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Secrets to building a successful construction lending practice

Oct 08, 2008

PriceMyLoan announces integration with Freddie Mac's Loan ProspectorMortgagePress.comPriceMyLoan, Freddie Mac, Loan Prospector, automated underwriting, point of sale PriceMyLoan (PML) has announced the release of an integration to Freddie Mac's Loan Prospector automated underwriting system. The integration allows originators to obtain decisions from Loan Prospector from within the PML system. PML is an automated eligibility and pricing tool that is used by mortgage lenders to provide accurate loan decisions at the point of sale. Originators query the web-based engine to determine which products their borrowers qualify for, and to obtain current pricing for those products. The Loan Prospector integration provides a convenient method for originators to submit credit report and loan data directly to Loan Prospector system from within PML. Loan Prospector responses are brought back into PML and are used to generate product and pricing decisions for specific investor loan products. The integration is significant because it eliminates the risk of error due to data or workflow issues. Originators typically perform Freddie Mac's automated underwriting as a separate process, potentially causing mistakes when Loan Prospector findings are manually input into a lender's product and pricing system. In addition, originators are inconvenienced by a workflow that requires them to use two different systems, making the loan qualification process cumbersome and more complicated. With the Loan Prospector integration, PML provides a single, seamless environment, where data is directly transferred to and from Freddie Mac. As a result, originators can obtain a loans eligibility for sale to Freddie Mac and current loan pricing within minutes, directly at the point of sale. "Working with Freddie Mac has been ideal, both for us and our clients," said Gigi Campbell, national sales director at PriceMyLoan. "We believe this integration will allow loans to get approved and locked faster, resulting in a higher rate of pull through and enhancing lender profitability. We're proud to work with Freddie Mac." For more informaiton, visit www.pricemyloan.com.
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Oct 08, 2008
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