PriceMyLoan, a provider of automated underwriting and loan pricing technology, has partnered with Del Mar DataTrac to deliver an integrated solution for mortgage bankers. The integration combines PriceMyLoan's loan decisioning with Del Mar DataTrac's mortgage banking and secondary marketing functions to deliver a more powerful and efficient workflow, the companies state.
The goal of the interface was to bridge the two systems by focusing on simplicity and usability. ‘Being two very different types of software with different purposes, our main challenge was making sure that the integration not only worked, but worked in a way that enhances a lender's process,’ says Gigi Campbell, national sales director with PriceMyLoan.
As a point-of-sale tool, PriceMyLoan enables originators to qualify borrowers, price loans and submit rate-lock requests directly to lenders. The key for the integration is to ensure that a comprehensive set of data accurately transfers into the DataTrac platform in order to minimize errors and not impede the workflow process.
This includes 1003 data, complete credit report data, rate-lock information, status dates and other loan parameters. Additionally, the interface works bi-directionally by transferring data from DataTrac back into PriceMyLoan to provide originators with updates on the status of their loans.
SOURCES: PriceMyLoan, Del Mar DataTrac