Stay agile with the right mortgage technology
In the volatile and fast-paced mortgage market, lenders need technology to help them stay nimble and navigate the constant changes successfully.
Specifically, an advanced Product, Pricing and Eligibility (PPE) engine can be the difference between exceeding borrower expectations and losing them to a competitor.
To win more mortgage business in 2022 and beyond, it is crucial to offer borrowers the loan products best suited to their needs at the best price.
Using advanced PPE technology, lenders can achieve this by identifying the most competitive products at the lowest possible rates. Lenders can leverage the most sophisticated PPE technology to extend workflow efficiency and accurate secondary marketing content to borrowers – anytime, anywhere.
The components of successful PPE
Advanced PPE is a competitive necessity. Successful mortgage operations focus on continuously improving the customer experience by making PPE functions as competitive, transparent and accessible as possible.
At Black Knight, we provide lenders with unparalleled support through our best-in-class PPE Optimal Blue engine, making product and pricing capabilities accessible from any solution across the entire lifecycle. of the loan.
Consider the following when selecting high performance PPE in 2022 to enhance your business:
Precise, fair and consistent quotes
Your potential borrowers have the power to explore and compare mortgage rates from multiple lenders right from their computer or mobile device, increasing the competition to win their mortgage deal. Data shared by LeadsCon shows that potential buyers begin the online buying process for financing months before completing an application.
Lenders need to be able to access calculations from hundreds of leading investors in seconds to provide the most up-to-date guidance and real-time pricing. The most advanced PPE engines leverage artificial intelligence to assess borrower information, so you can always provide the right products at the best rates in real time.
Advanced PPE engines include multiple application programming interfaces (APIs) and partner integrations that make pricing accessible to potential customers through your website, point-of-sale app, and mobile solutions. A solid PPE system should also offer a single source of pricing drawn from multiple investors to promote accuracy throughout the lending process.
Robust and competitive product offerings
Scenario-based product eligibility takes pricing a step further by helping borrowers understand which products they are eligible for and why. The most advanced PPE solutions offer up-to-date guidance and real-time pricing from a vast network of investors, while providing lenders with the tools to create and maintain a highly competitive product offering that syncs with borrower scenarios and eligibility rules.
Configurable and granular capabilities
The lock desk is an essential part of secondary marketing operations and has a major impact on profitability. Every foreclosure office has to deal with a myriad of changes, from changing products, to price concessions, to complex policies governing investor changes. Staff must also adapt quickly to unexpected volume fluctuations that may result from rising and falling interest rates.
Effective PPE can help you manage high-volume times with more efficient workflows, faster processing, and greater accuracy by eliminating manual processes. Additionally, the right PPE can be tailored to your unique business processes to streamline additional functions as needed.
Unprecedented transparency and visibility
Successful mortgage lenders recognize that maximum market transparency is key to anticipating and understanding rapidly changing conditions. Your PPE is the gateway to this information. 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 business automation improves secondary marketing accuracy, efficiency, workflow, and execution throughout the mortgage lifecycle. Additionally, a successful mortgage operation is bound to evolve as the organization grows, and automation can help you both manage new opportunities and adjust your strategies as you evolve.
Secondary marketing processes have become increasingly complex and resource-intensive. As pressure increases to cut costs, improve margins, increase quality, reduce risk and refine decision-making, automating the entire secondary marketing process – from content to engagement – has become even more critical. Combining secondary marketing automation with a leading PPE engine is a lender’s path to long-term success throughout 2022 and beyond.