PriceMyLoan (PML) has released an integration to Freddie Mac's Loan Prospector automated underwriting system. The integration allows originators to obtain decisions from Loan Prospector from within the PML system.
PML is an automated eligibility and pricing tool that is used by mortgage lenders to provide accurate loan decisions at the point of sale. Originators query the Web-based engine to determine which products their borrowers qualify for and obtain current pricing for those products.
According to PML, the Loan Prospector integration provides a convenient method for originators to submit credit report and loan data directly to the Loan Prospector system from within PML. Loan Prospector responses are brought back into PML and are used to generate product and pricing decisions for specific investor loan products. The integration eliminates the risk of error due to data or workflow issues.