First Guaranty Mortgage Corporation Makes Switch to PriceMyLoan

AUS Provides Critical Features and Flexibility Required By Growing Wholesale-Retail Mortgage Lender.

Costa Mesa, CA - February 15, 2011 - Virginia-based mortgage lender First Guaranty Mortgage Corporation (FGMC) announced the successful deployment of PriceMyLoan (PML), a loan pricing and automated underwriting system. The national wholesale and retail lender sees PriceMyLoan as a major part of their growth strategy. “This really changes our entire outlook,” says Andrew Peters, vice president of wholesale lending. “It’s probably the biggest change we’ve made in over ten years."

FGMC has established itself as a trusted provider of all types of mortgage loans, but they've created a strong niche by focusing on families that find obtaining a mortgage challenging. "FGMC was founded with the idea that people are more than numbers," explains Ken Clark, FGMC founder and president.

Although strength in FHA and VA lending is one of FGMC’s defining characteristics, it proved to be a significant hurdle as they attempted to automate more of their processes. "Underwriting was an area where we saw an opportunity to streamline and improve the quality of our lending," says Ben Sizemore, vice president of information systems at FGMC, “however finding an AUS that could provide the options we needed was a challenge.”

One PML feature that immediately caught Sizemore’s attention was PriceMyLoan's direct integration with FHA TOTAL Scorecard. “PriceMyLoan is one of the few systems that can handle FHA TOTAL Scorecard,” explains Sizemore. “FGMC does not have a huge portfolio, but we need an AUS that can handle the pricing and products we offer, and FHA is a big part of that.

Another factor in FGMC's decision was PriceMyLoan's comprehensive utilization of credit report data. “We were amazed that most of the engines we evaluated didn't even consider credit report data relevant," Sizemore continued. "I don’t think there’s another automated underwriting system that understands and integrates credit like PriceMyLoan. This was a significant difference between PML and every other AUS we considered.”

Ease of use was also important in choosing to implement PriceMyLoan. “Brokers are much more savvy today,” explains Sizemore. “They want to get the job done with the least amount of pain. PML handles everything — from certification to delivery of the loan to the lender, and at the same time it’s streamlined and very easy to use. We couldn't be more pleased with our decision to use PriceMyLoan."

About First Guaranty Mortgage Corporation
FGMC is a full service wholesale and retail national lender offering mortgage solutions to clients of varying income and credit types. FGMC was founded with the idea that people are more than numbers and education and customer service can make the difference. In an economy where expenses continue to rise and income levels fall short, FGMC continues to exceed expectations in creating lasting mortgage solutions in the lives of its clients. For more information about First Guaranty Mortgage Corporation, visit: http://www.fgmc.com.

About PriceMyLoan
PriceMyLoan is a pricing and automated underwriting engine designed for residential mortgage lenders. Originally developed in 2004, PriceMyLoan is delivered as a web browser-based software as a service (SaaS) application with the goal of enhancing productivity, reducing IT dependency and accelerating the return on investment (ROI) for its clients. PriceMyLoan utilizes the latest advances in web technology development using XML and MISMO standards, and combines it with a dedication to high-quality, high-touch customer service that is renowned throughout the mortgage technology industry. For more information, please visit http://www.pricemyloan.com.

###

Contact: Linn Cook
PriceMyLoan
(714) 957-6335
lncook@pricemyloan.com
www.pricemyloan.com