In the current troubled home financing market, in order for a conforming an FHA lender to compete, it needs to have an automated underwriting system, which enables the mortgage lender to close loans quicker and with accuracy than other conventional lenders.
As a means of growing their business amist the subprime market, Community First Bank Loan Services, a Maryland based mortgage lender, choose PriceMyLoan to provide it with automated underwriting and loan pricing technology. CFB Loan Services chose PML’s services based on recommendations from lending partners and colleagues as well as PML’s reputation in the industry.
“Our evaluation process involved extensive due diligence with existing clients of vendors,” said Steve Park, Director of Business Development for CFB Loan Services in a statement. “The clients using Price My Loan spoke positively about their rate pricing results.”
Price My Loan is an internet based private label automated underwriting and loan pricing system designed for correspondent mortgage lenders and provides an online channel for loan originators to accurately determine loan eligibility and pricing using live credit report data and direct uploads from loan origination servicing software.
Additionally, PML is a full-service system that supports multiple investor product lines across an array of product types, from FHA to subprime. The full-service component of PML removes the maintenance and labor required to update investor guidelines and pricing, placing the responsibility on PML’s staff.
PML is a proprietary product of Insight Lending Solutions, a Fountain Valley, California based provider of web-based application services for the mortgage lending industry and software as a service to its clients to enhance productivity, reduce IT dependency and accelerate time-to-value for home financing companies.
