United Community Mortgage Corporation implements PriceMyLoan
United Community Mortgage Corporation (UCMC), a national wholesale and retail mortgage lender, has announced the successful deployment of PriceMyLoan, an automated underwriting and loan pricing engine. The Web-based platform has allowed UCMC to unite their remote locations and improve the effectiveness of their operations during a period of intense mortgage lending activity.
"We've more than doubled our loan volume in the past few months," said Mike Lucey, director of secondary marketing at UCMC. "Our biggest concern was keeping turn times within our usual 48-hour window. PriceMyLoan improved our process to the extent that we could meet this goal without adding more staff. Given the volatility in today's mortgage market, that's a tremendous advantage."
PriceMyLoan has provided UCMC with an online portal for loan originators to qualify, price and submit rate locks directly to their pricing desk. The integrated platform allows originators to upload loan files from various loan origination systems (LOS) and electronically transmit loan data to their processing, underwriting and secondary marketing departments. PriceMyLoan's loan management features enabled UCMC to fully process, underwrite and lock loans without ever leaving the system. This resulted in the elimination of several resource-intensive steps and decreased circulation of paper documents.
"PriceMyLoan is an online access point where originators can literally drop a qualified and priced loan right into the pipeline of our operations staff," said Lucey. "We don't need to jump through the hoops of emailing, faxing, downloading, double printing -- everything occurs electronically and information is exchanged more accurately in real-time. We're saving at least $1000 per week from the productivity gains alone."
UCMC is taking advantage of current market conditions and expanding their operations by adding new branches. The Web-based model of PriceMyLoan has enhanced their ability to grow by making the setup and tracking process easier to implement. The technology itself has helped them attract branches and migrating staff off of legacy systems onto PriceMyLoan proved much easier than they thought. Most important to UCMC, however, is the level of support they receive from PriceMyLoan.
"I've dealt with technology vendors for over 20 years now, and I can honestly say that I've never experienced a company that resolves issues like PriceMyLoan does," said Lucey. "Anyone who has experience in this industry knows what I mean when I say that PriceMyLoan works with us, instead of against us. That's the kind of relationship I need as our company moves forward."
For more information, visit www.pricemyloan.com.
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