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PriceMyLoan to Mortgage Lenders: Take Our
Accuracy Challenge
Company calls engine "most accurate in
its class"
Costa Mesa, Cal., June 21, 2006
- PriceMyLoan.com, a fully automated mortgage
underwriting and loan pricing engine, is issuing a challenge
to mortgage bankers and lenders: Try PriceMyLoan.com
and you'll find it to be the most accurate engine in
its class.
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."
PriceMyLoan's automated underwriting and loan pricing
engine provides rules-based loan decisioning and real-time
pricing in a private-labeled, web-based system that
is custom built for lenders. Originators upload loan
files directly from their loan origination system (LOS),
re-issue credit from more than 200 credit vendors, and
the program generates loan eligibility and real-time
pricing in under 20 seconds.
Every loan product in the system is built to specific
investor guidelines, matrices and pricing rules. With
more than eighty investor products available to be added
to a lender's custom engine, the engine can be fully
deployed in less than one week. All investor guidelines
and rate updates are maintained by PriceMyLoan.
Built for Accuracy
One of the primary reasons PriceMyLoan is so accurate
is because of its unique ability to read credit report
information. More than 200 credit vendors are integrated
with the program, enabling loan officers and brokers
to submit live credit data from virtually any credit
vendor in the country without needing to buy a new credit
report. When credit report information is imported into
the system, every bit of the data is parsed and made
available for loan decisioning.
This level of credit precision allows PriceMyLoan to
accurately determine eligibility for loans that have
stringent underwriting characteristics, particularly
Alt-A and Subprime products.
In addition, the system uses a hosted, software-as-a-service
(SaaS) model, where all aspects of system functionality,
updates and enhancements are managed centrally by PriceMyLoan.
Investor loan products are constantly screened and tested
for accuracy by evaluating the cumulative total of loans
that are submitted through custom engines built for
every lender client. The result is a process of continual
refinement of investor products and a higher degree
of accuracy that is unmatched in the industry.
"No one else can touch us for accuracy; it's that simple,"
says Campbell, "Our business model is based on a distributed
and cooperative approach to ensuring loan eligibility
and pricing accuracy. Any change to an investor product
immediately propagates to all our clients using that
same product.
"The results for our clients are faster response times,
lower costs and higher accuracy," she adds.
Take PriceMyLoan's Accuracy Challenge
PriceMyLoan invites lenders to take a live,
fully functional test drive of the system. By accepting
the PriceMyLoan Challenge, lenders will be set up with
a private testing suite where they can run live scenarios
on an actual production system for a specified trial
period. Live credit reports can be reissued and prospects
can choose the investor products they wish to test.
"We encourage lenders to try PriceMyLoan themselves
and compare our results directly with our competitor's
findings," Campbell notes. "Choosing the right automated
underwriting and loan pricing system is a difficult
task.
"That's why we offer the Accuracy Challenge: so lenders
can compare our product's accuracy against competing
products. Accuracy is the most important attribute to
consider because it has the most impact on a lender's
business."
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.
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Contact: Linn Cook
PriceMyLoan
(714) 957-6335
lncook@pricemyloan.com
www.pricemyloan.com
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