Premier Capital Lending deploys PriceMyLoan's underwriting technologyMortgagePress.comPremier Capital Lending, PriceMyLoan, Perry Stiles, GSE, automated underwriting
Premier Capital Lending, a mortgage lender based in Arlington,
Texas, has successfully deployed PriceMyLoan's automated
underwriting and loan pricing engine. "We did our homework and knew
that PriceMyLoan was the most effective pricing tool out there, but
our biggest fear was cost," said Perry Stiles, senior vice
president of branch development for Premier Capital Lending. "We
assumed that automated underwriting would be out of our league. We
were glad to be proven wrong."
PriceMyLoan offers lenders a high degree of technology
sophistication, which is usually associated with more expensive
proprietary systems. Rather than provide originators with just a
rough pre-qualification estimate, PriceMyLoan generates actual
automated underwriting results based on credit data read directly
from a borrower's credit report and direct interfaces to the
government-sponsored enterprise (GSE) automated underwriting
systems. The result is point of sale responses that translate
directly into higher pull-through rate for lenders.
"PriceMyLoan does a complete underwrite before loans get to our
pipeline, which keeps our staff focused on loans that are going to
generate revenue. We're not chasing our tails working on loans that
don't close," said Stiles.
The reason that PriceMyLoan is effective at a lower cost is
primarily due to the web-based software application model that they
use. PriceMyLoan eliminates the hassle and expense of traditional
software implementations, significantly lowering IT costs for
lenders. From a software development perspective, costs for
PriceMyLoan are minimized because they are scaled and distributed
across their entire client base. The result is a system that is
sophisticated and robust but at the same time affordable.
"We always wanted to use an automated underwriting system
because it streamlines the most time consuming and labor intensive
part of any lender's process," said Stiles. "When we saw that
PriceMyLoan's cost was equal to other systems that are only
prequalification systems, we were elated. It levels the playing
field with much larger competitors."
For more information, visit www.pclbranch.com or www.pricemyloan.com.