Process Improvement Column: Partnership Engages Homeowners In Actively Managing Home Financing
Mortgage Coach, a platform enabling lenders to create digital and accurate home loan options for consumers, launched an integration with HomeBinder, a centralized home management platform that keeps homeowners connected with mortgage lenders, Realtors and other authorized professionals. Powered by Mortgage Coach’s Total Cost Analysis (TCA) presentations, the integration enables homeowners to compare refinance and home equity scenarios directly from the HomeBinder home management portal.
Mortgage lenders partnering with HomeBinder provide homeowners with a complimentary digital home management platform, or HomeBinder, upon closing of the loan. HomeBinder communicates with homeowners on behalf of the lender, centralizing all aspects of home management such as maintenance reminders, document storage, appliance recalls and home value. The integration with Mortgage Coach enables homeowners to compare how their current mortgage would perform against a standard refinance and a cash-out refinance at 15- and 30-year terms with the trusted insight and accuracy of Mortgage Coach TCAs. Through the integration, homeowners are also empowered with an interactive financial modeling experience. For instance, homeowners can adjust variables to see how applying additional money toward their monthly principal would shorten the length of their mortgage and save money on interest.
To help loan originators keep borrowers engaged in the home financing process over time, rule-based automation prompts HomeBinder to periodically invite homeowners to review their financing with a refreshed Mortgage Coach TCA illustrating how much money they could save by taking advantage of current interest rates. Additionally, loan originators can proactively engage homeowners by uploading custom TCA comparisons into the client’s HomeBinder, allowing them to demonstrate the benefit of a future transaction or reinvestment.
“Educating borrowers inspires a level of trust that translates into increased conversion and borrower referrals, and automation ensures every fundable opportunity has a differentiating mortgage advice presentation.” said Mortgage Coach President Joe Puthur. “This depth of integration allows lenders and depositories to create millions of HomeBinders that now include the proven transparency and influence of our TCA experience.”
“Celebrity Home Loans is committed to matching each customer with the perfect mortgage for their needs, providing education and delivering value every step of the way,” said Celebrity
Home Loans Chief Strategy Officer Danny Horanyi. “The integration between Mortgage Coach and HomeBinder helps us honor our promise to empower customers long after closing.”
“Our true north is providing homeowners a singular hub for managing all aspects of their home — and one important facet is financing,” said HomeBinder Chief Strategy Officer Pete Paglia. “Integrating with Mortgage Coach helps keep homeowners engaged with lenders long after closing by introducing the concept of maintaining and improving not just the home itself, but also the home loan.”
Tony Garritano is the founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 20 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting PROGRESS in Lending Association was the next step for someone like Tony, who has dedicated his entire career to providing mortgage executives with the information that they need to make informed technology decisions to help their businesses succeed.
