PriceMyLoan: Gets another client

It's possible that I may have overestimated the negative affect of the downturn on AU vendors. It seemed reasonable to me that if Fannie, Freddie and FHA were the only games in town, underwriting would become pretty simple. Apparently, AU vendors are still selling technology.

Earlier, I pointed out that Loan-Score had scored another client. Now, I hear that Insight Lending Solutions, Costa Mesa, Calif., has sold its PriceMyLoan tool to Flaherty Funding, Rochester, New York. According to the vendor, the solution has already been implemented.

Key to the sale was allowing the lender to play with the tool first in the vendor's Private Testing Suite, a sandbox of sort that we've seen implemented by other vendors who know their prospects need to see near-production-ready implementations in order to enter the buy zone.

"The Private Testing Suite was key because we needed to be sure we were making the right choice," said Ken Polowitz, business development manager at Flaherty. "Our entire staff was able to poke and prod the system without anyone hovering over our shoulders. We were able to delve deeper into the system than any other vendor would allow."

Insight said that the feature that closed the deal was PriceMyLoan's ability to extract live credit report data. Another example of a feature that formerly set subprime AU apart from conventional lending's AU tools.

"We've been hammering this message for years now," said Gigi Campbell, national sales director for PriceMyLoan. "Comprehensive analysis of live credit data is the basis for an accurate underwriting and pricing decision. We know that others are just beginning to build connections to credit vendors, but the real question is what do they do with that data? Can they differentiate between a rolling and non-rolling late? How do they parse public record information? And how do they manage the varying data formats that are provided by different credit vendors? Our unique history in credit reporting gives us the knowledge and experience in handling credit data that very few companies understand."

Many companies have built connections to credit vendors, or secured access through online vendor management companies, but Campbell's questions are on the mark. If the data isn't used properly, it doesn't really matter. Or at least not until the loans come back.

PriceMyLoan is offered under the SaaS model.


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