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.