Ardley, offering technology that parses mortgage servicers’ entire portfolios and identifies viable new origination opportunities in seconds, has launched Forecast, a new feature of its Actionable Data Intelligence (ADI) platform that enables users to qualify borrowers based on lender-specified pricing adjustments, also known as “lender credits” or “exception pricing.”
Forecast enables users to identify new loan opportunities before rates fall. Users that wish to offer lender credits to retain borrowers can now identify borrowers that qualify for specific loan programs, based on the lender credits they dictate.
As per a press release, Forecast’s key benefits to lenders and servicers include the following:
- Identifying new loan opportunities before rates fall: Users that wish to offer lender credits to retain borrowers can now identify borrowers that qualify for specific loan programs, based on the lender credits they dictate.
- Understanding a portfolio’s opportunity and risk based on specific rates: Managers can learn the exact number and dollar volume of loans in their portfolio that would be (a) eligible for a new loan, and/or (b) at risk of originating a new mortgage with another lender, based on specific thresholds.
- Seeing rates’ impact on staffing and operations: Managers can see the number of their portfolio’s loans that could turn into new business once a certain rate is reached, so they can predict the market’s impact on their staffing and operations needs.
Forecast works as part of the Ardley platform. When Ardley’s platform parses a servicer’s portfolio, Forecast users can set specific pricing parameters, rather than being limited to today’s current pricing. Once pricing has been specified, Ardley identifies each borrower eligible for one or more of the lender’s specific programs, at the exception pricing.
Users can adjust pricing as often as they’d like, based on their own tolerances and margin guidelines. The platform returns the results of each search within seconds.
Ardley automates borrower outreach and initiates the application process. Once the lender/servicer confirms the exception pricing it would like to offer, Ardley’s platform will automatically reach out to eligible borrowers with a high-converting, one-click email announcement, and present the offer(s) with hyper-personalized information. The system then guides borrowers through the application process and keeps lender staff informed of application status.
“By far, servicers’ biggest concern is portfolio retention — mortgage servicing rights are an asset that no servicer wants to lose, and certainly not before their projected timeline,” says Nathan Den Herder, CEO for Ardley, in the release. “Forecast resolves this by immediately identifying borrowers on the cusp of qualifying. These borrowers would be ideal candidates if offered lender credits or exception pricing, but in any other case, it would be impossible to find them. This gives Forecast users a real edge. When the servicer and lender extend that exception pricing, the borrower wins with a great new loan, the servicer wins by retaining servicing rights, and the lender wins by originating a new loan.”