Integrating systems to control risk
Costa Mesa, Calif.-based PriceMyLoan (PML) has integrated its Point of Sale automated eligibility and pricing tool with Freddie Mac’s Loan Prospector, the company said. The integration allows originators to obtain decisions from Loan Prospector from within the PML system. Originators query PML’s web-based engine to determine which products their borrowers qualify for and to obtain current pricing for those products.
PML says the Loan Prospector integration provides a convenient method for originators to submit credit report and loan data directly to the Loan Prospector system while eliminating the risk of error due to data or workflow issues. Loan Prospector responses are brought back into PML and are used to generate product and pricing decisions for specific investor loan products.
Even though the market continues to contract and fewer secondary market investors are playing, there will be a need to connect different systems in a way that allows information to be keyed (or scanned) in once and then remain electronic as it passed around the various systems and on to the closing table.
While I expect to see more of this functionality built directly into the Loan Origination Systems (LOS) that are the current hub of the mortgage transaction on the origination side, it’s good to know that other service providers are integrating with key systems.
Tags: mortgage