It’s becoming less and less of a secret that online automated rate quoting is the fastest and most accurate way to get your rates in front of as many borrowers as possible. More lenders are relying on mortgage pricing engines like Marksman to automatically post and update their rates online; bringing in more leads while also providing the most accurate and up-to-date information to online borrowers. However, while many lenders are auto-quoting online, they aren’t necessarily utilizing the ability to post their rates to multiple different marketplaces at once.
For example, Marksman allows users to post their rates to nearly 20 online marketplaces – or online mortgage lead providers – however, many lenders are under-utilizing this capability.
Based on the Marksman data above, nearly two thirds of all lenders on Marksman are quoting on just one or two marketplaces, at nearly 65%. While Mortech can allow for lender rates to be published on nearly 20 different marketplaces at once, only a third of Marksman users are actually using this to their advantage, and only 4% are posting their rates to five or more marketplaces.
But why is this important? It’s simple: the more marketplaces a lender quotes on, the more borrowers they can reach. A lender that is auto-quoting on five marketplaces is likely to bring in more leads than a lender quoting on one or two marketplaces. With more leads coming in, lenders have more opportunities to close loans, regardless of factors that can be limiting without auto-quoting, such as the borrowers location.
Lenders quoting on multiple marketplaces don’t need to worry about the influx of leads being too much for them to handle either. Marksman also features robust CRM integrations that automatically post leads to the lender’s CRM, ensuring they make the most out of every potential borrower, streamline their internal process, and ultimately close more loans.
Want to find out if you’re making the most out of your online rate quoting provider? Contact us today to find out how you can begin quoting online across several different marketplaces, posting accurate and up-to-date rate information that brings in more leads and leads to closing more loans.