NYLX Adds Real-Time Alerts to Product and Pricing Engine
Any loan officer can tell you that originating loans in today's market can be a whipsaw -- depending on the hour of day, rates can be different, and one minute a program's available, while the next minute it's being pulled off the market. While market volatility looks to be part of the industry for much of the forseeable future, NYLX's latest update to to its LoanDecisions PPE (product and pricing engine) platform attempts to tackle the problem by providing users with real-time updates covering changes in investor guidelines, pricing shifts and lock status reporting. "At a time when pricing and guideline changes frequently occur throughout the day, mortgage professionals are in desperate need of a solution that works with them, not against them, in managing this uncontrollable feature of the market," said John Alexander, president of NYLX. A new re-pricing notification system alerts NYLX users via email of loan re-pricing, just minutes after details are announced from the investor, and also displays a visual warning in the LoanDecisions system. A second email alert is also sent to the customer confirming the most recent rates are available in the system. "One of the great added benefits of the Investor Re-Price Notification System is that it protects the secondary department from unknowingly confirming any locks for an originator once a re-price has been announced, thus allowing them to be more efficient," said Steve Koenigsberg, vice president at NYLX. A re-pricing alert is available for loan officers, allowing them track movements in rate or yield. The company says the alerts can help loan officers ensure that their loans are always priced optimally without having to manually re-price every loan in the pipeline. With the auto alert system, loans are automatically re-priced throughout the day and if any user-specified criteria are met, an alert email is sent directly to the loan officer. The system also displays rate and price ranges, offering loan officers quick and easy comparisons to original rates and prices. "In today’s difficult climate where companies are closing down and downsizing, NYLX gives businesses a much needed way to increase profitability while still operating under the constraints of a slow but turbulent market,” explains Alexander. “Now originators can access rate and guideline changes virtually immediately, [and] they can make sure that their loans are priced optimally at any stage of the process, and even re-price pools of loans based on different documentation types." For more information, visit http://www.nylx.com.