Wholesale Comparison Shopping

PreQualPal, Inc. recently announced the release of a suite of online tools, including a rate quoting service, for loan originators.

Vice President of Marketing Ron Zayas told MortgageDaily.com that the company currently has 27 participating lenders and plans to increase it to 40 by the end of the year.

“What we look for is different niches and different product offerings to get a wide variety of lenders,” Zayas said in a phone interview. “We want to be able to give the loan agents and applicants out there lots of different options on loans.”

Zayas said the originator fills out one form for each loan scenario and with a single click it is submitted to all the participating lenders. Depending on the options the originator chooses, the top 10 or 15 rate quotes are then displayed, Zayas explained.

Whichever quote is selected is then available in a printable form. “Check the ones you want to show the client and it gives a professional color or black and white copy of the sheet for the applicant,” Zayas said.

The service, touted online at www.PreQualPal.com, is included in a package deal available for $69 a month with a $.99 per quote fee or unlimited access for $99 a month. Site licensing is also available, he said.

The program was launched two months ago and has a few hundred loan offices on board so far, Zayas said. He said in beta mode they found even if users saved five minutes per rate quote, for some that equaled an hour a day.

But a client of competitor Sollen Technologies saved more than 1,020 hours a year using Sollen’s own loan pricing solutions, CEO Michel Van Hee said in an e-mailed statement to MortgageDaily.com.

“We know that financial institutions and mortgage lenders are always seeking efficiencies that will allow them to spend more time focusing on the needs of their customers, and the Sollen suite of products permits customers to do just that,” said Van Hee.

Dallas, Texas-based Sollen, located online at www.Sollen.com, said it has 115 active customers and 40 investors “offering the best selection to customers nationwide.”

Sollen said its product solutions have flat monthly rates with unlimited usage; a small company plan starts at $750 while the regular plans begin at $1500 and a one-time “small setup fee to construct and configure the Web sites”

Both solutions have online rate locking capabilities.

Another company offering multiple wholesaler pricing services is Lion Inc.