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National Mortgage Professional
Sep 25, 2005

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 alternative. 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 protected] Product Information Name of Product: Loan Analyzer and Comparator 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 the client. 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 arsenal. Web site: www.agosoft.com
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