(PRWEB) September 1, 2006 -- MortgageIT’s product, "PriceIT•LockIT," allows mortgage brokers to upload or manually enter their loans to the MortgageIT Wholesale Lending Division Web site (
http://www.wld.mortgageit.com">
http://www.wld.mortgageit.com) to run an eligibility search, select a product, acquire adjusted pricing for that product and request a rate lock.
By partnering with IMX, MortgageIT was able to avoid the large upfront development cost to build the rules engine, as well as have their services available for the ongoing support function of maintaining the rules base.
Two of the major advantages of PriceIT•LockIT are that the system requires a minimum of keystrokes and that it walks brokers through the process with an intuitive user interface. MortgageIT currently locks about 85 percent of its Wholesale volume through PriceIT•LockIT.
"PriceIT•LockIT was a homegrown effort, developed internally by the IT staff, Capital Markets staff and Wholesale
business analysts at MortgageIT," said Gary Bierfriend, President of MortgageIT, Inc. "However, the ‘rules engine,’ a key component of PriceIT•LockIT, was outsourced for development to IMX of Houston,
Texas." The IMX rules engine is used to evaluate each loan for product eligibility searching, and to identify and calculate pricing adjustments once the broker selects an eligible loan product. PriceIT•LockIT sends each loan over the Internet to IMX in real time for rule evaluation. IMX sends the results back via XML, and PriceIT•LockIT displays them on the MortgageIT Wholesale Web site.
"A key strength of the partnership is in the technical depth at both companies." said Ranjit Mavinkurve, Vice President of Technology for IMX, Inc. "MortgageIT created a real-time, service-oriented architecture wherein loan data is passed in MISMO format to IMX via Web services. IMX was able to build these interfaces on top of their standard platform for quick implementation, enabling MortgageIT to hasten the time to market while enjoying the value
add-on of a custom, real-time interface."
"We were very fortunate to have such an innovative company to work with in completing our new technology," said Bierfriend of MortgageIT. "By partnering with IMX, MortgageIT was able to avoid the large upfront development cost to build the rules engine, as well as have their services available for the ongoing support function of maintaining the rules base."
"PriceIT•LockIT provides tremendous benefit to MortgageIT," said Guy Griffin, Director of Capital Markets Technology for MortgageIT. "Not only is it being embraced by our brokers as a tool to help them quickly and easily price and lock a loan, but it’s also dramatically reducing the number of pricing mistakes that can be made when manually pricing a loan."
About IMX, Inc.
IMX, Inc., based in Houston, Texas, is a leading provider of software solutions for the mortgage industry. IMX offers a comprehensive suite of workflow tools that enable mortgage lenders and originators to communicate and conduct business quickly and efficiently online. All of the Company's products deliver real-time, fully-adjusted pricing to any user with browser access.
IMX is dedicated to helping mortgage professionals apply the efficiencies of Internet technology to their already-existing daily business processes. IMX's innovative and patented (patent #5,995,947) pricing technology delivers unmatched product discovery for brokers and retail branches, and advanced Web-enabled distribution channels for lenders. For more information about IMX, please visit
http://www.imx.com">
http://www.imx.com or call (800) 401-4639.
About MortgageIT, Inc.
MortgageIT, Inc. — the nationwide wholly owned mortgage lending subsidiary of MortgageIT Holdings, Inc. (NYSE: MHL), a self-originating REIT — is a New York City-based mortgage lender, providing retail, wholesale and correspondent lending products and services in all 50 states. Founded in 1988, MortgageIT today has more than 2,100 employees operating from more than 50 offices nationwide, and is the wholly owned residential mortgage lending subsidiary of MortgageIT Holdings, Inc. The company originates single-family residential mortgage loans of all types. MortgageIT funded approximately $30 billion in loans during 2005. MortgageIT continues to build a franchise of offices across the United States, building around "People & Opportunity," with seasoned management that averages nearly 20 years of industry experience.
About MortgageIT’s Wholesale Lending Division
MortgageIT’s Wholesale Lending Division provides lending institutions throughout the United States with competitive loan rates, a wide range of loan-related products and unparalleled levels of quality service. MortgageIT’s Wholesale Lending Division focuses on all conventional loan products, including Alt A, agency-eligible and
home equity loans. With a longstanding tradition of superior service and strong relationships, MortgageIT’s Wholesale Lending Division prides itself on giving mortgage brokers the best execution available. MortgageIT’s Wholesale Lending Division utilizes the same principles of specialized personal attention and competitive pricing used throughout the MortgageIT family of businesses. For more information, please visit
http://www.wld.mortgageit.com">
http://www.wld.mortgageit.com.
For additional information contact:
Media
Press Contact:
Joe Garcia,
Communications Manager
IMX, Inc.
832.673.7124
Joseph Passantino,
Communications Manager
MortgageIT, Inc.
212.651.4812
Ron Magas (for MortgageIT, Inc.)
Magas Media Consultants
203.445.8981
Investors
Sean McGrath,
EVP, Investor Relations
MortgageIT Holdings, Inc.
646.346.8700
