""LoanSifter, Inc."":https://www.loansifter.com/index.aspx, announced it has set new performance benchmarks for speed, accuracy, and uptime for LoanSifter, its flagship product and pricing engine (PPE).[IMAGE]
According to officials representing the Appleton, Wisconsin-based company, the average search on the PPE fell to 1.29 seconds in 2012, down from 2.22 seconds in 2011. In addition, LoanSifter's real-time loan pricing and product eligibility information has an accuracy level of 99.998 percent between 2011 and 2012.
On top of that, system availability over the last two years has stayed above 99.97 percent, meaning few service interruptions for users.
LoanSifter detailed these metrics in a new service level report made available to its clients. In a release, the [COLUMN_BREAK]
company said these voluntary reports hold it to a ""standard of performance that is unparalleled in the industry today.""
""Hundreds of lenders, large and small, trust us to provide technology that drives some of their most vital functions-marketing loans, locking rates and securing the best possible pricing. So earlier this year, we challenged ourselves to find out exactly how good LoanSifter could be,"" explained LoanSifter president Bruce Backer.
""While there may be no official scorecard in our market, we know of no competitor that comes close to our performance. We don't just say we have strong performance. We stand behind it as a core principle of this business, and have the metrics to back it up,"" he said.
Backer explained he was first inspired to raise the bar on LoanSifter's standards when a flood of pricing and rate lock requests hit the market in August 2011 following a sudden change in mortgage rates. The high level of traffic created a strain on most loan pricing engines. While LoanSifter weathered the storm without an outage, Backer said the need for higher standards was apparent.
""For lenders in particular, business continuity and reliability are paramount,"" he said. ""Loan officers rely on a lot of information and often run a borrower's loan scenario through many different investors at many points throughout the life of a loan. Consumers need to know their options quickly, or they will quickly go to another lender.""