You’ve probably noticed that right now, America’s mortgage business is undergoing an unprecedented transformation. Many sense a light at the end of the financial-insecurity tunnel (after a convoluted few years thanks to COVID) and professionals across our sector are exploring new ways to stay relevant in this ever-transforming market.
But whilst the future of the industry is looking up, how best can broker-owners prepare to utilize this upward trend? ReadyPrice’s latest update was formed with exactly this in mind.
Now more than ever, successful mortgage-broking companies need to be able to rely on technology that helps them stay up-to-date on ever-evolving collaborations and communications.
That’s why as of March 17th, ReadyPrice has introduced some brand new features. Designed specifically to further streamline broker-owners’ experience, the platform helps brokers and mortgage professionals stay competitive for their clients.
Discover these key updates below:
A highlight of ReadyPrice’s platform refresh is the Broker-Owner feature. Build a profile for your mortgage company using ‘Owner accounts’ and easily manage your business at the click of a mouse. From here, you will be able to manage prior loan originators as well as invite existing ReadyPrice users into your account ecosystem.
Want to automate your organization’s default lender-pay compensation across all user accounts? Now you can. This feature lets you set a default lender as well as the standard pay compensation for your entire organization!
Through automation, you will be able to handle your favorite lenders and approve new ones along with their set rate for broker compensation.
New Release Notifications Feature
If you’ve logged into the ReadyPrice platform recently, you will notice a new option on the horizontal menu called ‘Rate Delivery Options’. This directs to the Manage Rate Delivery section.
From here, you will be able to choose between uploading an automated or manual rate sheet import. Now you can quickly and easily incorporate the latest rates into future projects, ensuring everyone in your team is kept up-to-date when it matters most.
New Search Functionality and Improved Pricing Details
Through the new Federal Housing Administration (FHA) feature, you can automatically add all of your fees into the loan calculation – sparing you the job of manually calculating these yourself.
In addition, a new loan search category has been added underneath the documentation section.
Under these updated options is a new Debt Service Coverage Ratio (DSCR) feature. If you find that searching for loan programs with DSCR or no ratio is not possible, simply select that DC (Domestic Credit) DSCR option for the documentation and complete the DSCR LLP (Limited Liability Party). Simple!
New Base Price Function
Another key feature of the latest ReadyPrice update is the introduction of base pricing, which can be found underneath all of our price selections.
This new function allows you to sort through your available lenders and their marketing rates to clearly see whether they are a match. Should you have previously collaborated with any of these lenders, you can complete an AA intro and introduce it into your aid.
Additions to the Pricing Result Pages
Two additional columns now come with the pricing result pages; Comp BP/BPS (Basis Point/Basis Points) and lender fee. These features will help you further itemize lender fees and the comp BPS giving you a complete picture of lenders’ current loan product offers.
Different ReadyPrice Plans
To help you make the best of your experience, ReadyPrice continues to offer several different custom plans to choose from. Below, we clarify each of those options:
Whilst this option is only available to you as the broker-owner, it still unlocks your ability to manage your product pricing engine and your limited approved lenders/borrower scenarios. Moreover, it allows you to access limited compensation updates.
The Team account is more collaborative in nature. Through a monthly one-seat subscription, you will be able to invite collaborators whilst also managing your accounts within the broker-owner settings.
The Starter plan lets you enjoy all of the Team functionalities but for 5+ seats. It also includes an extra team-building feature.
Similarly, the Growth plan includes all the functionalities of the previous plans starting at 15 seats.
The ultimate scalable solution, Enterprise offers you 40-70 seats along with all the benefits of the previous plans.
N.B.:Custom Plans are available for 75 seats and over.
The Bottom Line
This is just the beginning of a new exciting era for the mortgage and loan industry. Today more than ever, these businesses offer incredible opportunities for growth, and broker-owners can start leveraging them right away.
Receive support in navigating these fresh territories by harnessing custom technology like ReadyPrice. If you know a mortgage and loan professional wanting specialized help to reach their objectives, this state-of-the-art digital ecosystem for loan product pricing, delivery, and community could be the catalyst.
Find out more about unlocking your broker-owner potential by giving their new purpose-built feature a try. Schedule a free demo here.