Mortgage Product Pricing Engine
Mortgage Pricing Engines Provide Potential Borrowers with Quick and Accurate Pricing.
Product Pricing Engine
Borrowers demand efficiency! Top-performing lenders increase their ROI year over year by finding new methods for streamlining the loan process. One efficiency that every mortgage professional needs to consider integrating into their lending system is a product pricing engine.
What is a Pricing Engine?
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.
What are the essential functions of a PPE?
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.
While different product pricing engines are similar in providing service, lending professionals need to look for these critical functions when selecting a product pricing engine:
- THE NUMBERS MUST BE ACCURATE!
Real-time rates effectively win new buyers, but if the information is inaccurate, you will quickly lose that buyer and face potential consequences for being non-compliant.
- RATE LOCKING
Rate locks give home buyers the time they need to review different lending options without the fear of losing a competitive rate.
- PPE TRAINING
Your product pricing engine should be able to educate prospective borrowers on potential worst-case scenarios.
Which systems need to integrate with your PPE?
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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Who are the top mortgage PPE service providers?
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
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.
Key Features
Custom workflows, rate lock functions, price comparison visibility, document management, compliance management, loan processing, internal audit features.
Pricing Structure:
Starting price: $59.00/Month
PollyEx
PollyEx’s state of the art tagging based system enables lenders to build and manage their products and pricing in a simple, elegant experience.
Through their change management and version control features, PollyEx allows lenders to test and revise pricing quickly and accurately on every scenario.
Key Features:
Custom workflows, rate lock functions, price comparison visibility, document management, compliance management, loan processing, internal audit features.
Pricing Structure:
Contact for Pricing
Lender Price
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.
Pricing Structure:
Contact for Pricing
Mortech
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.
Pricing Structure:
Contact for Pricing
Final Thoughts
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.