PriceMyLoan automates mortgage underwriting for iServe
PriceMyLoan will begin an automated underwriting and loan pricing system for San Diego-based retail mortgage banker iServe Residential Lending. According to PriceMyLoan, originators are now capable of obtaining comprehensive decisions between borrower eligibility and pricing right at the point of sale, before the rate is locked and given for underwriting. iServe now plans to use PriceMyLoan for all mortgage originations. “PriceMyLoan is unique because it combines a Fannie Mae, Freddie Mac or FHA (Federal Housing Administration) decision with a comprehensive analysis of investor overlays and guidelines,” said William Stock, director of iServe capital markets. “If our underwriters don’t stay on top of these changes, we’re at risk of funding a loan that no investors will purchase,” Stock said. "We either have to portfolio and service the loan, or we sell it off to the ‘scratch and dent market’ at a potential loss of 10 to 15 cents on the dollar. That could be a hit of $50,000 on a single loan.” With PML, iServe builds and maintains all investor overlays on behalf of their clients. Furthermore, the company will raise pull-through rates allowing better pricing with investors and fewer mistakes among underwriters. Write to Matthew Torres.