Fawaz indicated that the program was developed based on the broker’s feedback, as it addressed various areas for correspondent lenders, including: elimination, misquotation, or making loan modifications by applying regular profit levels. Prevent loss of time. To that end, profit targets are factored into pricing adjustments, so there’s no need to monitor points and discounts to ensure margins are maintained, he explained. Prevent unnecessary quality management failures by including adjustments in pricing. Fawaz said that users will no longer experience quality management failures to adjust fees for profit as a result of product offering. Eliminate the cost of paying an external supplier to help maintain profitability at loan level. Partner feedback prompted the product launch “It’s really based on partner feedback,” he said. “One of the things we’re very proud of is listening to partners, getting feedback and knowing how to deliver. For us, that was the best thing we could do for correspondent lenders – give them this dynamic tool. It’s literally a loan level adjustment built right inside our portal, within our own pricing engine. Us. I haven’t heard of anyone else in the industry with such a tool.” He noted that the product eliminates the need for broker partners to use a third-party pricing engine. “We brought that into our pricing portal for our partners,” he said. “I was having a conversation with a mediating partner a couple of days ago and he literally said ‘Fawaz, I love this.’ You can literally set it and forget it.” He posited that the new product was an extension of previous efforts: “This is an addition to this great platform that sets brokers apart and correspondent lenders in this industry apart, and really sets us apart. This is exclusive,” he added. “Nobody else has this.” Launching the platform last year, he added. The lender cited numbers indicating that the correspondent channel closed an estimated $327 billion for the first half of this year, and about 74% of the correspondent loans that went to Fannie Mae, Freddie Mac and Jeannie Mae in the second quarter were purchase loans.
