Manually searching for loan products, rates and pricing is slow and inefficient and may result in pricing errors, inaccurate data, or compliance issue. Mortgage lenders can automate this process using PPEs as well as integrate it with their current mortgage process. We take a look at the top pricing engines available for the mortgage industry.
Product and Pricing Engines (PPE) are tools used by mortgage lenders to enhance their lending strategy and operations.
Benefits of using a PPE for mortgage lenders
- PPEs help lender to save time by automating the process, keep data accurate and in sync, quickly find a variety of offers, and get notified on pricing changes that affect the loan scenarios.
- PPEs eliminate the need for loan officers to manually search, compare, and price mortgage products.
- Using PPE lenders can automatically see best execution pricing and incorporate mortgage rates into rate calculations.
- Mortgage lenders can customize their pricing options based on lead or CRM sources since most of the PPEs integrate directly with the preexisting mortgage software platforms like a CRM, LOS, or POS.
- PPEs can auto-generate elegant rate sheets, eliminating the need to create manual rate sheets.
- Lenders can Lower costs, close loans faster, ensure accuracy and transparency and stay compliant with the regulations.
Top Product and Pricing Engines
- Optimal Blue:
- Optimal Blue is the industry-leading PPE with a 99.995% accuracy rate in their completely compliant pricing.
- Optimal Blue also provides in-depth reports that show a comparison between current pricing, worst case scenarios, and historical averages.
- Auto lock functionality of Optimal Blue allows to have lock entries get done in a quick and timely manner.
- 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.
- Encompass Product & Pricing Service:
- Encompass Product & Pricing Service is a robust pricing engine integrated within Encompass Digital Mortgage Solution.
- This pricing engine allows lenders to easily manage custom pricing for their portfolio and niche programs.
- Lenders can also automatically incorporate consistent LO compensation into loan pricing and appropriate LO compensation amounts managed in Encompass.
- Lender Price:
- Lender Price is an accurate and dynamic mortgage product pricing that allows lenders to manage product pricing for all mortgage types.
- The automated rate alert feature enables LOs to receive rate alerts quotes emailed or sent as a text.
- Lender Price also provides the provision to generate custom digital real estate flyers with an embedded mini-pricer.
- Lender Price also offers built in compliance checks and capital market tools.
- Mortech PPE provides a fully automated and accurate pricing engine with the the ability to compare multiple loan scenarios.
- Lenders will be able to view and compare different wholesale and correspondent investors’ rate data on a single screen to provide the best product for each loan scenario.
- Mortech has integration with major LOS providers such as Ellie Mae, Calyx and Byte.
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