COSTA MESA, Calif., Nov. 15 /PRNewswire/ — PriceMyLoan (PML) today announced that Spectra Funding has implemented their automated underwriting and loan pricing technology. Spectra Funding was convinced of PriceMyLoan’s capabilities in large part because of the private testing suite that was offered to them during the vendor due diligence process.
“The ability to test a live production version of their system was key to our decision,” said Robert Boladian, CEO of Spectra Funding, a mortgage banking firm located in Encinitas, California. “Most vendors will tell you exactly what you want to hear, but live testing gave us the confidence that PriceMyLoan could actually deliver on its promises.”
The PriceMyLoan Accuracy ChallengePML offers all of their prospects the ability to live test their system in a private testing suite as a part of what they call the PriceMyLoan Accuracy Challenge. The goal of the Accuracy Challenge is to allow prospects to:
* Evaluate PML without supervision from a sales associate
* Conduct direct comparisons of PML results with investor results
* Interact with PML’s support team to gauge responsiveness
* Assess scope of implementation and deployment prior to purchase
* Eliminate fear, uncertainty and doubt from vendor selection process
Prospects are granted full access to a production version of PML with the investor loan products of their choice included. Prospects can import their LOS files, upload live credit reports from their existing credit vendor, and compare the results obtained from PML directly with their investor’s results. All support and training resources are available to prospects to give them a total experience of what they can expect from PML as a client.
Simulating the Client Experience
The ability to live test was particularly important to Spectra Funding due to a previous implementation that was unsuccessful. “We dedicated 18 months and tons of resources trying to deploy an end-to-end system,” said Boladian. “We had to scrap the project because the pricing component was inconsistent and unable to keep up with frequent changes to products. But from the first day we performed private testing on PriceMyLoan, we had all of our questions answered. PriceMyLoan does exactly what it claims.”
PML insists that live testing is the only way that a lender can determine whether an automated underwriting and loan pricing system will meet their expectations. “These are complex systems that require more than just a sales person's promise that it will work,” said Gigi Campbell, director of national sales at PML. “Private testing suites allow different stakeholders in the company to get a real hands-on experience with PML so that they can forecast how it will be deployed within their organization. It's more than just testing, it's about simulating the entire client experience.”
About PriceMyLoan
PriceMyLoan is a proprietary product of Insight Lending Solutions (ILS). Founded in 2002, ILS provides web-based application service for the mortgage lending industry and software as a service (SaaS) to its clients to enhance productivity, reduce IT dependency, and accelerate time-to-value for mortgage companies. Combining advanced technology development using XML and MISMO standards with high-quality service, ILS provides its clients with solutions that result in reduced loan cycle times, improved pull through rates, and a lowered total cost of software ownership. For more information, please visit www.pricemyloan.com.
Contact:
Linn Cook
PriceMyLoan Marketing Director
714 957 6335 or Lncook (at) pricemyloan (dot) com
SOURCE PriceMyLoan
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