Magazine article Mortgage Banking

Two California Lenders Select PriceMyLoan

Magazine article Mortgage Banking

Two California Lenders Select PriceMyLoan

Article excerpt

Costa Mesa, California-based PriceMyLoan (PML) has been selected by two California mortgage lenders. Ontario, California-based Drexel Lending Group and Rancho Cucamonga, California-based MSM Lender have signed on to implement the PML system.

Lenders are recognizing that their loan-closing ratio is a key performance indicator that can have an influence on a number of critical business issues, according to Gigi Campbell, national sales director at PriceMyLoan.

"Lenders realize that PML will allow them to make more money per loan over any other product and pricing system out there," said Campbell. "It can have an immediate impact on closing ratios, which makes good, practical sense."

Beyond improving profit per loan, Campbell added that a lender with a high closing ratio can attract more volume by improving turnaround times and can garner pricing incentives from investors due to better delivery performance.

"It's not just the quantity of loans we bring in; it's the quality that determines our success," noted Dennis Gamalinda, chief executive officer of Drexel Lending Group. …

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