Product & Pricing Search Engine for Mortgage Originators

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"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
"It took 2 hrs to thoroughly price out scenarios, especially with interruptions/distractions. With LoanSifter 3.0, it takes 15 seconds. I'm thrilled!"
Kimie S., California
"…offer competitive quotes, stay connected to your potential clients, in the easiest and most accurate way…call upon LoanSifter."
Robert P., Virginia
"I have been waiting for an application that will make our life easier and I’m so glad it finally arrived. Thank you and thank you again! "
Cecilio J., California
"Man, I am just thankful for this LoanSifter so that I don’t go blind reading rate sheets!!!! As I get more acquainted and more efficient using this I am looking forward to more time on the golf course!! "
Barbara H., California
"I am loving what you guys are doing with this system! It is getting better everyday! Your staff is awesome and very responsive…..Susan is the best and always on the ball with helping and getting it done!"
Ed C., North Carolina
"I cant believe this software, now I can go home early and spend quality time with the kids."
Steve B., Georgia
"Some of the largest, most well-funded lenders can’t get it right. They have IT people designing systems, not mortgage people, and it shows. It’s obvious you have taken the time to get mortgage people involved in your product."
Mark S., Colorado
"In the first two weeks of using Zillow’s free leads and LoanSifter auto-quoting, I've priced out 561 leads and picked up 9 new loans. I'm able to spend my time more efficiently taking calls and applications instead of preparing quotes. The prospect knows what they want; they are calling just to verify and place the order."
Jason V., California
"I have recently began using your automated quotes with Zillow and I am amazed by the results ! I have closed 4 loans as a direct result and have several in the pipeline."
David L., Massachusetts
"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
"You guys were great. In fact I was just conducting a Webinar with 30 of our Loan Officers and I brought up your quick response to the question .... it was awesome."
Denise T., California
"I love the new bond tracking data!"
Jerry H., Texas
"This is a no brainer especially in this market. Terrific search engine that will save you time and make you money."
Tony S,, California
"I now know I was losing tens of thousands of dollars in lost profits before finding LoanSifter. HOLY COW!"
Laure F., Illinois

Case Study: LoanSifter Mortgage Price/Product Engine

Use in a Community Bank Environment

November 2009

First South Bank is a $409 million asset community bank based in Jackson, Tennessee, with locations throughout western Tennessee. They are in the midst of an aggressive growth plan for their mortgage lending department, adding personnel and technology to enhance competitiveness in their market with regional and national lenders. For this, the bank has engaged LendSmart Consulting to direct the growth project over an 18 month period that began in late summer. The plan is for FirstSouth to take full advantage of the opportunities available for community banks to gain market share in residential lending brought on by the turmoil in that business line recently and the contraction of the mortgage broker and regional bank channels in their area.

Traditionally, loan officers at First South relied one mailed and faxed rate sheets from the wholesale and correspondent lenders who purchased their mortgages. This made it difficult to quickly provide accurate mortgage pricing at the point of sale since the numerous adjustments to rates for credit, loan amount, type, etc. were done manually, often without benefit of enough information to accurately price the loan.

By using LoanSifter, accurate pricing will be available to loan officers via searching based on loan characteristics either online or through integration directly in their loan origination system (Encompass, by Ellie Mae). Up-to-the-minute pricing is then returned as the rates from investors that the bank deals with are loaded into LoanSifter in real time, then filtered to provide accurate pricing based on the search parameters. In addition, the pricing data will be used for marketing to prior customers who could benefit from refinancing.

An added benefit of the transparency in mortgage pricing is that the bank can now employ a best execution pricing model whereby the loans are committed to the investor who has the best price for a specific loan down to the exact rate coupon and lock term with all adjustments and investor fees included in the equation. Over time it is estimated that alone will add 20 to 40 basis points to the bankís gain on sale for itís mortgage loans.

LoanSifterís website rate table feature will soon be embedded into the bankís mortgage website which will advertise current rates daily without need for manual updating. Further, consumers will be able to search for rates applicable to their loan request online via the embedded LoanSifter consumer portal which provides customized quotes based on the bankís specific parameters in seconds.

This functionality is well beyond what most community banks in the area offer and will place First South Bank on equal footing with the large internet-centric lenders who offer online mortgage pricing.

LendSmartís managing partner, Jim Gueno, who is heading the First South Bank project mentioned several factors in selecting LoanSifter: ìWe recommended LoanSifter for the First South project due to the ease of use and installation, combined with powerful features that will provide measurable return on investment. Their web-delivered, subscriber based ASP model fits our philosophy of scalable infrastructure and variable costs which have proven successful for our community bank clients.î

Contact:

Jim Gueno

Managing Partner

LendSmart Consulting, LLC

(870) 275-4704

jgueno@lend-smart.com

LendSmart Consulting, LLC is a bank consulting firm specializing in mortgage lending which serves community bank and credit union clients nationally. The firm focuses on creating mortgage departments for financial institutions as well as directing growth of existing mortgage enterprises.