The product is being billed as a "major enhancement" to company's popular platform
Lender Price, a provider of product, pricing and eligibility technology, has launched Marketplace 2.0, being billed as a “major enhancement” to the company’s Broker Marketplace platform – already one of the largest communities of wholesale brokers in the mortgage industry.
Marketplace 2.0 was created to match lenders with mortgage brokers looking to find the best rates and loan products for borrowers in a volatile market, Lender Price CEO Dawar Alimi (pictured) told Mortgage Professional America. It gives brokers the ability to pull in pricing from their existing lender relationships automatically and run pricing comparisons of participating Broker Marketplace lenders, he added.
Eliminating a lengthy signup process and a monthly fee, Marketplace now helps brokers see all of their lenders and marketplace lenders inside a single location without logging into several different TPO portals, the CEO added.
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“Marketplace 2.0 is a game changer for brokers and lenders,” Alimi said. “It helps wholesale lenders expand their audience and gain access to thousands of mortgage brokers quickly. “For brokers, we designed the platform to help them find the most competitive loan programs in this market and help them move away from using legacy technology that typically comes with a monthly fee. Our solution is 100% free to the wholesale broker community and it’s one less cost that a broker has to worry about right now.”
He ticked off some of the benefits mortgage brokers can derive with Marketplace 2.0:
- Pull in pricing from their existing wholesale lender relationships without waiting.
- Quickly add comp and rate sheets and receive accurate pricing without a monthly fee moving forward.
- Invite borrowers to see tailored products and scenarios from inside the system.
- Create custom rate alerts and be alerted when new opportunities arise.
- Find and isolate specific non-QM, non-agency and home equity products.
- Get more control and freedom and run pricing from anywhere.
- Find loans that compete with all-cash offers and share with realtors.
- Discover products they were previously unaware of and might not know are available.
Alimi noted a number of advantages for wholesale lenders participating in Marketplace 2.0:
- Ability to offer product and pricing to additional brokers outside of current network.
- Easy access for brokers to find their specific programs and conduct business with them.
- Detailed analytics on broker pricing behavior.
- Quick notifications on when brokers choose their products.
- Ability to showcase non-QM, non-agency and home equity products.
The CEO noted that onboarding is now automated, extremely simple, and brokers are up and running in minutes. He added that brokers need only to upload their rate sheets once and the system automatically updates product and pricing moving forward. Users will be able to see accurate pricing without manual updates, he said.
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With rates on the rise, Alimi added, Marketplace 2.0 can help brokers keep costs under control, stay competitive in a challenging market and get wider access to additional products that they might not know exist. The solution also gives brokers access to non-QM, non-agency and home equity programs at no additional cost, he said, and lenders can also gain access to thousands of wholesale brokers quickly and easily, helping them maintain volume during a challenging market.
Lender Price is a California-based developer of mortgage technology, including an advanced product, pricing, & eligibility (PPE) engine, digital lending point-of-sale (POS), and non-agency automated underwriting engine. Lender Price provides all types of mortgage lending institutions – wholesale and correspondent lenders, banks, credit unions, and mortgage brokers – with advanced technology designed to eliminate friction, increase transparency, and effectively engage with borrowers.
The company has raised some eyebrows over its brisk growth. Under Alimi’s leadership, sales revenue has grown more than 300% inside of seven years, positioning Lender Price as one of the leading firms in the mortgage industry. The company says 22 of the top 30 wholesale lenders are now leveraging the Lender Price platform, including eight of the top 12 banks and credit unions. The company now counts over 200 customers on its roster and more than 8,000 Broker Marketplace users. According to its corporate literature, Lender Price now can price up to 500 different loan programs and varied permutations in under 500 milliseconds. On average, the company added, clients are seeing increased monthly gains of 10 to 30 basis points in net margin using the product suite Alimi built along his fellow co-founders in 2015.
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