A new portable pricing tool allows originators to qualify borrowers and check current pricing anytime and anywhere -- so long as they have a smart phone.
"A loan officer could be out at lunch, standing in line at the grocery store, or watching their kid's soccer game" and still conduct business, says Gigi Campbell, national sales director at PriceMyLoan.
Mobile Quick Pricer, an extension of the PriceMyLoan's standard automated underwriting and loan pricing engine, operates on internet-enabled smart phones to accommodate loan officers on-the-go. Originators enter loan scenarios and obtain loan qualification and pricing information straight from their Blackberry or iPhone, for example.
"Providing originators with a portable product and pricing tool makes perfect sense given the current mortgage environment," the company says. "Low mortgage rates have sparked a refinance boom and consumer interest in mortgages is incredibly high."
Although, in recent weeks, consumer interest has proved unpredictable. Mortgage applications slid 18.1% the last full week in April, inched up 2% the following week, just to fall almost 9% in the week ending May 13, according to the Mortgage Bankers Association.
Write to Kelly Curran