PriceMyLoan has released a new feature for its automated underwriting and loan-pricing engine that the company says provides quick and easy access to loan pricing. Quick Pricer is an enhancement that gives loan originators the ability to quickly preview a lender's pricing before submitting a loan for full approval.
Quick Pricer is an ‘abbreviated version’ of PriceMyLoan that requires the originator to enter only eight pieces of data, and the company says the entire process can be completed in a matter of seconds.
‘PriceMyLoan is great at helping lenders improve their pull-through by accurately determining loan eligibility and pricing,’ says Gigi Campbell, national sales director at PriceMyLoan. ‘But in order to attain that level of accuracy, loan officers have to provide more information than they might have if they're in a pre-qualification stage. Quick Pricer gives originators the flexibility to get basic pricing information very easily, so they can determine whether to move forward or not.’
When originators choose to fully qualify a borrower, the Quick Pricer result can be converted into a complete PriceMyLoan loan file, where additional information such as credit report data, property and loan characteristics, and other details can be entered to produce a more accurate decision, and the loan can subsequently be submitted for locking.