Lender Price, a provider of mortgage origination and loan pricing technology, recently released a new pricing platform designed specifically for non-agency and non-QM lenders called FLEX Pricer.
The FLEX Pricer was created to support all types of loan products, according to a press release, but it is most effective with non-QM loan products because of its configurable interface. It is intended to allow lenders to create their own non-QM loan pricing search tool without the complexity and cost of custom development.
“Most pricing engines have poor support for non-QM products,” said Dawar Alimi, CEO and founder of Lender Price, in the release. “As a result, non-QM lenders have limited options to market their products to brokers or borrowers. Many resort to building their own search tool with limited or no pricing capabilities. Our FLEX Pricer solves these problems and goes even further by allowing lenders to customize their interface to support a wide variety of non-QM criteria.”
The Lender Price PPE is a powerful loan pricing engine that is already used by several top 50 banks and mortgage lenders, the release states. FLEX Pricer leverages the Lender Price PPE engine and adds new capability to easily create custom criteria relevant to non-agency, non-QM and other niche lending products. A flexible user interface enables lenders to easily add custom criteria to the search bar, making it easy and convenient for originators to find and price Non-Agency loans. In essence, Lenders can create their own custom user interface on the fly and can deploy different pricing interfaces based on channel, loan product, broker tiers, branches, etc.
“Non-QM lenders and brokers are looking to do business with each other,” Alimi said. “They both want an online tool that is easy to access, provides relevant information, and moves the process forward. Rate sheets are too passive for brokers. Lenders need FLEX Pricer because it’s the easiest, most effective way to let brokers know about their non-QM products.”
The FLEX Pricer can be configured for retail environments as well. Lender Price’s Digital Lending Platform (DLP), a comprehensive point-of-sale (POS) system, is integrated with both the standard Lender Price PPE engine and the non-QM FLEX Pricer. Loan officers can seamlessly transition from taking a digital loan application to running the appropriate pricing engine to generate a price quote – all in one, unified platform.