Overview of the Players
Mortgage Brokers - Typically small independent companies of 5 or less employees. According to recent studies, brokers originated 70% of ALL mortgages in the US in 1999. Because of their size, most will not be able to spend large sums of money on technology. They are interested in one thing. Closing loans as fast as possible.
e-Lenders - A group of wholesale lenders that assumed the Internet would allow them to bypass the broker and go directly to the consumer. Closing ratios are terrible, most under 4%. Many will be changing their strategy and looking for ways to include the broker who controls the market at the grassroots level.
Wholesale lenders - lenders that fund the product for mortgage brokers. Their cost per lead is high due to the fact that brokers ARE independent and will "shotgun" a loan out to 4-25 lenders at the same time hoping to get a quick approval. Wholesale lenders are volume driven. Small unit savings have an immediate positive impact on their bottom line. They are willing to spend on technology and business tools.
Venders - There are dozens of venders that provide services or product for the loan closing. Appraisers, title companies, flood search, attorneys, survey, pest inspection and others. Most are looking for methods of integrating themselves into the loan process.
What Other Say: Forrester Research - Wholesale Lenders NEED us.
Internet Lending Intelligence - "The Go To" Place for Mortgage Brokers
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EZdesk for mortgage professionals provides personal tools for officing, prospecting, communications, processing, closing. These tools provide simple conveniences, reduce costs and enhance income. Revenue is to be generated from B2B advertising, sale of leads, licensing, transactional fees from loan submissions and participation on fees on related services required to consummate a loan. Over 6500 registered members.
EZoriginator is a point of sale loan selection system. The mortgage broker can save 1-2 days of processing time using the EZdesk EZoriginator system. The wholesale lenders speeds the process and cuts costs by getting a QUALIFIED submission. EZdesk is compensated on a per submission basis. 16 lenders have expressed interest in participating. Registered waiting list of 225 users and 16 lenders.
Loan Leads - Broker Co-Op and National Directory is a cost free method of increasing consumer loan leads from websites for mortgage brokers. EZdesk will be at the hub of the co-op and sale its share of the leads. The leads are in demand. Waiting list of over 90 lead buyers.
Appraisal Search Directory is a search directory of independent fee appraisers. It contains over 11,500 appraisal companies representing about 28,000 appraisers. It will soon be coupled with an online appraisal ordering system in cooperation with The Appraisal Office.com This system will allow the broker to order from any appraiser he chooses and provides tracking, achieving and status reporting.
TheAppraisalOffice has licensed an EZdesk webtop to provide to its participating appraisers. They also will provide part of the online ordering system. EZdesk will offer free online ordering and tracking to mortgage brokers and be compensated on a per order basis.