A wholesale lender is helping mortgage brokers turn more leads into mortgages with the help of an online presentation tool. But additional enhancements could improve consumer reach, according to one user.
The tool, dubbed Boomerang by InterFirst Wholesale Mortgage Lending, allows brokers to create personalized presentations for prospective mortgage borrowers to view.
"The product is offered to a broker or loan officer, the loan officer then uses the tool to interact with consumers," Garth Grahm, senior vice president of InterFirst parent ABN AMRO Mortgage Group, told MortgageDaily.com. "It is a Web-based presentation solution for loan officers and brokers so they can create more success in converting consumers into mortgage loans."
Since the launch in April, over 1,500 originators using the tool have created over 20,000 customized presentations for potential consumers, InterFirst reported. The tool is updated based on the customer calls to the technical support number on the Web site.
Gold Mortgage Bank and HomeTrust Mortgage Co. told MortgageDaily.com the product has been effective for their businesses.
"The product gives a broker or banker, like myself, an edge over the competition," said David Kagol, senior loan officer with Gold Mortgage. "It allows you to differentiate your business from all the others.
"On average, out of every 10 Boomerang presentations I send out, I am probably getting good responses or close-offs from two of those."
The presentations include detailed side-by-side loan option comparisons, the originator's picture and contact information, and short educational videos on relevant topics, including understanding the mortgage process and home-buying tips, according to InterFirst.
"It is easy to use and we found that, for the cost of the program, it is more for your money for any advertising or promotional thing that I have done," said Carolyn Knigge, HomeTrust vice president and branch manager. "It gives the client so much new information and especially the first time borrower."
However, "it would help if they could create something in the tool that would talk about special programs like the 228s, 327s, Option Arm, etc.," Knigge added. "This is one thing that I have mentioned that I would like to see in the future."