Electronic Rate Sheet Feature Added to PriceMyLoan
[Update 1: Clarifies new software feature] Insight Lending Solutions, a Costa Mesa, Calif.-based software as a service developer, created a new feature to its PriceMyLoan software product, which lets private mortgage bankers track changes in mortgage rate sheets and maintain current pricing on loan products electronically. Constant changes to rates expose mortgage bankers to pricing risks, so the PriceMyLoan software updates new rate sheets throughout the day. It replaces traditional paper rate sheets that become outdated quickly, the company said. The new Rate Sheet Expiration feature disables the ability to lock rates when rate sheets are in the middle of processing new data, or when lenders want to force the system to disable rates, such as when they know beforehand that pricing changes are going to take place, the company added. “Lenders are under the gun to provide competitive pricing,” said Gigi Campbell, national sales director for PriceMyLoan. “But if they're quoting prices that aren't available when they lock with investors, they either risk losing money trying to cover the difference or lose a customer because they can't deliver on what was promised,” Campbell added. Write to Austin Kilgore.