Lender Price, a provider of digital origination solutions for mortgage lenders and the National Association of Mortgage Brokers (NAMB) announced today the release of NAMB Marketplace, a new loan origination tool that features a loan pricing engine and a digital loan portal. NAMB and Lender Price are offering the NAMB Marketplace tool to all NAMB members at no cost.
“NAMB Marketplace puts power back in the hands of the mortgage broker,” said Rick Bettencourt, NAMB president. “We’ve seen other industries use technology to completely transform the way they do business. We believe NAMB Marketplace does exactly the same thing for mortgage brokers. We’re giving our members a powerful tool that normally would cost thousands of dollars for free. This will transform the way our members generate leads and service their customers.”
NAMB Marketplace is an online system that combines a loan price comparison tool with a digital point-of-sale platform. Originators input a loan scenario and the product pricing and eligibility (PPE) engine automatically compares real-time prices between 18 wholesale lenders, including 7 of the industry’s top 10 lenders. A wide range of product types are available, including Conforming, FHA, VA, Non-Agency and Non-QM. Once a lender and a price are selected, originators instantly send an email invitation to a borrower, enabling rapid collection of loan application information in both a desktop and mobile format.
Loan applications are available to originators in an online lending portal for review and to export in a FNMA 3.2 file format, making it easy to transfer data directly into other systems, such as a loan origination system (LOS) or to upload into a wholesale lender portal.
“Mortgage brokers have been underserved with technology,” said Dawar Alimi, president and CEO of Lender Price. “Even though there has been a surge of technology investment in the mortgage space, mortgage brokers are using outdated technology. We saw an opportunity to give brokers innovative, and useful, and modern technology and at the same time provide a marketing opportunity for lenders so that everybody wins. We’re proud to partner with NAMB.”
NAMB Marketplace is available for free to NAMB Members. To register for NAMB Marketplace visit https://lenderprice.com/marketplace/. For more information on NAMB marketplace, reach out to NAMBsupport@lenderprice.com.