Two California lenders select PriceMyLoan for product and pricing technologyMortgagePress.comPriceMyLoan, Drexel Lending Group, MSM Lender, automated underwriting, loan pricing technology
PriceMyLoan (PML) has been selected by two California mortgage
lenders to provide automated underwriting and loan pricing
technology. Ontario, Calif.-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," said 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."
Lenders are recognizing that their loan closing ratio is a key
performance indicator (KPI) that can have an influence on a number
of critical business issues. Beyond improving profit per loan, a
lender with a high closing ratio can attract more volume by
improving turnaround times and garner pricing incentives from
investors due to better delivery performance.
"It's not just the quantity of loans we bring in, it's the
quality that determines our success," noted Dennis Gamalinda, chief
executive officer of Drexel Lending Group. "With PML, we can boost
our pull through, which our investors appreciate because they
benefit from having a higher quality of pools delivered to
them."
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. In turn, originators benefit because
they obtain instant answers to their submissions using a convenient
browser-based system.
"Originators always want an answer fast. They rate us on how
quickly we respond to their requests," said Anthony Sanchez,
president at MSM Lender. "Whether it's an approval or a denial, we
give them an instant answer that's accurate every time. They show
their appreciation by coming to us first with all their loans."
For more information, visit www.pricemyloan.com.
