Loan officers need never waste a lead again as near misses can get financial literacy education.
LINCOLN, Neb.--Mortech, Inc., a mortgage technology software company specializing in solutions for mortgage bankers and secondary market teams, announced today that it 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.
About Mortech, Inc.
Mortech supplies all-in-one pricing, rate notification, prospect management tools, custom rate sheets, secondary marketing tools, loan product eligibility and guideline services to thousands of mortgage professionals. Marksman, Mortech’s flagship web-based software, provides lenders with tools designed to automate the loan process and manage sales cycles - increasing loan close-ratios dramatically. The Marksman-Bullseye solution offers an Intelligent Credit Reporting Engine, a full Automated Underwriting System, connectivity to Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector, Bi-Directional Communication with Loan Origination Systems and a complete Document Management System. Mortech is recognized by Mortgage Technology Magazine as a Top 50 Service Provider three years in a row and a Mortgage Technology Magazine 2010 Synergy Award Winner with partner, AllRegs. For more information, visit www.mortech.com.