Expertise in Credit Data Provides Clear Advantage for Automated Underwriting Vendor

Costa Mesa, Cal., February 6, 2008 - PriceMyLoan announced today that Rochester, New York-based Flaherty Funding has successfully implemented their Web-based automated underwriting and loan pricing system. Flaherty Funding selected PriceMyLoan with the goal of streamlining their loan approval and pricing process. "It was getting impossible to keep up," said Margaret Leuwen, secondary marketing manager at Flaherty Funding. "Manually pricing a single loan can take thirty to forty minutes, creating a bottleneck in our production. We knew that if we were going to grow, we needed to improve our efficiency on the front end of the process."

The key advantage of PriceMyLoan is the ability to provide eligibility and pricing results that are extremely accurate. "This technology - and the level of accuracy it enables - is not just a nicety anymore, it's become a necessity," says Gigi Campbell, National Sales Director for PriceMyLoan. "When lenders make promises to clients, they need to feel assured that the pricing engine will be accurate; they rely on it. Inaccurate promises will cause a loss of time, money and, most important, reputation."

Private Testing Suite
Flaherty Funding began researching pricing automation technology in 2007. After creating a short list of vendors, they took advantage of PriceMyLoan's Private Testing Suite, where they were provided with a production version of the system to conduct in-depth evaluation of their technology. "The Private Testing Suite was key because we needed to be sure we were making the right choice," said Ken Polowitz, business development manager at Flaherty. "Our entire staff was able to poke and prod the system without anyone hovering over our shoulders. We were able to delve deeper into the system than any other vendor would allow."

During their evaluation in the Private Testing Suite, one feature stood out that made their decision an obvious one: PriceMyLoan's ability to extract live credit report data. This capability alone provides a framework for in-depth underwriting guideline and pricing validation that is unmatched by other lending automation systems. PriceMyLoan is also integrated with 150+ credit agencies nationwide, connecting their system to virtually every credit vendor in the industry for easy access to credit report data.

The critical nature of this feature was not lost on Flaherty Funding's staff. "We've already seen how it can make a big difference," said Leuwen. "In one instance, PriceMyLoan prevented a loan from reaching our pipeline where our investor's engine would have approved it. The difference was as small as a single thirty day late that the investor's engine wasn't catching. This type of mistake could have ended up costing us substantially as this was a very large multi-family property."

Credit Capability a Determining Factor
"We've been hammering this message for years now," said Gigi Campbell, national sales director for PriceMyLoan. "Comprehensive analysis of live credit data is the basis for an accurate underwriting and pricing decision. We know that others are just beginning to build connections to credit vendors, but the real question is what do they do with that data? Can they differentiate between a rolling and non-rolling late? How do they parse public record information? And how do they manage the varying data formats that are provided by different credit vendors? Our unique history in credit reporting gives us the knowledge and experience in handling credit data that very few companies understand."

For Flaherty Funding, PriceMyLoan's ability to pull in a live credit report was clearly a deciding factor. "The credit report holds so much data," concluded Leuwen. "If your system is not reading iit, then what good is the pricing?"

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 www.pricemyloan.com.

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