With tariff lock, Optimal Blue is launching automated refinancing tools
The cash-out Refi locking volume fell by 10% month after month, while the references and the references fell by 44%. But compared to May 2024, the cash outdoor volume increased by 13% and the REFIS increased by almost 21% with speed and term.
“Instead of expected that Originators will revise all their customers in the past to find refinance options, we have given them a solution that automatically identifies a chance, offers price options and generates a presentation to the borrower,” said Mike Vough, head of the business strategy at Optimal Blue, said a statement.
The new product, called Capture for Originators, is available to users of Optimal Blue’s Product Pricing Price Engine (PPE) and has been developed in collaboration with Tidy upA software-as-a-service (SaaS) platform for the real estate sector. The factors in money lenders and current prices to deliver a dashboard that includes break-even calculations, closing costs estimates and borrowing analyzes in multiple scenarios.
The tool also generates a pre -filled borrower -Mail that summarizes the refinance options. It integrates live price elements, automated valuation models (AVMs), provincial records and margins and concessions at branches and originator level.
“Instead of manually spending up to 30 minutes on manually evaluating every loan and creating presentations, originators can now rely on Capture for originators to identify refinancing options that they would otherwise miss – and to deliver them to customers with minimal effort,” said Jeff Bell, President of Uplist.
The product comes as the total locking volume fell by 5.9% month on month in May and 5.3% year after year. Purchase activity was flat, an underperformance for a month that usually sees a seasonal boost.
“Increasing mortgage interest rate is pressing the affordability of the borrower, while stricter spreads put pressure on lenders in the secondary market,” said Brennan O’Connell, director of data solutions at Optimal Blue. “With the short affordability of affordability that is closed, new data shows that first buyers feel the tension, with modest falls in their share in conforming and FHA loan locks.”
