A product pricing engine (PPE) is a software that streamlines the beginning of the loan process to calculate pricing options. Using a pricing engine, mortgage professionals can automate the generation of different loan pricing scenarios with varying rate options.
By streamlining the process, mortgage originators and borrowers can compare rates effortlessly with the option to lock the rates for up to 60 days.
Product pricing engines provide value by optimizing interactions between lenders and home buyers. Allowing borrowers to view their pricing data directly within the software builds trust and confidence with the loan officer.
A pricing engine grants lenders the ability to provide real-time results to potential borrowers. Still, without a CRM like Surefire streamlining communications and following up with buyers, it is easy to lose the potential sale.
Integrating a product pricing engine with your CRM helps you stay top of mind throughout the borrower’s journey.
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The right mortgage product pricing engine should perfectly fit the needs of your team. With so many to choose from, we compiled a list of the top mortgage PPE providers.
Optimal Blue provides loan analytics, lock desk workflow, and pipeline risk management functionalities to help lenders stay competitive and act on the “true best execution” for all quoting, locking, and delivery channels.
Key Features
With CompassPPE℠, lending institutions of all sizes can offer a dynamic and flexible PPE to their retail, wholesale and correspondent channels. This web-based, mobile-responsive technology provides a streamlined lock and relock workflow that combines automation, historical pricing and loan origination system integration.
Key Features:
Custom workflows, rate lock functions, price comparison visibility, document management, compliance management, loan processing, internal audit features.
Lender Price prides itself on being the most accurate and dynamic mortgage product pricing and eligibility engine. Their versatility allows banks, lenders and credit unions to manage product pricing for all mortgage types.
With advanced business intelligence and analytics, Lender Price provides powerful performance with full mobile functionality.
Key Features:
Custom workflows, rate lock functions, price comparison visibility, document management, compliance management, loan processing, internal audit features, application programming interface (API) for application customization and integration.
With its fully automated mortgage loan and PMI pricing eligibility and product selection, Mortech’s solutions help any lender thrive.
Key Features:
Custom workflows, rate lock functions, price comparison visibility, document management, compliance management, loan processing, internal audit features, application programming interface (API) for application customization and integration.
As you continue to grow your client base, a product pricing engine will be a welcome addition to your lender tech stack, creating an engaging experience for your prospective borrowers.
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