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.