Rick Soukoulis has been disrupting the mortgage industry with tech innovations since the early 90’s, and he is at it again with a community platform that will change the way MLOs and Lenders work together forever! As a management executive and entrepreneur with a proven track record of leading successful high-growth, start-up companies in real estate finance, he has demonstrated success in developing break-through solutions that deliver powerful results, including the mortgage industry’s first multi-lender proprietary loan search engine and one of the first online mortgage shopping and origination services, which had led to creating new innovative products and strategic alliances to drive revenue growth and market expansion.
Over the years Rick has built and sold multiple companies in the mortgage industry, but recently his passion to create new efficiencies for wholesale brokers and lenders through technology was the inception of ReadyPrice – the first platform that allows brokers to price, underwrite, and deliver loans across all product categories to the lender of choice through simple, cloud-based software.
What does ReadyPrice do?
ReadyPrice does three very simple things today. First, it prices mortgages from multiple lenders so a broker can see all of his pricing in a single place. Then, it marries that up with getting a decision back so that the broker knows how to process this loan in accordance with Fannie Mae standards through DO. Finally, it allows the broker to deliver that loan straight into the lenders TPO platform. The ability to do those three things across multiple product types, within a single technology, has never been done before.
What Challenge does it solve with this technology?
There are many legacy systems that brokers are using on their desktops today – things like Point and other old processing forms that were developed during a different era. They weren’t really developed for a digital transaction. They weren’t developed for a broker to come in, see what they needed, know what lender they needed to get it from, and then handle all of those processes in one place. They were basically built to fill forms.
Nobody sends out forms anymore, so the form-filling software that people are still trying to use hasn’t well-adapted itself to a digital environment. By creating a universal method for the broker to get their loans to the lender, regardless of what lender that loan is going to go to ReadyPrice is able to streamline that process for both the broker and lender.
ReadyPrice is described as a community for lenders and brokers to succeed together. What does that mean?
As brokers move into a more digital world and things change, the focus is all on community, and creating a symbiotic relationship in the workplace. Brokers and lenders need one another in order to fulfill their business goals, and they’re interacting with one another on a daily basis, which is how ReadyPrice came up with this concept of a virtual community.
Just like in a real community, a virtual business community is focused on building trust through transparency, speed, and efficiency. The ReadyPrice community puts brokers on the same playing field as their counterparty lender by providing the true rates to them through its Product Pricing Engine.
The lender benefits from knowing that when loans are approved and delivered through ReadyPrice, the loan file has all of the information required to make a business decision the first time. Lenders can feel secure in doing business through ReadyPrice.
How do the features designed for the brokers, PPE, AUS, and Loan Delivery, provide value to lenders on the platform?
Initially, the value to lenders is that they can expose their products to a larger broker network, as well as improve the quality of the loan files they receive in a more streamlined manner. As ReadyPrice evolves its broker features over the next quarter, they will be able to deliver on more lender-specific workflows, allowing the lender to further customize exactly what it is they need on the LO front.
For example, if a lender has a unique form that the broker needs to populate, not only would ReadyPrice repopulate that form, but form will also be uploaded through its imaging platform and place the form right where it needs to be in the loan file.
This technology makes it so easy for lenders to underwrite loans that come through ReadyPrice. By providing the cleanest and most efficient process, ReadyPrice brings a lot of value to the lenders in the community.
With the recent acquisition of ReadyPrice by SitusAMC (a leader in secondary markets services and technology), what is the vision for ReadyPrice lenders after loan closing?
SitusAMC software picks up right where ReadyPrice software leaves off – at post-closing. ReadyPrice is focused on the lender-broker relationship today, but the SitusAMC suite of software can maintain that lender relationship all the way through as a full mortgage banking suite, dominating the secondary market. At the highest level, the companies plan to provide the industry with its first true mortgage data exchange.