PriceMyLoan has developed the Rate Sheet Expiration tool, which the company says will assist lenders in maintaining up-to-date pricing on their loan products.
‘Lenders are under the gun to provide competitive pricing,’ says Gigi Campbell, national sales director for PriceMyLoan. ‘But if they're quoting prices that aren't available when they lock with investors, they either risk losing money trying to cover the difference or lose a customer, because they can't deliver on what was promised.’
The Rate Sheet Expiration tool enables lenders to selectively shut down pricing on specific loan products and prevent originators from locking on results that they know are not current. Rates can then be released whenever the rates are updated so their originators can request locks on correct rates.
‘PriceMyLoan uploads new rate sheets on a continuous basis throughout the day," notes Cambell. "But our automation relies on investors delivering new rate sheets in a timely matter, and that isn't always the case. It's during those periods when our lenders know pricing is going to be updated that they need to be covered."
Rate Sheet Expiration only affects the pricing functionality of PriceMyLoan and does not impact the system's automated underwriting capabilities, the company explains. When pricing has been disabled, the system continues to qualify loans according to investor guidelines. Users are restricted to registering loans with a float request and can request locks when pricing has been re-enabled.