LoanSifter Tech Simplifies Management Of Mortgage Rate-Lock Changes

LoanSifter Inc., a provider of product eligibility and pricing solutions for the mortgage banking industry, has launched the initial phase of its new automated rate-lock-change management tool.

The company says the new offering enables mortgage bankers to automatically re-price loans when loan circumstances change. Originators can retrieve historical pricing and eligibility, calculate the cost of a lock change, and submit change requests to their secondary departments within the LoanSifter platform. As secondary managers respond, the loan origination system is automatically updated, and the originator is notified of the status of all requests.

‘In today's lending environment and shifting economy, it's not unusual for loan circumstances and attributes to change midstream,’ says Bruce Backer, president of LoanSifter. ‘When this happens, lenders usually have to start over and re-price loans manually from scratch. Our new tools save them the trouble by automatically calculating the impact of the change and thoroughly documenting each step.’


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