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Hi-Tech Wholesale

Broker Network, eloanBid launch brokers tools

May 26, 2006

By PAULA PARISOT

photo of Paula Parisot
Paula Parisot
Two new technology offerings promise to improve the delivery of borrower and program information between mortgage brokers and wholesale lenders.

Broker Network announced it has developed a software program that generates an RSS feed to subscribing wholesale lenders as soon as a broker submits a loan request, giving lenders instant access on their desktops and mobile phones.

Broker Network executive Julian Bond told MortgageDaily.com that for now the system is being offered free to lenders while it is still in the evaluation phase of development.

“I am contacting account executives and offering it at no cost for the first few months so they can start testing it,” Bond said. “So far, everyone seems to like the concept.

Loan request data includes the pertinent information regarding the loan, such as: loan amount and type, property and occupancy type, loan-to-value, the applicant’s credit score, employment, income, property taxes and housing expenses.

As soon as the request form is completed, the lender is alerted by their news aggregator that they have received a new item from the RSS feed subscription.

Bond said he plans to add the additional fields necessary, such as bankruptcy and mortgage lates, so account executives can price the loan at a glance of the request.

Bond told MortgageDaily.com that the service would remain free to brokers, however a monthly fee would be instituted in the near future for wholesalers who use the service as a lead generating tool.

Another lead generating tool that includes real-time alerts via e-mail and text messaging is being touted by a Scottsdale, Ariz.-based mortgage technology provider.

eloanBid.com said its “web-based mortgage-loan matchmaking service” is designed to connect loan originators with potential investors in a collaborative online environment. Users can also view results on the Web and are given their own “personalized” Web space, the company said.

“The days of Loan Officers and Lender Account Executives wasting hours on the phone chasing each other down to exchange loan pricing, rate sheet and niche program information are over” Chief Operating Officer eLoanBid.com Nicholas Nerues said in the announcement. “With eLoanBid.com, all parties now have a ‘one stop’ location for loan pricing, bidding, and document exchange, making collaboration and loan-fulfillment much more efficient.”

Originators can submit to their “preferred” lenders for pricing or bidding, the company said. And lenders can post their loan pricing information, rate sheets, and “niche” program marketing material for originators to download from the Web site.

The company said the service is “currently free and in Beta mode, but converts to a paid service (with an expanded feature set) in the very near future.”


Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]


 

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