Optimal Blue has introduced Competitive Data License, a collection of key national mortgage pricing data that enables lenders to price products competitively, operate more profitably, and react swiftly to changing market conditions.
Competitive Data License draws upon direct-source loan data from the Optimal Blue PPE, which is used to price and lock over 35% of loans in the U.S., the company says in a release
The data solution provides lenders with extensive insight into markups, loan-level price adjustments (LLPAs), servicing-released premiums (SRP), concessions, loan officer compensation, base price, and PAR rate.
The offering’s data set allows for granular benchmarking at various levels – from organization-wide to individual loan officers – enabling lenders to identify areas for improvement, replicate successful strategies, and maintain a competitive edge.
“We often hear from our lenders how difficult it is to make informed pricing decisions given the lack of visibility into detailed market data,” says Brennan O’Connell, director of data solutions at Optimal Blue. “Competitive Data License ensures that our PPE customers have full transparency into the granular pricing components needed for a full price trace from buy-side to sell-side – giving Optimal Blue clients a strategic advantage in benchmarking their entire pricing strategy.”
Competitive Data License highlights which locks were completed by the lender using the data set, while also offering additional details, such as which loan officer locked the loan.
Lenders have the flexibility to feed the raw data from Competitive Data License into their own business intelligence platforms to assess their performance relative to competitors and adjust pricing strategies – such as repricing or hedging optimization – based on market shifts.