PMI Rate Pro shows how better information sooner increases pull-through.
KANSAS CITY–November 2, 2021–PMI Rate Pro, a Fintech firm founded by loan originators to help build stronger relationships with mortgage borrowers, has published a new white paper that explains in detail how brokers and loan officers can use timely information to stop loan fallout, close more loans and earn more referral business. The paper is available at no cost on the company’s website.
“The lenders that stay in the business when it gets tough will be the ones who have a strategy for winning borrower trust,” said Nomi Smith, PMI Rate Pro founder and CEO. “Today’s home loan borrowers are savvy. They get technology, they expect frequent communication and they want more information and better customer service. Our new white paper shows how to win their trust.”
Trust is viral, Smith says, and will bring the lenders who earn it repeat and referral business. Even more important in the short term, it will increase their pull-through by holding borrowers tight so they don’t leave for another financing source before the loan is closed. Finally, it will allow them to build stronger relationships with the business referral partners they depend upon for new purchase money mortgage business.
According to the company, the key to winning borrower trust lies in providing better information that results in consumers getting a better deal. One of the easiest ways to do this is to save them money on pass-through fees they have to pay. Originators can do that by getting borrowers a better price on the Private Mortgage Insurance.
Of the 70% or so of all homebuyers that will require mortgage financing to buy a home, the National Association of Realtors estimates that 52% will put down less than 20% on their home purchase. They’ll need PMI and most originators will quote one or two of the six possible sources. By quoting all of the sources, borrowers will get the best price and, even more importantly, they’ll begin to believe that they are working with the right lender.
“As former mortgage loans officers, we realized that saving borrowers money on PMI was a game changer,” Smith said. “It easily put us in the ‘most trusted’ position among all of the lenders the consumer would seek information from before taking out a new loan. Unfortunately, we didn’t have time to do the research beyond getting a couple of quotes. PMI Rate Pro has changed all of that for today’s most successful loan originators.”
For a copy of the white paper or to find out how you can become the most trusted loan officer in your market, visit the company online today.
About PMI Rate Pro
Founded by mortgage loan originators, PMI Rate Pro is a Fintech firm offering a proprietary software product to allow brokers and loan officers to quote Private Mortgage Insurance from all six industry providers in seconds for their borrowers. By providing better information, originators win borrower trust and the repeat and referral business that comes with it. They also increase loan pull-through rates by demonstrating to borrowers that they have their best interest at heart. Learn more about the company by visiting its website at https://pmiratepro.com/.
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