Earlier this month, Myers Internet, a website provider for mortgage originators and real estate professionals, announced that it would abandon a proprietary product the company had developed in favor of a web-based product and pricing tool offered by LoanSifter. Both companies are located in Wisconsin.
The new strategic alliance will create an integrated offering intended to provide Myers' customers with LoanSifter’s comprehensive tools to price, manage, and market loans. Myers' customers can use any LOS they choose to take the full application and begin loan processing.
"We are pleased to partner with LoanSifter, and further expand options available to Myers users,” said Chad Northington, managing director for Myers, a subsidiary of MGIC Investment Corporation. “LoanSifter’s products provide instantaneous up-to-the-minute pricing, product and guideline information and will be a tremendously useful tool for Myers users and their borrowers."
LoanSifter monitors and updates underwriting and pricing on over 130 correspondent and wholesale investors, as well as MGIC’s mortgage insurance pricing and eligibility guidelines, according to the company.
“We are constantly looking to enhance the consumer experience on our clients’ websites,” said Northington. “This initiative is the first of several planned for this year, and one that we see as a critical point-of-sale solution for Myers clients.”
The new LoanSifter product will replace Myers' current rate product immediately, and the old rate product will be retired as of March 23, 2010.