“NAMB Marketplace puts power back in the hands of the mortgage broker,” said NAMB President Rick Bettencourt. “We’ve seen other industries use technology to completely transform the way they do business. We believe NAMB Marketplace does exactly the same thing for mortgage brokers. We’re giving our members a powerful tool that normally would cost thousands of dollars for free. This will transform the way our members generate leads and service their customers.”
NAMB Marketplace combines a loan price comparison tool with a digital point-of-sale platform. Originators input a loan scenario and the product pricing and eligibility (PPE) engine automatically compares real-time prices between 18 wholesale lenders, including seven of the industry’s top 10 lenders. An array of product types are available, including conforming, FHA, VA, non-agency and non-QM. Once a lender and a price are selected, originators instantly send an e-mail invitation to a borrower, enabling rapid collection of loan application information in both a desktop and mobile format.
Loan applications are available to originators in an online lending portal for review and to export in a FNMA 3.2 file format, making it easy to transfer data directly into other systems, such as a loan origination system (LOS) or to upload into a wholesale lender portal.
“Mortgage brokers have been underserved with technology,” said Dawar Alimi, president and chief executive officer of Lender Price. “Even though there has been a surge of technology investment in the mortgage space, mortgage brokers are using outdated technology. We saw an opportunity to give brokers innovative, and useful, and modern technology and at the same time provide a marketing opportunity for lenders so that everybody wins. We’re proud to partner with NAMB.”