In today’s fast-paced mortgage lending landscape, selecting the right Product and Pricing Engine (PPE) is crucial for lenders who are looking to streamline operations, enhance efficiency and drive profitability. A strong PPE can serve as the backbone of the loan origination process, offering automation, real-time pricing updates and customization capabilities. If you're looking for ways to achieve success and stand out from the competition, finding the ideal PPE can make all the difference.
What is a Product and Pricing Engine (PPE) and why is it valuable?
A Product and Pricing Engine (PPE) is a sophisticated, robust software tool designed to calculate pricing options at the outset of the loan process. Integrated into Customer Relationship Management (CRM) or Loan Origination Systems (LOS), a PPE automates loan program search, loan pricing, eligibility rate options and loan scenarios. This automation gives lenders the ability to efficiently search products and pricing, provide instant rate quotes to borrowers and submit lock requests. With a PPE, lenders can streamline workflows, reduce errors and enhance profitability. Here are three factors to consider when choosing a PPE solution for your business.
1. Drive new efficiencies with the right PPE
Lenders can unlock a host of benefits by leveraging a PPE so they can drive operational efficiency and enhance the borrower experience. With a first-class PPE, lenders should be able to:
Streamline and simplify processes: with faster rate search and comparisons, improved accuracy, up-to-date investor guidelines and eligibility.
Prepare for ongoing success: with customized pricing workflows for agility, scalability and adaptation to changing business and market demands.
2. Achieve a centralized, customized product and pricing workflow
By opting for a PPE that is built within your LOS, lenders can leverage a single platform, avoid unnecessary integration work and partner with a single vendor to create a streamlined workflow that benefits both their internal teams and borrowers. And by leveraging a PPE’s built-in rules to automate pricing out of the box, along with a rule manager to make adjustments that enable scalability and a multi-channel business model, lenders can tailor processes to their unique business needs as they evolve.
3. Grow revenue and profitability with a strong pricing strategy
By eliminating manual processes and leveraging automation to look up different loan pricing scenarios and rate options, lenders can submit lock requests and receive quotes faster than ever before. By gaining a new, efficient and trusted product and pricing workflow, lenders can achieve quicker turnarounds and more time to go after new business.
Extend your Encompass® workflow with ICE PPE
ICE PPE has several key features and benefits that sets it apart from the competition, including:
Being the Encompass-native, product and pricing engine: This native integration ensures that all processes, from pricing to locking loans, happen within a single platform, eliminating the need for multiple systems and reducing the risk of errors.
Access to a wide range of products: ICE PPE provides access to product and pricing information for thousands of programs across leading investors, lenders and state housing authorities. This extensive network includes support for various loan products such as CRA, FHA, VA, USDA, Jumbo, non-QM, portfolio loans, HELOCs and specialized products for doctors, first responders and teachers.
Automation and efficiency: Automation is at the heart of ICE PPE's capabilities, allowing lenders to focus on growth and profitability without getting bogged down by manual processes. Automated searches for product eligibility and pricing streamline workflows through ICE PPE enable faster, more accurate decision-making.
Customization and flexibility: ICE PPE is flexible and configurable, allowing lenders to customize programs and pricing to align with their organization's risk appetite, profit strategy, loan officer compensation and lead source channels. This flexibility ensures that lenders can tailor the system to scale and stay competitive in the market.
Comprehensive rules and guidelines management: With access to program-specific guidelines through AllRegs® by ICE Mortgage Technology®, ICE PPE simplifies the implementation of overlays and custom programs. Lenders can choose to self-manage their programs or have ICE manage them, providing peace of mind and helping them stay in compliance with industry standards.
Competitive pricing and ROI: ICE PPE offers unlimited user seats and access to all integrated lenders and investors. ICE provides clear, consistent pricing and lock processes, which in turn, helps lenders reduce operational costs and improve their return on investment.
Our commitment to continuous product and pricing innovation
ICE has consistently invested in product and pricing innovation by introducing enhanced features and capabilities to ICE PPE that help Encompass customers reach new levels of success. With its seamless, native Encompass integration, along with automation and customization capabilities, mortgage professionals are equipped to achieve efficiency, accuracy and long-term profitability.