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Loan Search Technology Proliferates

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Mortgage Daily

                                                 May 18, 2009

Prospective customers are being given one month to try out the loan pricing technology of one provider. Another offering enables originators to provide a loan search function on their own Web sites — a feature that generates mortgage leads. A California company claims its pricing technology helps loan officers maintain mortgage compliance.

PriceMyLoan said in an April 16 statement that it provided MGN Funding Corp. in New York a one-month trial of its automated underwriting and loan pricing engine. The Private Testing Suite enabled MGN to customize the system in a live environment.

PriceMyLoan, based in Costa Mesa, Calif., said this month that its Mobile Quick Pricer provides loan pricing technology for Smartphones. The new offering, utilized through a Web browser, is an extension of PriceMyLoan’s automated underwriting and loan pricing engine

“The proliferation of Smartphones such as the iPhone, Blackberries and other devices — in conjunction with faster Internet connection speeds — presented an ideal opportunity for us to pursue a mobile strategy,” PriceMyLoan President Binh Dang said in the release.

FHA, VA and USDA loans are now featured at Scotsman Guide’s Web site, a statement last week said. The free search was launched this month and reportedly provides access to government programs with loan-to-values as high as 97 percent and FICO scores as low as 580.

Sollen Technologies, which celebrated its 10-year anniversary in February, said last month that its Lender Online offering has been completely reformulated. Another offering, ConneX, is designed to provide pricing technology as an extension of loan origination systems and point-of-sale software.

OpenClose hopes to boost sales of its DecisionAssist loan pricing engine with the hiring of a new manager for the product: Jennifer Bensi.

LoanSifter 3.0 includes an enhanced search function that enables a loan search to saved and tracked, a May 5 press release said. One feature enables loan search results to be automatically populated into an e-mail. Other customer relationship management features are also included.

In addition, LoanSifter said its latest version enables originators to provide prospective borrowers with live pricing and customizable searches on their own Web sites. The function reportedly helps generate mortgage leads.

Version 3.0 of Mortgage Spirit’s loan search and pricing engine enables originators to automatically generate PDF versions of Good Faith Estimates that are compliant with HUD-mandated changes that go into effect next year, an announcement earlier this month indicated. The latest version includes all reform considerations of the Real Estate Settlement Procedures Act.

Advantage Credit, Inc. of Colorado has been added to Mortgage Spirits’s Gold Member Services Program, a news release today said.

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