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May 13, 2010MPS Expands Offering to Rate Sheet Support. New tools form basis for custom rate sheets in multiple formats. <more>
April 22, 2010
Residential Home Funding automates daily rate sheet
generation using LEAP! from Mortgage Pricing Systems.
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“No one else can do this, and it turned out to be huge, and profitable!”
Montville NJ, November 25, 2008 — Mortgage Pricing Systems (MPS), developers of sophisticated pricing solutions for mortgage lenders, worked with Residential Home Funding for the successful launch of LEAP! Batch, a new product which qualifies and prices a bulk file of multiple loan scenarios in one simple task.
The challenge for Residential Home Funding (RHF), one of the Northeast’s premier lenders, was to quickly manage a coop-to-condo conversion pricing for over 280 applications. “The LEAP! Batch product made a huge impact,” says Julio Salazar, Residential Home Funding’s Chief Financial Officer. “They not only ensured we priced each loan at our minimum target, but also told us whether the borrower needed to go FHA or not, and what the rate would be for each loan scenario. And it ran in just a few minutes.” Armed with that information, RHF locked a forward contract at a very favorable price, confident that their profit goals were met.
“A few weeks later, when all was said and done, some of the loans closed at different LTVs and that meant different pricing,” continues Salazar. “Since we already knew the rate for each loan, we used LEAP! Batch again to determine the true price at which they closed. The most incredible part was that MPS retained the pricing as-of my locks from three weeks prior and re-priced it historically! That gave us exactly how much we made on each loan as they truly closed. No on else can do this and it turned out to be huge, and profitable!”
John Coppa, Managing Partner of MPS, expands on the benefits of the LEAP! Batch product. “Our clients expressed the need to price out a file of many scenarios in one easy process. They may be pricing a bulk or pool of loans, looking at old closed loans for new opportunities, or taking on special projects like RHF’s converting a coop complex to condo. We’re making it easy to do all of that and we include advanced features you’d expect from a sophisticated product.”
More LEAP! Batch Features:
- Qualify and price tens, hundreds, or thousands of loan scenarios in a single pass, with easy to read output.
- Specify a Target Price or Target Rate for each scenario or for all scenarios.
- Price FHA, Conventional, or both at the same time.
- User defined templates let you quickly change options and process “what-if’s” without changing your input file. Templates make setting defaults easy using the exact same interface found in LEAP! Interactive.
- Pre-select lenders or let LEAP! Batch decide which lender is best. Batch allows you to drive loans to particular lenders, provides lender rankings, and ensures a particular profit target.
Mortgage Pricing Systems develops and maintains product eligibility and loan pricing solutions for small, medium and large mortgage banks. LEAP! encompasses a suite of products which includes LEAP! Interactive, the point-of-sale, online technology that fully integrates into existing client platforms. In addition, other LEAP! products include batch pricing and API solutions. All MPS offerings feature the same robust, rules engine incorporating up-to-the-minute pricing, guideline and adjustment changes, ensuring bankers and investors accurate, actionable and profitable results.
Press Contact:
Tom Lyons
tlyons@mtgpricing.com
(973) 917-3050