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Outbidding the competition

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Mortgage Professional America | 02 Dec 2015, 06:30 AM Agree 0
As if the competition wasn’t hot enough, a new website now allows originators to bid on potential client business, but will they buy in?
  • Yvette Villamana | | 02 Dec 2015, 09:44 AM Agree 0
    I wouldn't waste two seconds of my time with buyers who shop for only the rate. Let them learn the hard way.
  • M. Scott, IN | | 08 Dec 2015, 12:52 PM Agree 0
    Sounds like another marketing referral program to me... Only originators are paying to BID on a "potential" lead.
    Everyone should know by now that 1. You have to not only review fico score and credit but the buyers entire situation since any 1 factor can change the mortgage; but 2. Originators from this type of lead source can and most likely WILL tell a buyer anything to get the deal. These type of marketing trends produce the most dissatisfied customers who often feel lied to and ripped off. These Originators often have no accountability as they usually are hiding behind their computer and phone since they typically never meet or get to know their clients or their true needs.
    This being such a huge purchase/ asset, maybe the millenials should rethink their mortgage method and the importance of finding a lifetime mortgage officer just as they do an attorney, doctor, or accountant. Way too many unknowns to take these risks!
  • | | 16 Dec 2015, 10:53 AM Agree 0
    It all boils down to closing ratios. If the quality is high, and the service leads to happy borrowers and lenders, it will be successful. Most lenders have eluded to having a marketing budget that equates to $1000 per funded mortgage and most borrowers prefer that their info not be sold multiple times while they field dozens of calls 'coming from the trees'. If Rate Gator's technology, algorithm, & customer service delivers, the proven model will be deemed disruptive and could potentially change status quo as we know it. Let's see if they release beta conversion numbers.

    Regardless of the outcome, kudos to these two entrepreneurs and anyone daring enough to create and innovate.

    * Stephen D. Berg, investor Rate Gator
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