The deal is the second Lender Price has announced this week to provide broader access to its marketplace product, pricing and eligibility engine.
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Mortgage technology provider Lender Price has scored its second big partnership deal in a week, this time with NEXA Mortgage LLC, which claims to be the nation’s largest mortgage brokerage.
Chandler, Arizona-based NEXA Mortgage sponsors 1,983 mortgage loan originators working out of 238 branch offices serving 48 states and Washington, D.C. — everywhere but Massachusetts and New York, according to the Nationwide Mortgage Licensing System and Registry.
Under a partnership announced Thursday, all NEXA Mortgage brokers will have access to Lender Price’s marketplace product, pricing and eligibility engine when logged in to the NEXA loan origination system, LoanOfficerSupport.com.
“Partnering with Lender Price provides our loan officers with superior pricing technology and helps them stay competitive throughout a challenging market,” NEXA Mortgage CEO Mike Kortas said in a statement. “This relationship exemplifies our commitment to forming strategic alliances with industry leaders to provide our brokers with access to the largest pool of investors, the broadest selection of products, and the most competitive pricing available.”
Mortgage product, pricing and eligibility engines (PPEs) automate the process of providing borrowers with personalized loan options based on their credit, income and other unique attributes. Lender Price — which just announced a partnership Tuesday with software provider Constellation Mortgage Solutions — is a cloud-native, software-as-a-service (SaaS) pricing engine.
Launched in 2015 and based in Pasadena, California, Lender Price claims to provide “one of the largest investor libraries, the most extensive broker user base, and pricing and interest rates for every possible type of loan” including qualified and non-qualified mortgages (QM and non-QM) and home equity loans.
“We are absolutely thrilled to partner with NEXA,” Lender Price founder and CEO Dawar Alimi said, in a statement. “Together, we are dedicated to providing brokers with the best pricing technology in the market. Our combined approach will help NEXA brokers close more loans while providing an enhanced pricing experience for NEXA Brokers”
Rival PPE solutions include Black Knight’s Optimal Blue, Zillow Group’s Mortech and OpenClose’s DecisionAssist. Black Knight also provides a product and pricing engine within its Compass loan origination system, as does ICE Mortgage Technology, provider of the Encompass loan origination system.
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