Mortgagebot LLC has announced a breakthrough in consumer convenience—and the new standard in “on-the-go” mortgage shopping: PowerSite Mobile. Now the nearly 1,000 financial institutions nationwide that use Mortgagebot PowerSite as their mortgage point-of-sale platform are providing mobile mortgage shoppers with the industry’s most user-friendly shopping experience—and they’re doing it automatically, with no extra cost and no new software or programming.
PowerSite Mobile is the new online solution that enables mortgage lenders to deliver fast, real-time product selection and pricing to the millions of consumers who use mobile devices—such as the iPhone, Blackberry, and iPod Touch.
“In today’s world, over 70 percent of consumers start their mortgage searches online,” said Scott Happ, president and chief executive officer of Mortgagebot, “and 77 percent of consumers go online for rate-and-fee quotes. In addition, by 2013, an estimated one billion mobile devices will be connected to the Internet—so it’s vital that mortgage originators embrace mobile, online lending.”
When consumers use a mobile device to get online mortgage quotes from a lender that uses Mortgagebot PowerSite, they are transparently given immediate access to an easy-to-navigate, mobile-optimized version of the lender’s mortgage-shopping Web page. PowerSite Mobile enables lenders to instantly deliver what mortgage shoppers want: Real-time, accurate, personalized rate-and-fee quotes. And consumers have to enter only eight pieces of non-personal data. The system even saves the data so shoppers don’t have to re-enter information on subsequent visits.
“PowerSite Mobile helps lenders meet consumer expectations,” said Happ. “It’s easy to use, it’s accurate, and it’s readily accessible from any mobile device. In addition, it helps increase a lender’s brand awareness, which drives more borrowers to the lender’s mortgage Web site.”
At the core of PowerSite Mobile is Mortgagebot’s proprietary product and pricing engine, which uses sophisticated product-eligibility filters to provide real-time, personalized mortgage quotes that include accurate, itemized closing fees down to the city level. This centralized database—shared by all of Mortgagebot’s nearly 1,000 clients—contains the details of 30,000 different loan programs. Collectively, Mortgagebot’s product and pricing engine has performed over 40 million rate searches year-to-date, making Mortgagebot the market leader in delivering highly accurate mortgage quotes to consumers.
As PowerSite Mobile searches, it evaluates the consumer’s data against the lender’s unique business rules—and creates a complete list of mortgage products for which the consumer is eligible. PowerSite Mobile then displays its quotes on a mobile-optimized screen that shows interest rate, points, APR, closing fees, and monthly payment for every eligible product.
But unlike most mortgage-shopping tools, PowerSite Mobile gathers rates and fees in real time from the lender’s live product database—which means all quotes are completely accurate when presented. In fact, the data display reflects exactly what the lender would show on a Good Faith Estimate (GFE) if the con¬sumer were to submit an online application.
For more information, visit www.Mortgagebot.com.