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 www.usinfobotics.com 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: www.calyxsoftware.com, (800)
362-2599
Goldmine: www.goldminesw.com, (800) 654-3526
Act: www.symantec.com, (800) 441-7234
The Mortgage Coach: www.loanlink.com, (800)
975-9755
SyncMaster and Campaign: www.usinfobotics.com,
(805) 376-1902
