Product & Pricing Search Engine for Mortgage Originators

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"From a personal perspective, we have used Loansifter in our office---every loan officer has it-------and it has been extremely valuable in what we do every day."
Joe T., Wisconsin
"I can’t function without your product…without LoanSifter I’m at a loss."
Bobby B., New Jersey
"Setting up email campaigns has never been easier. Information emailed to prospects can be tailored to however you or they want."
Adam W., California
"We hope to work with you guys for a long time, really helps in the way that we do our business. "
Tim M., Oklahoma
"I've only had LoanSifter for 2 weeks and I already can't imagine life without it."
Rick P., California
"It was a true win-win situation and we are funding today. The way I see it, LoanSifter just paid for itself for the first 18 months with the extra $1,042 I made on that loan, but I made over $5,000 on the loan and I might have lost it if I hadn’t looked at that one lender. I am completely sold on your product and I love the new Point integration feature."
Hans B., California
"I honestly don't know why every LO in this business wouldn't sign up for it."
Kathy C., Florida
"Your email campaign is simply brilliant. It beats the heck out of having to call my clients each time interest rates move a little."
Adam W., California
"This is exactly what I wanted to do. I didn’t think it would be this easy. You’ve really set this up intelligently. I think it is great."
Michael H., Arizona
"I can immediately quote a rate on LoanSifter, it’s such a time saver! I don’t have to spend my time sifting through rate sheets. No more telling my customers, “I’ll have to get back to you"!"
CJ K., California
"I am really excited about this. Dan at our other office loves it."
Darlynn V., Massachusetts
"I really like the service you offer, it has saved us enormous amounts of time by finding best rates and pricing quickly. "
Michael W., California
"LoanSifter 3.0 is a phenomenal product. It is so easy to be visible to realtors and other potential business!"
Christopher L., California
"Prior to you guys, the only options we’ve had are partial solutions that leave much to be desired. The industry has been crying for what you have to offer. "
Mark S., Colorado
"As a banker using LoanSifter, my loan originators can offer the market a more competitive, more diverse product line. Historically, our bank selected one rate for the day, for a limited number of products. With a LoanSifter, we’re able to adjust pricing in real-time, as the market fluctuates throughout the day. And we can do this with any number of product offerings. In the end, we can get our borrowers into loans with the best rate and product type for their situation."
Peter P., Wisconsin

New Techniques

New Techniques - Generate Leads in Tough Times

By Brad Finkelstein, Origination News, February 2009

Excerpt:

Among the hottest ways for mortgage originators to connect with potential clients is Zillow Mortgage Marketplace. Spencer Rascoff, its chief operating officer, said the system allows consumers to get an unlimited number of quotes back from the originator.

At the same time, the consumer remains anonymous to the quote provider until the consumer elects to make contact. There are some 4,000 originators who participate in the Zillow Mortgage Marketplace.

When the service first started, for the first six months, mortgage originators had to provide those quotes to consumers by making their calculations by hand.

While there are now several automated interfaces originators can use, among the first arrangements was one created with LoanSifter, a pricing and pre-approval engine operating out of Little Chute, Wis. The service has information from both correspondent lenders and wholesale lenders, covering some 120 investors.

Craig Doriot, chief technology officer of LoanSifter, said it prices the leads very accurately and it is seamless, so the customer doesn’t know the lead is auto-generated.

The consumer gets feedback immediately, LoanSifter president Bruce Backer said. “The loan officer doesn’t even see it. It just comes into LoanSifter, it gets quoted and pushed right back to Zillow and it gets presented as being from the loan officer.” The loan officer is immediately able to work on the lead, but no longer has to do the legwork to prepare the quote.

Mr. Backer said one LoanSifter client was on Zillow for several months, quoted 2,500 leads, hand-quoted them all and got seven new loans. The client was happy and would have continued using Zillow without LoanSifter, he added, because he got seven loans he wouldn’t have had.

But by using the automated service, the client is able increase productivity and can respond to more Zillow-generated requests. More importantly, they can issue quotes from all of their investors. Even just doing quotes from a small number of investors by hand can be difficult and might not even be the most competitive.

“Zillow has done a really nice job in being able to make it really consumer-friendly. They have given the loan officer a way to describe himself or herself and describe what differentiates them. It is using those types of tools that we find help the loan officer be effective with Zillow,” said Mr. Backer.

Mr. Doriot told the story of one loan officer who said his goal was to be one of the first in front of the customer (consumers are more likely to respond to the quotes they receive quickest). That LO said it is difficult to be first if calculations have to be made by hand.

Zillow added that by using the automated products, it eliminates the possibility of error in making the calculation.

Mr. Rascoff said approximately 60% of the quotes that are returned to consumers are created through engines like LoanSifter. Other partners included Mortech and Leads 360.

Zillow has done lots of consumer research around the product and he said that users love the anonymity the service provides. “Our research tells us they hate the old lead generation model where their name and contact information is offered up for sale to the highest bidder,” he said.

The company also created the system to counteract bait and switch. And there is an e-Bay style feedback system that allows consumers to comment.

Among things that can be tracked on the Zillow website are loan quotes per loan request. On the day the interview was conducted, that number was 8.5. Mr. Rascoff added that just a few months ago, the number of quotes was approximately half of that.

“We’ve completely reinvented the traditional lead generation model by empowering the consumer and the lender and turning lead generation on its head,” he declared.