Prysma Lending Group, a wholesale mortgage lender based in Danbury, Conn., has announced the results of its successful deployment of the PriceMyLoan (PML) automated underwriting and loan pricing engine. After two months of use, PML has significantly lowered Prysma's production costs and allowed the company to grow in spite of a challenging business environment, the firms state.
‘Our wholesale business has been growing, but we found that it's almost impossible to keep moving ahead and expanding without some type of automation,’ says Luiz Serva, founder and CEO of Prysma Lending Group. ‘PriceMyLoan put a structure in place for pricing and loan submission. It has streamlined our entire process.’
Serva adds that he had investigated a number of systems, including product and pricing engine systems, but found their decisioning capabilities to be inadequate. Automated underwriting was critical for Prysma.
Sources: Prysma Lending Group, PriceMyLoan