Loan Pricing Websites

raeganmring · Joined: 05 Sep 2007 Posts: 2 2.39 Dollars($)

Has anyone had any experience with loan pricing websites? i.e. loansifter, lenderlab, whatbankshouldiuse (which i think is the only free one).... I am new to the industry and am trying to figure out the best way to price and place my loans fast, and i am assuming that many people use those types of websites to help.

I would really appreciate any suggestions on which website to use, as i mentioned before, i am new to the industry and still learning! Thank you! Laughing

ckalvesmaki · Posted: Wed Oct 03, 2007 6:54 pm Post subject:

I'm going to give you my $.02 on this. The problem with most of those sites especially right now....is that programs change so fast that often the pricing engines aren't effective. Do your homework find 2-3 good A paper lenders......so you have access to both DU and LP......and find 4-5 subprime/Alt-A lenders........the pricing will be similat between them all. To be honest on the subprime end of it...until you have some time under your belt learning the pitfalls......and the things that certain lenders will and won't do.......a pricing engine is not a good idea......

raeganmring · Joined: 05 Sep 2007 Posts: 2 2.39 Dollars($)

I'd agree as far as pricing engines are concerned. Most of the pay sites are pricing engines loansifter.com, el911.com etc.
I checked out whatbankshouldiuse.com, lenderloft.com and a few others - whatbankshouldiuse.com for example, sends you scenario to a bunch of lenders and then has a "loan wizard", kinda cheesy name, answer ever scenario as well - posted a scenario- found a home.

i have not plunked down any money for any of the pay sites- el911.com which advertises on ml-implode.com looked cool- so did loan sifter , whose free beta program is at capactiy.

Thanks for your feedback

livinginnky · Posted: Thu Oct 04, 2007 11:27 am Post subject:

I am actually in the process of making my own. I have been working on it for a long time.

Like others said above the shear fact that there are so many changing programs makes it hard to keep up. Add in the fact that a lot of lenders lie to get loan files it makes it difficult to put together an accurate database. The best thing would be a list made by knowledgeable brokers who have had experience with lenders. But then you don't know if they actually knew what they were doing or if they had problems because of their mistakes.

Hopefully someday soon I can roll it out for the MF lenders to beta test.

Oh and to answer your question.... "http://www.scotsmanguide.com/" not going to be what you are looking for but it is the best start for learning lenders.

The short answer is this. The only way to know the best banks to place files is to either 1. Have the knowledge which comes from experience. OR 2. Surround yourself with people that have this knowledge.

[Deactivated link as per forum rules. Thanks.]

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