Putting Lender Price to Work for Your Lending Institution

In our latest blog, we delved into Lender Price, one of the bigger mortgage product pricing engines (PPEs) in the game. Lender Price is a cloud-native suite of tools that connects lending institutions to rates from a wide range of channels, from wholesale and correspondent to non-QM, non-agency, and portfolio loans. And because it’s backed by sophisticated technology, Lender Price works quickly while serving up features to make your team’s life easier. 

But as we’ve discussed before, if you only use a PPE internally, you’re missing out on its full potential. A PPE can do a lot more than keep your loan officers up to speed on the latest rates and products (although that is an essential function). It can also be the source for powerful marketing tools that help you generate leads, warm them up, then convert them. 

Integrating Lender Price with your marketing tools

In simple terms, the potential of a PPE like Lender Price lies in its ability to get current rates in front of your potential customers. Lender Price does offer that, to an extent, in the form of its website pricer, which lets you add an instant rate quote table to your site.

But Lender Price rates can power a much wider range of marketing tools for your team. Specifically, because we offer RateFlow, we can feed Lender Price rates (along with rates from other PPEs like Optimal Blue and Mortech) to your site. 

Here are a few examples of how those rates can show up — and how they can help you generate new business:

• Rate tables. Take a look at some of the biggest mortgage lender’s websites, like New American Funding or Rocket Mortgage. While their marketing strategies vary, the largest lenders generally have one thing in common: a rate table on their website. In fact, it’s often available directly from the main menu navigation. If you want to stay competitive in 2024 and beyond, you need to follow suit. Fortunately, when you connect Lender Price to BankingBridge, we can do all of the heavy lifting for you. This integration means that current rates feed straight to a beautifully designed rate table on your site without your team having to do any work at all. And we’ve designed this integration to push rate updates to your site as frequently as hourly. 
• Calculators. A basic calculator shows website visitors that you want to empower them with the information they need. But one that leverages the latest rates is that much more useful, presenting an even better marketing opportunity. We’ve designed mortgage and affordability calculators that can display seamlessly on your website while continually pulling in the latest rates from Lender Price. 
• Lead workflows. A rate table goes a long way toward showing potential customers that you’re informed about the latest in the market and you’re happy to provide that information to them, But serious home shoppers often want more detail. With a lead workflow, you can provide them with a personalized rate in exchange for some information, like their budget, the kind of property they want to buy, and — most importantly for your marketing efforts — their contact information. And when this lead workflow pulls rates from Lender Price, it can function automatically on your website, generating leads without any additional work from your team. 
• Rate alert emails. Your marketing efforts shouldn’t stop with your website. With our rate alert emails, we can leverage your existing contact list to automatically provide interested leads with current rate conditions on a regular basis. In the high rate environment we’ve seen recently, many people have been waiting to buy. Keeping your brand in their inbox ensures they remember you when they finally decide they’re ready to move forward. 

These examples give you a quick overview of how Lender Price and BankingBridge can work together to help your lending institution and your loan officers. We can tailor how this integration works for your specific business in your unique market, so don’t hesitate to talk to our team. 

The brass tacks of getting integrated

We customize the way Lender Price rates feed into your marketing efforts, but before we can get that going, we need to get our solution integrated with theirs.

That starts on the Lender Price end through an application programming interface (API), which is essentially something that lets two different tools talk to each other. 

If you don’t already have an account with them, you can tell the Lender Price account manager that you want to enable the BankingBridge API as you’re getting set up. If your account is already established, just get in touch with their support team and ask to enable that API. As you have that conversation, request your API account credentials. They should give you the following:

• User ID
• Company ID
• API Key

Then, you just need to email those details over to your BankingBridge contact. We’ll handle everything from there. 

Once this integration is complete, the marketing features you’ve flagged to use Lender Price rates will continue to do so automatically, updating those rates hourly. There is one bit of work that your team needs to do, though. Make sure you keep your margins, markups, and available investors updated in Lender Price since that data will flow automatically to your site. 

Our team is here to help you make the most of Lender Price rates, using them to power up your marketing and generate more business for your lending institution. To explore this option and what it can do for your team, book a demo with us today. 

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