NBC Mortgage, a subsidiary of National Bank of Commerce, Memphis, Tenn., has noticeably hiked efficiency after its first six months of using RateSheet Generator and LenderOnline from Sollen Technologies, a mortgage solutions provider.
"We used to do it the old-fashioned way by taking each investor rate sheet and manually inputting their pricing into a spreadsheet to set our pricing, which took several hours each morning to accomplish," according to Phil Durban, vice president, secondary marketing at NBC Mortgage.
"Once our rate sheet was established, loan officers would request lock-ins by faxing rate lock requests," he continued. "Secondary Marketing would then have to determine whether or not the lock was acceptable. I estimate that 30 percent of the time it was not accurate."
The firm migrated to Dallas-based Sollen Technologies' solutions at the end of 2001, with installation completed during the first quarter of 2002.
"Sollen Technologies mapped the rate sheets to our system so that what used to take several hours can now be done instantaneously," Durban said.
RateSheet Generator manages investors' pricing. With the click of a button rates are updated in the database each morning (or throughout the day). A rate sheet with profit margins is included.
LenderOnline performs loan searching, validation, loan level adjusted pricing and locking for a wholesale, retail, correspondent or call center application, enabling lenders to market products to customers in an easy-to-use format integrated into the lender's Web site. Electronic locking eliminates faxing and reduces time-consuming phone calls.