PriceMyLoan (PML) has been selected by two California mortgage lenders to provide automated underwriting and loan pricing technology. Ontario-based Drexel Lending Group and Rancho Cucamonga-based MSM Lender have signed on to implement the PML system.
‘PriceMyLoan is not just a nice-to-have feature. It's a must-have tool,’ says Gigi Campbell, national sales director at PriceMyLoan. ‘Lenders realize that PML will allow them to make more money per loan over any other product and pricing system out there. It can have an immediate impact on closing ratios, which makes good, practical sense.’
PML is designed to address closing ratios by accurately screening out loan submissions that will not satisfy investor product guidelines. Because PML works at the point of sale, lenders sharply curtail the amount of resources that were previously wasted on loans that ended up denied, the company says. In turn, originators benefit because they obtain instant answers to their submissions using a convenient, browser-based system.
Source: PriceMyLoan