Mortech’s Loan Pricing Helps Mortgage Lenders Work Faster and More Accurately
In recent blogs, we’ve been talking about the different product pricing engines (PPEs) available to mortgage lenders today. Long story short, you’ve got options.
Today, we want to talk about the one that’s owned and operated by a leading name in the home selling business: Zillow Group. Mortech, the Group’s software suite for mortgage lenders, serves up useful tools, including a competitive PPE.
Today, we’re focusing on the way that Mortech can help lending institutions empower their teams and better serve their customers.
Mortech’s mortgage pricing engine
While Mortech serves up a variety of tools, many lending institutions choose this software for one in particular. Meet the most useful tool in the Mortech suite: the mortgage pricing engine.
Backed by a wide range of correspondent and wholesale investors, it serves up instant pricing on customizable loan scenarios with just a few clicks. You can adjust margins and use its automated features to control key aspects of the pricing scenario. Specifically, you can tailor it to the customer’s eligibility based on investors’ unique criteria, even factoring in accurately priced private mortgage insurance (PMI).
In fact, that last piece is a key differentiating factor for Mortech’s pricing engine. By working with several PMI providers, Mortech pulls in instant quotes. This way, your loan officers can give customers the true cost of their loan, including this potentially notable added cost.
Mortech advertises competitive and scalable pricing for its pricing engine, along with a quick onboarding process and reliable, readily accessible customer support should you need it.
Other Mortech tools
While most lending institutions that choose to work with Mortech do so for the pricing engine, that’s not the only tool the company offers in its software suite. Mortech also offers:
- Predictive analytics for customer retention: Because Mortech is backed by Zillow Group, this solution can pull data from Zillow’s online real estate listings and the users who visit them. This allows Mortech to alert you if any homes already in your database are likely to sell in the next 90 days. As a result, you can reach out and (ideally) turn that past customer relationship into new business.
- Rate quoting in popular marketplaces: You can leverage Mortech’s application programming interfaces (APIs) to feed your rates to a variety of rate marketplaces. That includes, of course, Zillow, but your options don’t stop there. Mortech also has APIs for LendingTree, NerdWallet, Bankrate, Credit Karma, Trulia, and more. Historically, we’ve seen lending institutions pay about $15 per click on participating rate tables, bringing their lead conversion cost to somewhere between $150 and $200.
- Secondary desk marketing automation: With tools like a centralized lock pipeline and a dashboard that lets your loan officers look at historical pricing for locked loans, Mortech’s secondary marketing services can help you boost this function at your lending institution. Plus, this tool can integrate with your loan operating system (LOS) while delivering its own custom reporting functionality.
Mortech scales its pricing based on what your specific lending institution needs. Adding these features likely means paying more, but many teams see notable ROI when they leverage technology like Mortech.
Peace of mind with Mortech’s SOC 2® compliance
Mortech proudly advertises that its services are backed by SOC 2 compliance. SOC 2 is a trust services criteria built off the original SOC. The American Institute of Certified Public Accountants (AICPA) created the framework for system and organization controls (SOC) to guide accountants in the reporting required during an audit.
So, what does that have to do with lending institutions? The SOC 2 seal applies to service organizations, including Mortech as they provide service to your team. Mortech’s application of this trust services criteria means that they’re following AICPA guidelines in the way they manage customer data. So when you choose to work with them, you can rest easy that your and your customers’ information is protected.
Getting more out of Mortech
With unique value-adds like its live mortgage insurance quoting functionality and built-in safeguards through SOC 2 compliance, Mortech can do a lot to help mortgage lending institutions thrive. And because the pricing is scalable, you can choose precisely what your team needs.
That said, there is one big drawback here. Mortech doesn’t offer any tools that can feed rates directly to your site.
That doesn’t mean you should skip over this PPE option, though. As their only lender website partner, we can help you pull the resources you get from Mortech into your site. With options like real-time rate tables and lead workflows that provide personalized rate quotes, you can leverage Mortech’s rate data to make your site more useful and engaging for your clientele.
In fact, since there’s so much you can do when you connect Mortech and BankingBridge, we’re going to dedicate our next blog to the topic.
In the meantime, though, if you want to talk with our team about how this could work, book a demo today. One of our experts can show you how you can turn Mortech’s rate data into high-value lead generation tools on your website.