Full-service community bank exceeds budget goal and increases per-loan revenue by 21 basis points
 

To meet critical budget pricing objectives across its mortgage banking centers, as well as pricing loan scenarios accurately and efficiently. 

Throughout each day, loan officers at Rockland Trust would speak with a borrower and then spend an inordinate amount of time pricing each scenario via investor web sites and/or printed rate sheets.  Often, by the time the loan officer got back to the borrower with a result, the pricing had changed. This led to lost opportunities.

The need to search online guides and rate sheets was not 100% accurate in the rapidly changing market.  As a result, loan officers did not always recognize the best execution. A quick and easy way to see rates across investors was needed to ensure the bank could obtain the best pricing.

Rockland Trust Company needed a remedy for all of the inefficiencies in the loan process, while maximizing pricing options for each individual scenario with each investor they conducted business with.

In short, they needed a solution that put accurate, real-time pricing and eligibility for all of their investors at their fingertips, accessible in seconds. 

Automate the entire loan eligibility and pricing process.

SVP, Michael Nickley, approached NYLX in early 2007, with the objective of improving price controls on mortgage loans. NYLX analyzed their current loan portfolio, and after several meetings with banking center managers, uncovered multiple pricing strategies. This created an environment of confusion among loan officers, and placed revenues as risk.

After careful consideration, Rockland Trust saw the dramatic potential of LoanDecisions, NYLX’s flagship product.

The ability to have best execution loan pricing, along with automatic updates for each investor on the portal, streamlined the entire loan eligibility and pricing process. The solution was customized and installed in the first quarter of 2007.

Better price executions that exceeded budgetary goals

The results to date have been overwhelmingly positive,” said Rockland SVP Michael Nickley.

Having the ability to price one scenario accurately for ALL investors at one time, significantly saved time from manually printing out rate sheets or running price quotes on investor web sites.  The “One Stop Shop” method ensures maximum pricing is achieved on every scenario, something that was very difficult to do manually. 

"Pricing execution has gained 21 basis points since implementing LoanDecisions in January,” stated Michael.
LoanDecisions ensures best price accurately and quickly every time.

Rockland Trust Company is a full-service community bank serving southeastern Mass., Cape Code and the South Coast. They provide a wide range of consumer banking products through a network of 61 retail branch locations and 5 mortgage banking centers. Founded in 1907, Rockland Trust Company now serves over 135,000 customers.