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PriceMyLoan is a proprietary
product of Insight Lending Solutions (ILS).
Founded in 2002, Insight Lending Solutions
(ILS) is a web-based application service
provider for the mortgage lending industry.
ILS provides software as a service (SaaS)
to its clients to enhance productivity,
reduce IT dependency and accelerate time-to-value
for mortgage companies. ILS provides its
clients with advanced technology solutions
that result in shorter loan cycle times,
improved pull-through rates, and higher
productivity – all at a lower total
cost. ILS is a privately-held company.
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Over the past several years, the rapid growth
in mortgage lending has spurred investment
in technology designed to streamline processes
and enable mortgage companies to increase efficiency
and profitability. Many industry experts
have identified web-based technology and Software
as a Service (SaaS) as an ideal solution
for
mortgage companies because of its versatility
as an open architecture platform and its considerable
cost advantage over traditional client-server
software.
Web-based technology refers
to a type of
software, where the Internet and a web-browser
are used as a means of delivering system
functionality. This allows users to access
the
system through any Internet browser rather
than
via just one computer station. One of the
main
advantages of using a web-based system is
that
the total cost of ownership for the software
is
much lower, to the extent that IT costs
can be
reduced by as much as 70%.
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Another advantage is that by using web-based
technology, PriceMyLoan is able to deliver sophisticated
automated underwriting and loan
pricing capabilities more than any single
company can accomplish on its own. By
leveraging economies of scale inherent to
the
web-based model, lenders gain a competitive
advantage in terms of cost, speed and
accuracy.
Software as a Service
(SaaS) is a business
model that can accompany web-based
software and adds a service component that
enhances usability and value over time.
SaaS
transforms the static "software"
concept into a
dynamic environment, where system
functionality responds to client demands
by
continually updating itself and delivering
these
enhancements instantaneously.
Underwriting and pricing is complex and
changes are a constant. These modifications
and updates can have drastic effects on
accuracy and effectiveness. Using an SaaS
model allows PriceMyLoan to input any
changes quickly and accurately for our clients.
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President
With a desire to create an enlightened software company--one
that delivers true value to their customers through better
technology and provides a great working environment--Binh
Dang founded Insight Lending Solutions, (the parent company
of PriceMyLoan), in 2002. "By nature, I am an engineer
first, and a businessman second," explains Dang. "I
started my own company, because I wanted to put more emphasis
on creating real value by delivering improved technology to
the marketplace."
Prior to that, Binh Dang was director of Information Technology
for TrueLink, a technology company that built the first web-based
credit reporting system. Binh Dang received a BS in Computer
Science from the University of California, Irvine.
Marketing Director
Linn Cook has been with PriceMyLoan and Insight Lending Solutions
for over five years. Since 2003, Linn Cook has focused his
efforts on promoting the benefits of automated underwriting
technology to small and mid-tier lenders through his role
of director of marketing for ILS. "Our goal is to provide
technology that has value at its core. We know that today's
technology is more than just software, it's about understanding
our clients and responding to their needs from an evaluative,
incremental perspective." Prior to his employment at
ILS, Cook worked in the mortgage technology industry and was
instrumental in establishing the adoption of web-based credit
reporting technology. Linn Cook received a BS in Biochemistry
from the University of California, San Diego.
National Sales Director
I was attracted to Insight Lending Solutions by the company's
reputation," explains Gigi Campbell, national sales director
for PriceMyLoan. "This is such amazing technology. Our
product can do so much for a mortgage lender's business. It's
gratifying to hear all the success stories."
Campbell knows technology. Previous to her position at PriceMyLoan,
she worked for Intelipoint, another software firm, for seven
years. Campbell has been with PriceMyLoan since 2004. She
has been in the sales field for almost 20 years.
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