Skip to main content

NAMB announces bylaws changes

Jun 26, 2008

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.
About the author
Published
Jun 26, 2008
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024
Guild Mortgage Announces Acquisition Of Competitor Academy Mortgage, Bolsters National Presence

The strategic move will see Guild Mortgage enhance its market share and become the 8th largest non-bank retail lender in the U.S., welcoming over 600 loan officers from Academy.

Feb 13, 2024
Proprietary Capital-Led Group Acquires Multichannel Lender AFR

Colorado-based fund manager Proprietary Capital finalizes acquisition of American Financial Resources.

Feb 13, 2024