Market Analysis: It’s Time To Work Harder

*It’s Time To Work Harder*
**By Tony Garritano**

***With all of the recent acquisitions there may come a day when we are left with 10 or 20 “big” companies that all tout that they provide “end-to-end” services. That leaves fewer players for the best-of-breed players to integrate into. So, how does a best-of-breed player compete? First, you truly have to be the best at what you do and second, you have to offer something truly unique. In the end, the lender is in charge and if they want an integration it’ll happen. For example, Mortech, Inc., a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, has integrated HomeTrac’s secure ECHO Button (Every Client Has Opportunity) portal into its Marksman Lending Management Platform. With the new functionality, potential applicants that are denied at the pre-qualification stage for any of a number of reasons can be referred to HomeTrac for financial literacy education and then automatically returned to Marksman when they are more likely to qualify for the mortgage.

****“The nation’s best originators realize that they can no longer afford to let any lead slip through their fingers; they have to make good on as many as they can,” said Don Kracl, Mortech President. “The ECHO Button makes this possible by guiding borrowers who don’t qualify for some financial reason through the HomeTrac program. It’s designed specifically to help borrowers get approved for a mortgage and not just improve their credit score. Unlike other programs, the ECHO Button tracks their progress and returns the lead directly to the loan officer so the deal can be closed.”

****The ECHO Button costs lenders nothing to use and provides an affordable program of education and instruction that helps prospective borrowers understand more than just their credit scores, but really provides a roadmap for loan approval.

****“This isn’t simply credit repair, our program actually helps consumers become financially literate. And we can do it in a surprisingly short period of time,” said Scott Miller, co-founder and CEO of HomeTrac. “Credit repair is not mortgage driven. HomeTrac is a full blown home loan approval action plan with specific action items that will help the consumer get qualified for a mortgage in the shortest possible time. Using the ECHO Button ensures the lead comes directly back to the loan officer who made the referral once the consumer has completed the program and is ready to proceed with an application. Basically we’re your back-end pipeline management team, except better since we provide the service to the lender at no cost.”

****There are a number of reasons that a prospective borrower may not qualify for a mortgage loan at the time of application. This new integration allows loan officers to get consumers the help they need to qualify for today’s best loan programs, whether their problem be credit rating, financial or budget ratios, cash to close, time on the job or some other problem. Best of all, the lead remains in the lender’s system so that the borrower can return, like an echo, to complete the deal.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at