PriceMyLoan (PML) has been selected by two California mortgage lenders to provide automated underwriting and loan pricing technology. Ontario, Calif.-based Drexel Lending Group and Rancho Cucamonga-based MSM Lender have signed on to implement the PML system.
"PriceMyLoan is not just a 'nice to have' feature. It's a 'must have' tool," said Gigi Campbell, national sales director at PriceMyLoan. "Lenders realize that PML will allow them to make more money per loan over any other product and pricing system out there. It can have an immediate impact on closing ratios, which makes good, practical sense."
Lenders are recognizing that their loan closing ratio is a key performance indicator (KPI) that can have an influence on a number of critical business issues. Beyond improving profit per loan, a lender with a high closing ratio can attract more volume by improving turnaround times and garner pricing incentives from investors due to better delivery performance.
"It's not just the quantity of loans we bring in, it's the quality that determines our success," noted Dennis Gamalinda, chief executive officer of Drexel Lending Group. "With PML, we can boost our pull through, which our investors appreciate because they benefit from having a higher quality of pools delivered to them."
PML is designed to address closing ratios by accurately screening out loan submissions that will not satisfy investor product guidelines. Because PML works at the point of sale, lenders sharply curtail the amount of resources that were previously wasted on loans that ended up denied. In turn, originators benefit because they obtain instant answers to their submissions using a convenient browser-based system.
"Originators always want an answer fast. They rate us on how quickly we respond to their requests," said Anthony Sanchez, president at MSM Lender. "Whether it's an approval or a denial, we give them an instant answer that's accurate every time. They show their appreciation by coming to us first with all their loans."
For more information, visit www.pricemyloan.com.