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What Optimal Blue Does For Mortgage Lenders
Clearly, Optimal Blue is a big player in the lending game. In fact, if your mortgage institution is on the hunt for PPE, we highly recommend at least exploring this option.
That said, it’s not the most affordable solution available today. As a result, you should know what you’re getting before you invest in Optimal Blue’s PPE.
This solution is powered by BESTX™. Bringing together thousands of mortgage products from hundred of investors, BESTX offers product pricing for a wide variety of loan types, including:
- Conforming loans
- Non-conforming loans
- Government, including Housing Finance Authority, loans
- Loans with expanded guidelines
- Portfolio loans
- Construction-only and construction-to-permanent loans
In other words, if you don’t want to limit your lending capabilities, BESTX makes it possible to explore multiple product categories with your clientele.
Within the tool, you can get pricing tailored to the borrower’s scenario while also exploring best pricing alternatives. BESTX allows you to generate side-by-side pricing comparisons and custom blended pricing to best attract and best serve customers.
At the same time, this PPE can help your institution see efficiency gains thanks to its lock desk workflow automations.
You can also explore adding enhancements to this PPE that deliver functionalities like quick quoting and targeted rate emails. That said, you’ll pay more for these options — and we may be able to set them up more easily for you through our tools here at BankingBridge. (For more on that, stay tuned for our next blog.)
Other tools from Optimal Blue
While Optimal Blue’s main PPE is a leading-edge tool, the company didn’t rest on its laurels there. It offers a range of additional solutions to help lending institutions. Those include:
- CompassPoint™: This risk management platform does everything from track daily profit and loss to highlight your most profitable originators. In short, if you’ve been looking to increase profitability at your lending institution, the valuation, cash flow, and reporting analysis that CompassPoint provides can be a key asset.
- MSR Platform℠: Designed specifically to support lenders as they navigate mortgage servicing rights, this platform gives you access to the same assumptions used by MSR valuation providers. In fact, more than 90% of the servicing assets in the country get valued with Optimal Blue’s MSR platform. So if you want a way to succeed as a servicer, this tool offers critical insights.
- Loansifter® PPE: If you want to connect to the wide range of pricing data that Optimal Blue offers but you don’t love the price tag of Optimal Blue’s primary PPE, consider Loansifter. This alternative tool from the company is designed to be more affordable and starts at $79 a month.
- Hedging and trading tools: With CompassEdge℠, you get a single platform to manage all hedging and trading activities at your institution. Offering everything from granular general ledger reconciliation to pool optimization, it can help your team stay on top of their game. Optimal Blue also offers Resitrader, the largest online load trading auction, and a hedge analytics solution.
- Data analytics: Informed decision-making is a critical part of any business’s success, and mortgage lenders are no exception. With Optimal Blue’s data analytics tools, you get a way to take a closer look at your business operations, identifying what’s working and what isn’t. Plus, you can use their tools to see how you’re shaping up against the competition.
Getting started with Optimal Blue
If you want to explore the company’s suite of tools and what they can do for your lending institution, you can request a consultation by filling out the contact form at the footer of any Optimal Blue webpage.
If you’re not quite ready to give your contact info over to a salesperson at the company, we can also help. Our team here at BankingBridge has extensive experience working with lending institutions that leverage Optimal Blue (and Loansifter). But we also work with companies that have chosen alternative PPEs. To chat through the pros and cons of your options, we’re here.
We can also help you see how Optimal Blue and other comparable tools can level up your lending institution’s website. If you want to learn how the pricing information from your PPE can feed directly onto your site to provide potential clients with real-time rates, personalized quotes, and more, book a quick demo with us today.
