Lender’s Success With PriceMyLoan is More Than Just Pricing
Posted on May 20, 2008
Filed Under eCommerce
COSTA MESA, Calif. and DANBURY, Conn., May 20 /PRNewswire/ — Prysma
Lending Group, a wholesale mortgage lender based in Connecticut, announced
today the results of their successful deployment of the PriceMyLoan (PML)
automated underwriting and loan pricing engine. After two months of use,
PML has significantly lowered Prysma’s production costs and allowed them to
grow in spite of a challenging business environment.
“Our wholesale business has been growing, but we found that it’s almost
impossible to keep moving ahead and expanding without some type of
automation,” said Luiz Serva, founder and chief executive officer of Prysma
Lending Group. “PriceMyLoan put a structure in place for pricing and loan
submission. It has streamlined our entire process.”
PML is the largest provider of automated underwriting and loan pricing
technology for correspondent mortgage lenders. The private-label system has
been deployed to more than 150 lenders nationwide and is widely credited
for lowering operational costs and dramatically improving closing ratios.
PML sets itself apart from other similarly-positioned loan pricing
technologies, known as product and pricing engines (PPE), because of its
automated underwriting capabilities, which enable highly accurate
determinations of loan eligibility.
Serva noted that he had investigated a number of systems, including PPE
systems, but found their decisioning capabilities to be inadequate.
Automated underwriting was critical for Prysma. “PriceMyLoan gives you
answers that are black and white. There’s no question when the engine gives
an approval,” said Serva. “Talking to a broker that wants to know if their
borrower really qualifies for a loan is the biggest drain on our resources,
so having PriceMyLoan do that for you represents tremendous savings. It’s
like having an army of people answering phones.”
The rise in popularity of PPE systems have led to inaccurate
descriptions of PML. “There are so many companies out there offering PPE
technology,” said Gigi Campbell, national sales director at PriceMyLoan.
“It obscures the fact that pricing alone is next to useless when it doesn’t
accurately determine borrower eligibility. Lenders don’t gain any
operational advantages by displaying pricing on a screen. Originators need
to know if their borrower qualifies for the pricing, and they have to be
able to trust that the decision is accurate.”
About PriceMyLoan
PriceMyLoan is a proprietary product of Insight Lending Solutions
(ILS). Founded in 2002, ILS provides web-based application service for the
mortgage lending industry and software as a service (SaaS) to its clients
to enhance productivity, reduce IT dependency, and accelerate time-to-value
for mortgage companies. Combining advanced technology development using XML
and MISMO standards with high-quality service, ILS provides its clients
with solutions that result in reduced loan cycle times, improved pull
through rates, and a lowered total cost of software ownership. For more
information, please visit http://www.pricemyloan.com.
About Prysma Lending Group, LLC
Prysma Lending Group, LLC is a lender based in Danbury, Connecticut.
Founded in 2003, Prysma provides several types of loan products to the
industry, ranging from niche products like ITIN and Alt-A, to agency prime
products. Prysma is a direct endorsed FHA lender licensed in NJ, NC, GA,
VA, FL and CT. Prysma believes in continuous growth and total customer
satisfaction. Combining the latest technology with committed
professionalism, Prysma has proven to have to one of the fastest turn times
in the industry while sustaining rapid market growth. For more information,
please visit http://www.prysmawholesale.com.
Contact:
Linn Cook
PriceMyLoan Marketing Director
714 957 6335 or Lncook@pricemyloan.com
SOURCE PriceMyLoan
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