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Lender Rolls Out Automated Pricing to BrokersBy Anthony Garritano Qualifying Utility for Intelligent Loan Selection is an online tool that accurately assesses the right loan and pricing options available. Human error is eliminated because once some basic information is inputted about the borrower, QUILS determines the best loan options and pricing. QUILS is available to brokers who are approved to do business with BrooksAmerica. "We had an initial application that priced out the loan product," said Terry Cabaniss, vice president, national production at BrooksAmerica. "QUILS takes it a step beyond that because you no longer have to have familiarity with our programs. The prior system was great for brokers that knew us, but this makes it seamless to new brokers who want to work with us." Added functionality includes items such as footnotes on the assessment, according to Lara Rausch, IT executive at BrooksAmerica. "It provides some guidance on what to do to qualify for that program. We're not asking for the full-blown data. We just want the basics for the broker to get the borrower into the basic loan products available. From there the broker can compare products and pricing and move from there if they decide to do so. The pricing is great because they can see what adjustments would be needed. They can also do an advanced lock online. "To come up with this tool's features we worked with account executives, underwriters and looked at the whole picture," she added. "We were looking to narrow the questions down as much as possible. We wanted it to be robust but slim so nobody is overwhelmed. We're always looking to improve it further though. We heard a lot of comments before rolling it and baked them in before rollout. We're all about improving it as we get feedback. "Other lender websites are asking for so much added information. The other systems require pages and pages of data required for an automated underwriting decision. We just want to get the brokers to see our products and find them quickly, which is our competitive advantage," noted Ms. Rausch. QUILS is accessible through the company's website. Approved brokers can access it with a password and access as many scenarios as possible. Brokers can actually sit with a borrower and do it right there in front of them. "We don't want to limit the approval," pointed out Ms. Cabaniss. "There are a lot of specialized loan products that we don't want to send the broker if they aren't doable. Instead of a refer or a decline it is open for them to contact our LOs to clear stipulations. It is user friendly for those that just need the basics. It takes seven to eight minutes to complete. "So far, the input has been great. We did a lot of legwork ahead of time. With that in mind it is working well as is. There are no loose holes. Account executives are very vocal, so we'd hear if there were," she concluded. "We don't have multiple screens to go through. We've found a good way to consolidate the process. It gets to the nitty gritty, which is why we think it's superior." |
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