LoanLogics Enhances LoanDecisions™ PPE with Historical Pricing and Eligibility Feature That Automates Process of Re-Pricing Loans
Fort Washington, PA | May 22, 2014 LoanLogics, a recognized leader in loan quality management and performance analytics, has enhanced its LoanDecisions Platform to include a historical pricing and eligibility engine that automates the process of re-pricing loans. LoanDecisions is a mortgage loan-pricing engine that delivers accurate, real-time investor pricing and eligibility data.
The upgrade enables loan originators to automate the process of re-pricing and re-qualifying loans based on the lock date. Lock-desk administrators are able to re-price loans based on the lock date, lock expired date or the date the loan closed. Also, it will allow the lock desk, administrators and secondary marketing executives to enter a loan and see if it would have qualified under the pricing and eligibility guidelines from any date they select. That enables lenders, servicers and investors to evaluate their portfolios in ways that up to now were not possible.
"We have automated a process that was tedious, time consuming and expensive for lenders to perform and our historical pricing and eligibility feature offers one-of-a-kind technology-that lenders have needed for years," said Brian K. Fitzpatrick, President and CEO of LoanLogics. "Every day, we ask the question, 'What do clients need to dramatically improve their processes, workflow, customer service or some other aspect of the mortgage business that no one else has been able to develop?' The answer was not only to automate the re-pricing and re-locking of loans, but to also fully re-evaluate the loan eligibility at the same time."
"The lock change tool will save the lock desk hours of time. That's because they had to manually and painstakingly research and develop the prices that existed on the loan lock date, for every request from their originators," said Matt Thoman, Product Manager of Origination Technologies at LoanLogics. "Users of our system can research pricing and eligibility based on new loan information immediately and without assistance from their lock desk. Once a decision is made, the change request can be submitted to, and processed by, the lock desk in the same automated fashion as the initial lock request. That's a customer service coup and a competitive advantage for our clients."
Loan buyers will be able to enter a loan and evaluate if it would have met the guidelines for lending when the loan was locked, closed, funded or purchased. "LoanLogics LoanDecisions can do that because, starting from when our enhancements went live, it stores the historical pricing and eligibility data for years, and that's a feature that was never available in the past," said Thoman. "The loan data is uploaded and instantaneously users receive a response, without manual intervention that's slow, expensive and prone to mistakes."
About LoanLogicsLoanLogics was founded to improve the transparency and accuracy of the mortgage process and improve the quality of loans. LoanLogics serves the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance and reliability throughout the loan lifecycle. It develops advanced solutions that help clients validate compliance, improve profitability, and manage risk during the manufacture, sale and servicing of loan assets. Achieving these goals was the motivation in the development of the industry's first Enterprise Loan Quality and Performance Analytics Platform. To learn more, visit www.loanlogics.com
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