If there is one word I heard used a lot during the first two days of the Mortgage Bankers Association convention in Chicago, it is transparency. No matter which part of the business it is, people either want to see more transparency or they are looking to provide their clients with transparency.
I met with Mark Coupland, vice president of business development at Appleton, Wis.-based product and pricing search engine provider LoanSifter.
He said the company had three principles: always be available to its users; be accurate when it does a search; and it must be fast in returning results.
As part of those principles LoanSifter is looking to be transparent and provide performance benchmarks to the industry.
It is an effort that was born out of the events of last August, Coupland said, when other pricing engines has service outages due to the demand for information created as a result of a sudden movement in rates. But LoanSifter remained in service during this period.
Among the metrics provided by LoanSifter includes the average search took 1.29 seconds in 2012, compared with 2.22 seconds the previous year.
System availability, also known as uptime, was 99.97% over the past two years.
Finally, its pricing and product eligibility information had an accuracy level of 99.998% between 2011 and 2012.
Meanwhile the company is looking to further increase its utility to mortgage originators by including private mortgage insurance pricing data as well, Coupland added. So far, two of the MIs, Radian and United Guaranty, are live on the system.