Mortgage Banking Solutions and PriceMyLoan Team Up to "Optimize" LendersMortgagePress.comMortgage Banking Solutions, origination, secondary marketing, automated underwriting, rate sheets
As the mortgage industry struggles to find its footing, two
companies have joined together to help lenders optimize their
businesses and establish a new strategy for success. "Lenders need
to do more than just cut back on their expenses," said Andrew J.
Schell, CPA, CMB managing partner at Austin-based Mortgage Banking
Solutions (MBS). "To survive in this lower margin world, lenders
must find ways to optimize their operations and adapt to achieve
sustainable profitability by fundamentally changing the way they do
business."
MBS is a management consulting firm that provides comprehensive
strategic planning for mortgage lenders. Their expertise covers the
range of loan production—from origination to secondary
marketing—incorporating the best practices in accounting,
technology and overall corporate management.
One of their key assets is an extensive network of strategic
partners: a select group of vendors and service providers that they
utilize when creating solutions for their clients. "Part of our
value is that we've already done the evaluation and due diligence
on these companies," Schell said. "We have a clear understanding of
the value they provide to lenders."
Among their strategic partners, MBS chose PriceMyLoan (PML) to
provide product and pricing technology for their clients. Their
selection of PML was based on a key criteria that sidelined other
vendors. "A product and pricing engine must demonstrate that they
can price loans accurately," Schell explained. "Because of
PriceMyLoan's ability to combine live credit, product and pricing
data, there is a high confidence in accurate product
selection."
PML goes beyond a typical product and pricing engine because it
utilizes live credit report data to generate a detailed automated
underwriting decision. Combined with full service management of
rate sheets and underwriting guidelines, PML delivers extremely
accurate loan eligibility and pricing at the point of sale.
As a result, loans that come into a lender's pipeline have a
much higher probability of funding, one of the primary goals that
MBS establishes for their clients. "PML lowers the amount of
fallout and thereby reduces the typical inefficiency from working
on declined loan that affects the processing and underwriting
team," noted Schell. "By only locking the loans that are likely to
fund, there is a high pull-through rate so the investor has a lower
hedge cost and can offer the most favorable pricing tier."
"Lenders are in need of sound advice," said Gigi Campbell,
national sales director at PML. "MBS brings all the pieces together
and shows lenders the shortest route to success. We're proud to be
a partner of MBS."
For more information, please visit www.pricemyloan.com or visit
www.mortgagebankingsolutions.com.
