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Robert Small
Tony Smith
Dave Erickson

For the past several years companies like Lending Tree, Get Smart and others have been able to provide as many leads as the market could bear.  These leads were sold to Mortgage Bankers and Brokers.  In some cases, the technology allowed the mortgage representatives to carefully select the type of borrower through the use of filtering technology.  In others, they simply provided a very brief list of the borrower provided elements with a phone number and email address.

Only Lending Tree provided a method that would allow offers to be sent with all the key items required by RESPA.  The others left it up to the loan officers to cover RESPA rules.  And in many cases, critical items, such as, APR were either estimated or totally left out.

With the recent drop off of qualified leads through these networks, both the suppliers and buyers of these leads are reeling.  Lending Tree is still in a good position due to the fact that they appear to have the most complete leads in the marketplace.  But their problems are three fold.  First, they do not have enough leads to spread around to their current network of brokers, estimated to be 185 lenders with numerous loan officers.  Second, they make a majority of their income on funded loans and since that number has dropped by 75%, their income has dropped dramatically.  And finally, it is almost impossible for them to attract new brokers to collect the hefty sign up (marketing fee), because they can’t provide them any new leads.

All the other suppliers are still sending out massive, unqualified leads, that only charge an up front fee, and now they are simply offering refunds for the really bad ones.

So how is technology changing to better capture the clients and customers? 

One company, Orion Comtek, Fontana, CA, has just released a new application that focuses on the “origination process” providing marketing tools for the loan officer and realtor. 

What does it do?

For the buyer/borrower, the application provides a buyers menu of loan programs.

For the realtor it helps to determine the maximum home the borrower can afford, and determines the net seller’s proceeds during the listing process.

For the loan officer, the application provides marketing tools for the realtor, in the form of simple and effective open house flyers and buyer financing tools.

The system also provides a web based tool that allows the user to view 5 loan programs with current rates, fees, income guide, case required and total monthly payment Orion Comtek is presently integrating national lenders daily rate sheet, making the system fast and easy.

In today’s world with hundreds of mortgage sites with numerous versions of calculators, this is the first system that actually ties in everything together. 

For additional information you can contact Chuck Wade @ orioncomtek.com

3419 Via Lido
Ste 617
Newport Beach,
CA 92663

Phone:
949-650-7328
Fax:
949-203-8631