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 loan decisions at the point of sale. Originators query the Web-based engine to determine which products their borrowers qualify for and to obtain current pricing for those products.
The integration provides a 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 is significant because it eliminates the risk of error due to data or workflow issues, PML says. Originators typically perform Freddie Mac's automated underwriting as a separate process, potentially causing mistakes when Loan Prospector findings are manually input into a lender's product and pricing system.
‘Working with Freddie Mac has been ideal, both for us and our clients,’ says Gigi Campbell, national sales director at PML. ‘We believe this integration will allow loans to get approved and locked faster, resulting in a higher rate of pull-through and enhancing lender profitability. We're proud to work with Freddie Mac.’