Today borrowers not only crave more information, it may be mandated by law that they get it. For example, demonstrating through a signed disclosure that the borrower was briefed on at least five loan products to prove they weren’t swayed in one direction over another. Technology can help, not just in order to keep lenders compliant, but in getting repeat business as well.
One technology vendor that has gone to market with a solution that turns loan officers into financial planners and gives borrowers comprehensive reports on their financial situation is The Mortgage Coach. The vendor has recently updated its product to embrace .NET technology with the launch of Analyze.
Analyze has just been released after more than two years of research, development and beta testing. The company touts that it is the fastest, easiest-to-use and most graphically rich selling system and presentation software on the market, enabling originators to shorten the sales cycle, increase referrals, reduce rate shopping and increase production.
“Especially in today’s market, borrowers are hungry for information about how a mortgage impacts their long term financial condition, but they’re also skeptical about the industry, so it’s critical to establish credibility immediately. You don’t get second chances in this business,” explained Analyze beta user Joshua Christensen, a top producing originator with Cummings Financial in Albuquerque, New Mexico. “With Analyze, I can quickly and easily impart valuable financial information that can make a significant, life-changing impact in the lives of my clients.
“Literally in just moments, I can create reports that broaden the borrower’s focus from the short-term concern of interest rates to the bigger picture of long-term goals. With the industry’s constant barrage of negative press, Analyze quells borrowers’ anxieties by showing quickly, and in no uncertain terms, how each choice will impact their overall finances, which helps borrowers make the most informed decision possible.”
The system’s high-end graphics relay critical information professionally and quickly, and can be converted to PDF files and emailed to clients directly from the Analyze system, with just a few mouse clicks. “Simply put, Analyze makes it faster and easier to convey the information that leads to new high quality loans,” added beta user Michal Ann Joyner, a private mortgage banker with Wells Fargo in Scottsdale, Arizona. “The graphical reports go far beyond the good faith estimate that other loan officers are providing. When competing for loans, Analyze makes it fast and easy to stand out among the competition.”
Analyze combines mortgage calculation tools with full color graphical analyses. It seamlessly integrates with top loan origination software on the market, including Encompass and Calyx Point. I had an opportunity to look at the product and was very impressed. As the industry looks at automated process improvements, it’s my view that a more educated borrower is a better borrower. The reports, like the one below, are easy to read, include the originators branding and are very user friendly.In talking with Phillip Meyer, executive vice president at Mortgage Coach about what he thinks the high points of the new product are, he told me, “It’s not just about getting the right loan once, it’s about getting the right loan for life. The technology isn’t just about informing the borrower or getting refinance business. You should be sending reports out the borrower monthly to update them on how their loan is doing and if they can get into a better deal.
“The servicer stays in front on the borrower, but the originator goes away once the deal is done. This technology better informs the borrower and if it’s delivered even after the deal it trains the borrower to call you back and ask about their options.”
I think there are some cases when technology can help Loan officers do the right thing. Unlike automated underwriting, which can be manipulated by humans, monthly rate watches and side-by-side comparisons on deals can’t be manipulated by humans. It is what it is. So, why shouldn’t technology be used to present that information to the borrower so they’re more informed, they know they weren’t cheated and they feel comfortable with the originator? Sounds like a positive to me.
