Mortgage technology and beyond: Loan Analyzer and ComparatorJohn D. Svirskysoftware, loan comparisons, analyzing loans
What a difference a year makes. If you haven't noticed, there
are considerably less mortgage brokers out there, and those of us
who are left, are competing amongst ourselves for less deals. In my
market, however, there is still plenty of business available I just
have to be smart about getting my share. I actually have to work
now, and get back to marketing, making phone calls, etc.
For the past eight years of these columns, I have been content
to focus on differentiation that is, differentiating myself from
the rest of the mortgage community. By making my client feel
comfortable working with me, they know I will deliver a good deal
and they'll stick with me, despite dozens of teaser ads boasting
lower rates than the ones I quoted.
One of the ways I raise myself above the playing field is by
educating my customer. I gave them more information than they
wanted, showed them pretty pictures and graphs rather than just
spewing numbers, and answered the questions they did not know how
to formulate but were thinking. After 24 years in the business, I
pretty much know the questions and the resistance points that my
clients have. They may verbalize it differently, but the principals
are the same. My clients, and probably yours too, want to get the
best possible deal, save money and make lower monthly payments.
Which brings me to this month's review: Loan Analyzer and
Comparator is a program that allows you to compare up to three
different loan programs to the borrower's present loan and visually
and numerically highlights the difference in each of the loans.
This simple, inexpensive and most effective program is a joy to
use, works with Calyx Point and Microsoft Outlook, and does what it
is supposed to do effortlessly. Of course, you can always create
your own templates in Excel or use Point's prospect marketing
tools, but for $200, Loan Analyzer and Comparator will make you
shine and keep your customers happy, not only with the loan
product, but your expertise as well.
Most borrowers are terribly intimidated by money issues and are
happier letting someone they trust take care of it for them. This
program will help you earn your client's trust, by giving them
enough information to make their own informed decision. This
program helps you empower the client as well as yourself. We both
know that our clients trust in us as financial advisers not just as
mortgage brokers which leads to increased referral business.
I have evaluated previous versions of Loan Analyzer and
Comparator before, but it wasn't until the newest release Version
2.7 when I began to take notice. It integrates beautifully with
Point 4.3 and is easy and intuitive. Simply navigate to the "File"
menu, choose "New," and you are automatically brought to the
"Input" screen. Assuming you have not entered any information into
Point, the "Input" screen will ask you all of the right questions,
like latest appointment, loan app date, loan closed date, etc. It
asks for the borrower's needs (refinance or purchase); goals (loan
savings, accelerated loan payoff or lower mortgage payments); debt
consolidation; type and length of loan; and all the other questions
that need to be answered before a rate is determined. For example,
I am currently working with a client who wants a $500,000 mortgage,
but cannot decide between a five-year, fixed-rate, interest-only
with or without additional principal payments, or a 30-year fixed
loan. No matter what I suggested, he wavered, but after I emailed
the analysis, he came to his own decision. Customers feel more
comfortable when they can look at graphs and charts, and he
eventually chose the 30-year, fixed-rate loan, even though he would
have saved big bucks for the first five years with the other
Loan Analyzer and Comparator prints too many different reports
to list, but here are a few: Net Savings Refinance, Best Loans for
Purchase, Detailed Amortization, Short-Term Purchase, Summary,
Long-Term Refinance, Short-Term Refinance, Short-Term With Balance,
Side-by-Side (Comparing four different options), Graph and, my
favorite, The Index Value. Its Web site, www.agosoft.com, puts it this
way: "Change the rate, points, fees, extra payment, term, biweekly
to create different loan scenarios. Compare monthly vs. bi-weekly.
Compare long-term interests versus short-term interests. For ARM
loan borrowers, show historical index values."
It is a tribute to the people at Agosoft that they have been
able to take the complicated and make it easy. But don't take my
word for it; visit the Loan Analyzer and Comparator Web site,
download a trial version, and see for yourself how good, effective
and simple it is to use. And as always, don't forget to share your
opinion with me!
John D. Svirsky has been a mortgage broker for 24 years,
doing both commercial and residential mortgages. He is also a
volunteer firefighter, avid cigar enthusiast and cook. He may be
reached by phone at (845) 424-3388 or e-mail email@example.com.
Name of Product: Loan Analyzer and
Use: It does just what its name says. It takes
up to three loans and compares them with different options, showing
the net effect in terms of cost and short- or long-term savings to
Learning Curve: The program is intuitive, and
no computer knowledge is necessary. If you can fill out a 1003, you
can work this program.
Price: $200 (a trial download can be downloaded
before you decide to buy)
Recommendation: If you ever find yourself
comparing loan opportunities, helping a client to decide over a
five-, seven- or 10-year period, or whether it will be more
effective to lock in an ARM or 30-year fixed, this program makes it
easy. It is a wonderful addition to the mortgage broker's
Web site: www.agosoft.com