I’ve known Don Kracl, Zillow’s vice president of mortgage tools and our leader here in the Mortech division, for many years. We started out in this business together well over 30 years ago. Like me, Don is a Midwesterner and has that clarity of language that has made people from our area famous (or perhaps infamous) since at least the days of Mark Twain.
One of the things Don has said for years is that lenders who hope to be more efficient in their loan origination businesses have to learn how to “separate the crap from the apps.” Colorful, yes, but true nonetheless. When a loan officer is permitted to enter an application into the LOS that has no chance of making it all the way to the closing table, it wastes time and money. Worse, in today’s compliance environment, it risks borrower dis-satisfaction.
That’s why we say it all starts with pricing. The Product & Pricing Engine should be able to tell you not only the loan programs that might fit the needs of your potential borrower, but also whether your borrower will actually qualify for them...before you ever send that prospect’s information into the LOS. Consumers deserve to know whether they’ll qualify and Marksman can tell them.
Now that the CFPB is getting close to finalizing its rules for the Qualifying Mortgage, there are even more reasons to scrutinize the deal carefully before sending it through to the LOS. I’ll visit some of those with you in the next few posts.