Lenders can track the effectiveness of product pricing changes on a real-time basis using a new market share analytics tool from Optimal Blue.
With Market Share Insight, users can compare both current and past lock request volume to other clients of the pricing and product engine company. The market share data can be segmented based on metropolitan area and loan attributes including price, rate, loan amount, credit score and product type.
What makes the information robust is that Optimal Blue customers originate roughly one in four mortgage loans, claimed CEO Scott Happ in a press release. "We are confident that it will help lenders optimize their volume and profitability," he said.
Business analytic tools allow originators to find market opportunities and properly manage them, proponents state.
Separately, Optimal Blue has adopted an application programming interface-first business strategy.
"Our goal is to support integration through…API technology, with any third party or in-house system that our customers may choose to deploy," Happ said in a press release.
So far there is an API available for best execution search results, consisting of streamlined product and pricing data to display directly to consumers.
Then there is the complete search results API that allows for qualified mortgage testing workflows, best price scenarios and all eligible product scenarios.
Optimal Blue expects to deliver an API with locking and historical pricing functionality later this year.