In a previous post I explained one of the tools we give users to determine which lenders they should submit their loan requests to: The Lender Effectiveness Score, or LES.
If you create a commercial loan request at Lendicom.com, however, you'll see another score listed next to the programs that match your request: The MPS, which stands for the Match Precision Score.
Whereas the LES is a measure of a lender's effectiveness as a Lendicom user, and is determined by factors such as average response time and overall performance, the Match Precision Score is purely a measure of how closely a particular loan program in our system matches your request.
The criteria with which a particular loan program is matched against a loan request fall into two groups: Critical and Non-Critical. Critical items are non-variable aspects of the loan request such as the property type, use of funds, property location, and minimum credit score, if any. Non-Critical items are mainly loan specification preferences of the borrower, such as desired amortization schedule, loan term, and documentation.
If a program does not match a loan request on a critical item, the program is excluded as a match. If a program matches on all critical items, it is given a default MPS of 10. Then, for each non-critical item that DOES NOT match, one point is deducted from this score.
Programs with a "perfect" score of 10 - those that match in all aspects of the loan request - are grouped together and displayed on the matching results page as "exact" matches. Programs with scores lower than 10 are grouped together and displayed as "close" matches.