Today, most of the lenders use mortgage product pricing engines to increase their ROI. “ Corporate margin is the money mortgage companies need to make on loans to pay the bills needed to run the company and turn a profit. ”
To become a successful mortgage lender requires a mastery of setting prices and rates for product offerings. One efficiency that every mortgage professional needs to consider integrating into their lending system is a product pricing engine. Let’s touch base Mortgage Pricing Engine now.
Mortgage Product Pricing Engines
- It is a software platform that mortgage loan origination teams use to calculate mortgage pricing options.
- The important feature of a mortgage product pricing engine is the ability to lock a borrower’s rate.
- By streamlining the process, mortgage originators and borrowers can compare rates effortlessly with the option to lock the rates for up to 60 days.
- It gives lenders the ability to provide real-time results to potential borrowers.
The Top Mortgage Product Pricing Engines are:
1) Optimal Blue
- Their smart solutions automate critical functions like pricing, hedging, trading, and social media.
- Lenders have the ability to customize the pricing capabilities as per their business needs.
- They provide Scenario-specific pricing, Best pricing alternatives, Side-by-side price comparisons.
- Optimal Blue pricing engine has seamless integration with major LOS systems including Encompass where it is integrated with Encompass Consumer Connect, Encompass TPO connect and Encompass Loan Officer Connect.
- They offer Product pricing engines for Lender specific and Broker specific.
2) Mortech
- It provides a fully automated and accurate pricing engine, and the ability to compare multiple loan scenarios.
- It help automate day-to-day workflows and bring simplicity to the complex mortgage environment.
- Instant, accurate pricing at the click of a button.
- It has integration with major LOS providers such as Ellie Mae, Calyx and Byte.
- Fully automated processes eliminate the need to manually search, compare, and price mortgage products.
- Additional features of Mortech are Historical Pricing – allows you to compare multiple loan scenarios during the history of a locked loan.
- Live MI Quoting – it provides lenders with instant access to quotes from leading mortgage insurance companies in a single platform, saving their time and increasing productivity with a more efficient workflow.
3) Lender Price
- Lender Price is an accurate and dynamic mortgage product pricing that allows lenders to manage product pricing for all mortgage types.
- It provides the provision to generate custom digital real estate flyers with an embedded mini-pricer.
- It provides powerful performance, more innovative features (e.g. built-in compliance checks, capital market tools, margin management, lock desk, customized workflows) with full mobile functionality.
4) COMPASSPPE
- Its web-based, mobile-responsive technology provides a streamlined lock and relock workflow that combines automation, historical pricing and loan origination system integration.
- Its policies allow for full automation of locks, relock, extensions, float downs, and concessions. Save time by eliminating manual pricing reviews, while maintaining control of when to apply worse-case pricing, lock change fees, and more.
- It provides lock desk automation while ensuring margin targets are met!
5) Encompass® Product & Pricing Service
- It is a robust product pricing engine integrated into the ICE Mortgage Technology Platform.
- It automatically see best execution pricing and incorporate mortgage rates into rate calculations.
- Rate and loan product pricing changes are monitored and alerted automatically if loan parameters are changed throughout the lifecycle of the loan.
- It ensure full communication on lock requests from the loan officer to secondary marketing.
- It has feature to enable relocks, validations and worst case product pricing scenarios with the Historical Pricing feature in the event key pricing fields change after lock.
Looking for more information on integrating Encompass 360 with Velocify or need help in integrating right technology, leave us a message.
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
