Secondary marketing software firm Optimal Blue has introduced a “first-of-its-kind automation” that could change how lenders handle best efforts locks.
The new enhancement to the firm’s product and pricing engine (PPE) fully automates best efforts lock execution directly with participating investors via API.
Instead of requiring secondary desk teams to log in to investor portals and re-enter loan details manually, lenders can now complete the entire best efforts lock process from within the Optimal Blue PPE in just seconds, the firm says in a release.
This eliminates the last remaining manual step in the locking lifecycle, saving lock desk users hours per day, reducing the risk of data entry errors, and helping lenders improve profitability. It also gives investors a faster, more efficient way to work with originator partners, strengthening relationships and improving execution.
“This is a game-changer for capital markets teams that will save an average of 15 minutes per loan, which is hours saved per day,” says Tiffany McGarry, vice president of product management at Optimal Blue. “Lock desk users can now complete the entire best efforts lock transaction from within the Optimal Blue PPE – no toggling between systems, no rekeying of data and no lost time. It’s a meaningful step forward for day-to-day productivity that helps protect lenders against costly errors and compliance issues, while giving investors a more streamlined path to work with their originator partners.”
The Optimal Blue PPE already automates loan pricing, lock requests and post-lock changes, and the company’s hedging platform already supports automation for mandatory execution. Until the release of this capability, completing a best efforts lock required the lender’s secondary desk to log in to the investor’s portal and re-enter loan details by hand.
This enhancement eliminates this final step to execute the lock, fully automating the process.
Best efforts
Share this article
