IRVINE, Calif.–The Mortgage Partnership Finance (MPF) Program of the Federal Home Loan Bank System has implemented LoanScorecard’s Portfolio Produce product and pricing engine (PPE) and distribution solution. The implementation enables the MPF Program to provide its products and pricing to Participating Financial Institutions (PFIs) at no additional cost, the company said.
According to LoanScorecard, with Portfolio Producer, PFIs can share loan file data with their FHLBank via their loan origination system (LOS). The FHLBank uses that data to determine and distribute real-time loan scenario-specific products and pricing, as well as provide applicable loan-level price adjustments (LLPAs) based on loan characteristics, delivery commitment, and remittance options—all without having to leave their LOS. Selected product, price, and LLPAs are then written back to the loan file, the company explained.
“We’re pleased to partner with LoanScorecard to provide our PFIs complimentary access to a pricing solution already within their LOS,” said Chuck Vaughn, Vice President, Mortgage Relationship Manager at FHLBank Des Moines. “Using Portfolio Producer, instead of manually pricing loans, will help our PFIs not only become more efficient and more productive, but also better serve their customers.”
“Paying for access to a product and pricing engine each month can be costly, particularly for PFIs that only manufacture a few loans a month,” added Ben Wu, Executive Director at LoanScorecard. “The partnership between LoanScorecard and the FHLBanks provides PFIs access to a PPE at no additional cost, allowing them to determine product eligibility and pricing at the point of sale for delivery to the FHLBanks—quickly and accurately.”
For info: www.fhlbmpf.com.