Opteum Joins PriceMyLoan for Loan Product and Pricing Support
October 11 2006 - 2:38PM
PR Newswire (US)
PriceMyLoan Adds Opteum to Growing List of Investor Relationships
COSTA MESA, Calif., Oct. 11 /PRNewswire/ -- Opteum Funding, the
conduit division of Opteum Inc. (NYSE:OPX), is now providing
testing and validation for PriceMyLoan (PML), a provider of
automated underwriting and loan pricing technology. The
relationship with Opteum adds to PML's strong list of investors
participating in their Platinum Investor Program (PIP).
PriceMyLoan, a web-based automated underwriting and loan pricing
engine, is leading the drive to equip small and mid-tier lenders
with the most accurate automated underwriting and loan pricing
technology. The private-label system allows correspondent lenders
to approve and price loans for multiple investor products. PML
uploads investor guidelines into its system and then maintains
those guidelines. Relationships with investors such as Opteum
enable the PML system to operate at a higher level of accuracy and
accountability. As a PIP participant, Opteum Funding will
continually validate its loan products and pricing and will provide
feedback to PML on the accuracy of guidelines and pricing results.
"Although PML is already the most accurate system available, the
PIP initiative gives us and our clients an increased level of
confidence," says Gigi Campbell, National Sales Director for
PriceMyLoan. "We're proud to add Opteum Funding to our growing
cadre of Platinum Investors. Companies such as Opteum recognize
that PML is more than a tool for lenders; it's a manageable
opportunity to increase support to their correspondents and drive
greater efficiencies throughout the lending process." "It is in
Opteum's best interest to ensure that our loan products and pricing
are presented accurately at all times," says Richard S. Donine,
Vice President for Conduit Marketing. "PriceMyLoan provides our
correspondents with a platform opportunity. This enables those
correspondents to provide specific underwriting and pricing details
directly to their origination channels. "The accurate underwriting
results and pricing supported by PML will benefit the originator,
lender and investor," Donine adds. "As a result, Opteum can expect
the process from loan origination to loan purchase to be more
efficient and potentially more streamlined." About PriceMyLoan
PriceMyLoan is a proprietary product of Insight Lending Solutions
(ILS). Founded in 2002, ILS provides web-based application service
for the mortgage lending industry and software as a service (SaaS)
to its clients to enhance productivity, reduce IT dependency, and
accelerate time-to-value for mortgage companies. Combining advanced
technology development using XML and MISMO standards with
high-quality service, ILS provides its clients with solutions that
result in reduced loan cycle times, improved pull through rates,
and a lowered total cost of software ownership. About Opteum Opteum
Inc. is a real estate investment trust (REIT), which operates an
integrated mortgage-related investment portfolio and mortgage
origination platform. The REIT invests primarily in, but is not
limited to, residential mortgage-related securities issued by the
Federal National Mortgage Assn. (Fannie Mae), the Federal Home Loan
Mortgage Corp. (Freddie Mac) and the Government National Mortgage
Assn. (Ginnie Mae). It earns returns on the spread between the
yield on its assets and its costs, including the interest expense
on the funds it borrows. Opteum's mortgage origination platform,
Opteum Financial Services, originates, buys, sells and services
residential mortgages through 35 offices throughout the United
States and operates as a taxable REIT subsidiary. DATASOURCE:
PriceMyLoan.com CONTACT: Jan Thomas of Seroka Public Relations,
+1-262-523-3740, or Web site: http://pricemyloan.com/ Company News
On-Call: http://www.prnewswire.com/comp/143444.html
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