*Advancing Price Locking Automation*
**Technology To The Rescue**
***LoanSifter, Inc., a provider of product eligibility and pricing solutions for the mortgage banking industry, has launched the initial phase of its new automated lock change management tool that enables mortgage bankers to automatically re-price loans when loan circumstances change, increasing their accuracy and compliance while saving time and money. Here’s why this matters:
****Mortgage lenders allow borrowers to “lock” a mortgage interest rate and points as protection against fluctuations in mortgage rates. But when attributes of a loan change over the course of the loan process, lenders face the challenge of requesting a change to the lock, checking rate sheets and re-pricing and re-qualifying the loan manually, which can be arduous and risky. Until now, there was little or no technology to ease the process of requesting a rate lock change.
****With LoanSifter’s historical lock-change management tool, originators can automatically retrieve historical pricing and eligibility, calculate the cost of a lock change, and submit change requests to their secondary departments, all within the LoanSifter platform at the click of a button. As secondary managers respond, the loan origination system is automatically updated and the originator is notified of the status of all requests. Each lender’s extension and lock-change policies are also supported.
****“In today’s lending environment and shifting economy, it’s not unusual for loan circumstances and attributes to change midstream,” said Bruce Backer, president of LoanSifter. “When this happens, lenders usually have to start over and re-price loans manually from scratch. Our new tools save them the trouble by automatically calculating the impact of the change and thoroughly documenting each step. Lenders have been asking us for help in these areas, so we’re very excited to add these tools to the LoanSifter platform.”
****Not only does LoanSifter’s automated historical change management tool improve accuracy for the borrower and the lender, but the platform documents all lock change and re-pricing details, including communication between originators and secondary managers. In case of an audit, the historical pricing tool can be used to show lenders acted in compliance with state or federal regulations. With LoanSifter’s documented 99.998% accuracy rates, lenders are now able to maintain pinpoint accurate pricing and eligibility throughout the entire mortgage process with a click of a button.
****The new lock change management and historical pricing tools are built into the LoanSifter platform along with LoanSifter’s industry-leading origination and marketing solutions, its Best Execution Mortgage Insurance Pricing Platform and product and loan guidelines from 165 investors.