Mortech, a Zillow business providing mortgage technology software solutions for mortgage bankers and secondary market teams, has announced the availability of historical pricing within their secondary marketing solution. The historical pricing functionality expedites the re-pricing and re-locking process, allowing mortgage lenders to immediately address changes in the lock application.
Historical pricing from Mortech is designed for mortgage lenders looking to increase re-pricing accuracy and workflow, and reduce time and resources on loan re-evaluations. The feature allows mortgage lenders to easily view pertinent archived loan information in the event of borrower credit, appraisal, purchase price, or other changes to the locked information. Historical pricing takes several loan changes into consideration, including:
►Investor pricing
►Lender profit and cost
►Loan level pricing adjustments (LLPAs)
►Loan officer compensation
►Service release premiums (SRPs)
►Average prime offer rates (APOR index)
“Loan data transparency and accuracy are essential for mortgage lenders to succeed in an ever changing mortgage market,” said Doug Foral, general manager of Mortech. “Without a structured process in place, lenders can spend a vast amount of time and resources researching historical rate data when re-pricing loans. The addition of historical pricing is one of the many tools we’re incorporating into our pricing engine and secondary marketing solutions to provide lenders with the information they need to make the most profitable decisions on a daily basis in today’s mortgage market.”
