their loan products in front of more originators.
Marketplace 2.1 adds the following enhancements to improve the user experience for both lenders and mortgage brokers:
- New Rate Display with Drill-Down Capabilities: Allows brokers to search by price or rate. A search returns a single rate stack or gives users the ability to expand and drill in to see a wholesale lender’s entire rate stack for each loan program. Marketplace 2.1 continues the Lender Price standard of pricing accuracy, customization, and flexibility in an even user-friendlier design.
- Personalized and Composable UI: With a variety of skinning options and increased flexibility, Marketplace 2.1 users can more easily create a personalized pricing experience with various UI options, surpassing the limitations of single UI pricing platforms. This allows lenders to effortlessly customize their user interface using No-Code or Low-Code options. Lender Price users can accomplish tasks more swiftly and efficiently, ultimately boosting productivity.
- Fast Non-QM and Non-Agency Segmentation: Through Marketplace 2.1, loan originators can easily segment their searches and get even deeper access to a wide range of loan types including non-QM, DSCR, DPA’s, and home equity programs. Borrowers can receive an expanded set of product options to choose from, ultimately helping brokers stay competitive and win more business.
- Banner Advertising: Lender Price is the only pricing, product, and eligibility engine (PPE) in the industry that provides lenders with the ability to advertise their loan programs and pricing specials through banner ads. This unique offering helps lenders raise additional awareness in front of a targeted audience and directly promotes their programs as brokers are pricing loans. Banner advertising is now available to wholesale lenders using Lender Price.
Lender Price is also taking its AI game even further. Being the first PPE to use Natural Language Processing (NLP), the company is poised to systematically utilize Large Language Models (LLMs) to enhance the pricing experience for lenders and borrowers. With the power of AI, Lender Price aims to revolutionize the industry, allowing lenders to seamlessly find the perfect loan program for customers.
“Lender Price is committed to helping our clients stay competitive by providing the best technology, exceptional customer service, and long-standing expertise required to succeed in this challenging macro environment,” said Dawar Alimi, CEO of Lender Price. “In listening to our customers, we have developed a suite of innovative solutions that allow lenders to take advantage of features that help them stay competitive and get their products in front of more people.”
The company takes a thoughtful approach with AI, utilizing AI best practices prior to launching new products and services. Alimi explains, “Using proprietary pricing algorithms is a recommended choice in comparison to relying on OpenAI's APIs, mainly due to security considerations and potential vulnerabilities, which have been highlighted as a significant concern by the CFP. Software companies in the lending industry should carefully consider the implementation of AI borrower-facing solutions, particularly when utilizing ChatGPT’s APIs.”
By leveraging robust capabilities and unique solutions offered through the Lender Price platform, lenders are finding new ways to stay ahead of the curve. With a relentless focus on developing technology that is extremely stable, accurate, cost-effective, and easy to use, Lender Price will continue helping lenders navigate a rapidly evolving mortgage landscape and stay competitive.
For more information about Lender Price, please visit www.lenderprice.com or follow us on social media.
About Lender Price
Lender Price delivers superior cloud-native technology to top banks, lenders, credit unions, and mortgage brokers. Built on a modern technology stack, our innovative solutions are user-friendly, configurable, and easier to integrate, resulting in improved workflow and pricing efficiencies. Awarded 2023 Technology Provider of the Year by the National Association of Mortgage Brokers and a HousingWire TECH100 winner seven years in a row, our proven pricing and product management platform is helping lenders reduce operational costs, enhance productivity, and improve profitability. We are committed to helping clients win more business and uncover additional opportunities through our advanced technology. Visit www.lenderprice.com or follow us on social media to get the latest updates.
Media Contact
Rick Webster, Lender Price, 1 626-486-0171, [email protected], www.lenderprice.com
SOURCE Lender Price
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