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Staying nimble in a fast-paced market with the right mortgage technology

Advanced product, pricing and eligibility technology creates efficiencies

In the rapid-fire, volatile mortgage marketplace, lenders need technologies to help them remain nimble and successfully navigate constant change.

Specifically, an advanced product, pricing and eligibility (PPE) engine can mean the difference between exceeding borrower expectations and losing them to a competitor.

To win more mortgage business in 2022 and beyond, it’s crucial to offer borrowers the most suitable loan products for their needs at the best prices.

Using advanced PPE technology, lenders can accomplish this by identifying the most competitive products at the lowest rates possible. Lenders can leverage the most sophisticated PPE technology to extend workflow efficiencies and accurate secondary marketing content to borrowers – anytime, anywhere.

The Components of a Successful PPE

An advanced PPE is a competitive necessity. Successful mortgage operations focus on continuously enhancing the customer experience by making PPE functions as competitive, transparent and accessible as possible.

At Black Knight, we offer lenders unparalleled support through our best-in-class Optimal Blue PPE engine by making product and pricing capabilities accessible from any solution throughout the lending life cycle.

Consider the following components when selecting a high-performing PPE in 2022 to enhance your business:

Accurate, Fair and Consistent Quotes

Your prospective borrowers have the power to explore and compare mortgage rates with multiple lenders directly from their computer or mobile device – intensifying competition to win their mortgage business. Data shared by LeadsCon shows that prospective homebuyers begin the online shopping process for financing months before completing an application.

Lenders must be able to access calculations from hundreds of leading investors in seconds to deliver the most up-to-date guidelines and real-time pricing. The most advanced PPE engines leverage artificial intelligence to assess borrowers’ information, so you can consistently deliver the right products at the best rates in real time.

Advanced PPE engines include multiple application programming interface (API) and partner integrations that make pricing accessible to prospective customers via your website, point-of-sale application and mobile solutions. A strong PPE system should also offer a single source of pricing drawn from multiple investors to foster accuracy across the entire loan process.

Robust and Competitive Product Offerings

Scenario-based product eligibility takes pricing a step further by helping borrowers understand which products they qualify for and why. The most advanced PPE solutions offer up-to-date guidelines and real-time pricing from an extensive network of investors, while providing lenders with the tools to create and maintain an extremely competitive product offering that syncs with borrower scenarios and eligibility rules.

Configurable, Granular Capabilities

The lock desk serves as a vital component in secondary marketing operations and has a major impact on profitability. Every lock desk must deal with a myriad of changes, from switching products to price concessions, and complicated policies governing investor modifications. Staff must also quickly adjust to unexpected fluctuations in volume that may result from rising and falling interest rates.

An effective PPE can help you manage high-volume periods with more efficient workflows, faster processing and greater accuracy by eliminating manual processes. Plus, the right PPE can tailor to your unique operational processes to streamline additional functions as needed.

Unprecedented Transparency and Visibility

Successful mortgage lenders recognize that maximum market transparency is the key to anticipating and understanding rapidly changing conditions. Your PPE is the gateway to these insights. The most advanced secondary marketing automation solutions provide access to unprecedented data and comprehensive analytics, enabling lenders to gain operational transparency, better strategize and make the most profitable decisions.

End-to-End Secondary Marketing Automation

Seamless enterprise automation improves secondary marketing accuracy, efficiency, workflow and execution throughout the mortgage life cycle. Additionally, a successful mortgage operation is bound to evolve as the organization grows, and automation can help you both manage new opportunities and adjust strategies as you scale.

Secondary marketing processes have become increasingly complex and resource intensive. As pressure grows to lower costs, improve margins, raise quality, reduce risk and sharpen decision-making, automating the complete secondary marketing process – from content to commitment – has become even more critical. Combining secondary marketing automation with a premier PPE engine is a lender’s path to long-term success throughout 2022 and beyond.

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