NAMB Teams Up With Lender Price to Deliver NAMB Marketplace

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The National Association of Mortgage Brokers (NAMB) and Lender Price, a provider of digital origination solutions, have teamed up to launch the NAMB Marketplace, a free online tool that helps mortgage brokers compare wholesale lender pricing and instantly send a digital loan application directly to borrowers.

The new tool, which features a loan pricing engine and a digital loan portal, is available to all NAMB members at no cost.

“NAMB Marketplace puts power back in the hands of the mortgage broker,” says Rick Bettencourt, president of NAMB, in a release. “We’ve seen other industries use technology to completely transform the way they do business. We believe NAMB Marketplace does exactly the same thing for mortgage brokers. We’re giving our members a powerful tool that normally would cost thousands of dollars for free. This will transform the way our members generate leads and service their customers.”

The online system combines a loan price comparison tool with a digital point-of-sale platform. Originators input a loan scenario and the product pricing and eligibility (PPE) engine automatically compares real-time prices between 18 wholesale lenders, including seven of the industry’s top 10 lenders.

A wide range of product types are available, including conforming, FHA, VA, non-agency and non-QM.

Once a lender and a price are selected, originators instantly send an email invitation to a borrower, enabling rapid collection of loan application information in both a desktop and mobile format.

Loan applications are available to originators in an online lending portal for review and to export in a FNMA 3.2 file format, making it easy to transfer data directly into other systems, such as a loan origination system (LOS) or to upload into a wholesale lender portal.

“Mortgage brokers have been underserved with technology,” says Dawar Alimi, president and CEO of Lender Price. “Even though there has been a surge of technology investment in the mortgage space, mortgage brokers are using outdated technology. We saw an opportunity to give brokers innovative, and useful, and modern technology and at the same time provide a marketing opportunity for lenders so that everybody wins.”

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