Mid-Island Mortgage selects PriceMyLoan's AU engine – NMP Skip to main content

Mid-Island Mortgage selects PriceMyLoan's AU engine

NationalMortgageProfessional.com
Jun 08, 2010

Mid-Island Mortgage Corporation, a retail and wholesale mortgage lender on the east coast has deployed PriceMyLoan’s automated underwriting and loan pricing engine. "The critical factor for us in choosing a pricing engine was integration with FHA TOTAL Mortgage Scorecard," said Terri Cutting, sales manager for wholesale lending at Mid-Island Mortgage. “We were happy to learn that PML completed an interface with the Federal Housing Admistration’s (FHA) TOTAL Mortgage Scorecard loan approval platform in January.” The interface with FHA TOTAL Mortgage Scorecard enables lenders to originate, underwrite and price FHA loans in PriceMyLoan’s all-in-one platform. All aspects of the approval process, from FHA insurance eligibility, to investor guideline eligibility and real-time pricing, can be handled through the system. But beyond the FHA TOTAL Mortgage Scorecard interface, several additional factors came into play for Mid-Island in selecting the optimum pricing engine for their wholesale lending division. “We chose PML because they offered us more than just a pricing engine,” said Cutting. “We liked the fact that we could customize our underwriting guidelines—and our brokers were happy to know that they could use their own credit reports." PriceMyLoan is able to offer lenders a high degree of technology sophistication often associated with more expensive proprietary systems due to their Web-based software application model. This eliminates the difficulties and expense usually associated with traditional software implementations and significantly lowers IT costs for lenders, as well. Software development fees are minimized because they are scaled and distributed across the entire client base. This results in a system that is sophisticated and robust but at the same time affordable. "We were eager to offer our brokers the convenience of 24/7 access to pricing anytime anywhere," said Cutting. "PML offered us everything we wanted in a pricing engine — and much more. Their training and Instant Support have been awesome.” For more information, visit www.mortgagecorp.com or www.pricemyloan.com.
Published
Jun 08, 2010
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022