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Myers celebrates 10-year anniversary

Jun 23, 2005

1999: The best of the bestJohn D. Svirskyloan originator software, LOS, database software, mortgage technology If you are a loan originator, I encourage you to read this entire article. The number one question that I am asked each year is, "What is the best software available today that will make my job easier?" Because it is nearly time for the World Series and, before you know it, the Super Bowl, we are currently obsessed with the best. Very few of us can remember who came in second place at a sports or political event. When I am looking to buy something, I frequently tell the salesperson that I want the best product for my needs, which may or may not be considered "the best in the market," but the one that best suits my individual needs. In a marketplace of tough competition, each of us needs the tools to help us survive and thrive for the coming decade. We need to use technology rather than be fearful of it. I have chosen several software products that I think every loan originator should buy and have on their computers. After reading my recommendations, I encourage you to E-mail me at [email protected] and tell me if you agree or if you feel there is another product out there that I should review. Loan originator software: POINT, Contour, Genesis 2000, or Byte All very good, and each one has something to offer, but there can be only one winner. POINT for Windows by Calyx Software does it all. It's Internet savvy, compatible with Desktop Originator, and blends seamlessly with the other software I am about to review. At this point, it is the industry standard. What I also like about POINT is that it isn't overloaded with additional fees and extra costs. The product keeps on evolving and improving; it is so simple to use, you can figure it out even if you are computer illiterate. Database software: Goldmine or Act Both products are good. It's just a matter of personal preference. Symantec's Act has just released a 2000 version, which I have yet to see. In the past, my problem with Act was that it was complicated and written based from Dbase. Goldmine seemed more intuitive, making it easier to create my own fields. In my mind, it is like choosing between Mercedes and BMW-they are both works of art-which one works for you? If you are using Act and upgrade to 2000, let me know. Many people tolerate Act, but are not thrilled with it. They are just too complacent to change. People who use Goldmine seem to be more proactive about it, using it more for mining the database. We all know that our database contains our riches, our acres full of diamonds. Calling just four previous clients a day, or even a week, will dramatically increase originations. It's just a matter of keeping in touch. About two years ago, I reviewed Mortgage Quest, which I liked; the only problem is, they have yet to update either the program or their marketing campaign. In this market, if you remain the same, you fall behind. Other programs In the past, loan origination software and database were two separate entities, although each contained valuable information. However, they did not communicate with each other and one had to enter the information twice, once into the 1003 and then again into the database. That has all changed with SyncMaster Software by U.S. Infobotics. Their mission is to provide automated information systems, underscoring the need to simplify database marketing systems and streamline rapid transfer of data. They have provided a system for different database systems to communicate with each other via what U.S. Infobotics has dubbed "data bridge technology." This company has created five great products. If you have the money, I would suggest that you buy them all. If not, download the demos at and pick up what works for you. SyncMaster 3.5 is a must. It takes the information from the 1003 and puts it into POINT for Windows or LoanHandler by Contour, or, conversely, takes the information from POINT or LoanHandler and puts it into Goldmine or Act. The timesaving by this one program is worth the price alone. This is an example of integration at its best. But don't stop at SyncMaster 3.5. To really put your database to work, also consider buying USI Campaign 1.5. USI Campaign automates the generation of to-do's, letters, reports, E-mails, and follow-up phone calls. It works in conjunction with Act or Goldmine and allows your computer to do your work for you, even if you're not present! I have the product, but must admit that I have yet to use it. Nevertheless, I love the concept. Let me know what you think about it. I have been searching for an automated letter writing campaign that permits me to send out three to six letters on anniversary dates of the close of a mortgage, keeping my name out there with my client so they will refer me to others or call when it's time to refinance their home. Finally, there is The Mortgage Coach by MortgageLink. I love this program. It comes with five different modules, all of which are designed to differentiate your services as a mortgage professional from the rest of the pack. You can take a mortgage fitness checkup of your past clients and show them various options that would be available to lower their monthly payments, pay down their mortgage sooner, show potential equity building, and dollar savings of doing 80,10,10 versus PMI. Even in this upward-rate environment where most brokers don't even try for refinances, using The Mortgage Coach can give an analysis of all debt that may show how customers could save money in refinancing even if their current first mortgage is at the same or a lower rate. By combining the Rate Watch Report and the Total Cost Analysis, you can impress your clients with facts rather than hyperbole. Another great feature, which financial planners love, is the equity-repositioning module, which shows customers that by taking the money they would have used to pay down the mortgage and investing it with a financial planner, the equity amassed over 30 years will yield a 12% return (average large cap rate of return for past 50 years), compared to paying down a 7% or 8% mortgage early. The numbers are dramatic, and you should emphasize to your customers that they must be disciplined to take this approach, and that the money must be invested with the financial planner monthly. The financial planners love you because you are creating business for them, and the clients love you because you are helping them build financial equity and make deposits in the bank. Using the POINT for Windows, Act or Goldmine, SyncMaster with USI Campaign and The Mortgage Coach, your business will grow exponentially. I realize that I am talking about a lot of start-up money and many businesses are beginning to slow down with rates on the rise. However, this is the time to invest in yourself and your marketing efforts. All of these products work seamlessly together, so there is no double entry necessary. Today, the mortgage business is about so much more than simply taking an application and picking up a check; the professional invests in the best. It is wonderful to have electronic assistants to perform the tedious aspects of this business while we do what we do best-sell. As always, let me know what you think. If you are using a different product that you feel 266,000 other mortgage professionals would benefit from my reviewing, let me know and I will discuss it for an upcoming issue. Armed with these tools, you too can be a superstar. John D. Svirsky is a former Director and Technology Chairperson of the NYAMB, a volunteer firefighter, gardener, avid cigar enthusiast, and has been in business for himself for 18 years. John can be reached at (914) 424-3388 or [email protected]. It's worth a try. Who knows? You might make even more money while helping others at the same time. Contact information POINT for Windows:, (800) 362-2599 Goldmine:, (800) 654-3526 Act:, (800) 441-7234 The Mortgage Coach:, (800) 975-9755 SyncMaster and Campaign:, (805) 376-1902
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