In a significant development within the realm of financial technology, Mortgage Machine Services (Mortgage Machine), based in Addison, Texas, has announced the introduction of an artificial intelligence (AI)-powered pricing engine tailored for residential mortgage lenders. The announcement was made on January 8, 2025, highlighting the company’s commitment to advancing digital origination technology throughout the mortgage industry.
This newly developed pricing engine is designed to automate the ingestion and updating of pricing data from lenders' investors and aggregators, thereby reducing manual processes traditionally associated with loan origination. Key features include granular administrative controls that allow for both global and product-level pricing adjustments, real-time lock controls, and mark-to-market tracking that ensures compliance with current market conditions. By implementing these features, Mortgage Machine aims to enhance the efficiency of secondary market processes.
James Cassinelli, Chief Operating Officer of Mortgage Machine, emphasised the impactful feedback received from their clients regarding the pricing engine. "Our clients are already delivering outstanding feedback,” he said. “One client told us that the pricing engine provides great benefits and increases efficiency by reducing the friction introduced by pairing a separate pricing engine with an LOS. Instead of updating pricing details between two different solutions, loan officers can do it all in one.” This sentiment underscores the ideal of streamlining operations within mortgage lending agencies.
The pricing engine offers a comprehensive toolset for loan officers, enabling them to compare rates seamlessly and view detailed breakdowns of principal and interest without the need to switch between multiple software screens or manually perform calculations. A standout feature is the "Best X" function, which allows users to efficiently identify the most competitive rates available for their borrowers.
Further detailing the product, Cassinelli noted, “We see the pricing engine as a necessity, rather than the bow on top. We have fully integrated the engine with Mortgage Machine’s loan origination system at no extra cost to our LOS users." This integration of technology signifies a robust enhancement of their existing loan origination system (LOS).
Mortgage Machine has established itself as a leader in the sector, having focused on transforming residential mortgages via a suite of digital solutions since 2007. The company's flagship LOS utilises intelligent automation and a cloud-based infrastructure to optimise processes throughout the entire loan lifecycle. By consolidating various lending modalities onto a single platform, Mortgage Machine enables lenders to streamline their operations, subsequently reducing costs and risks while enhancing data quality and borrower satisfaction.
For further insights about their offerings, the company has made information accessible via their website, which highlights their role in the integration of advanced technologies into mortgage services.
Source: Noah Wire Services