Adinta.com is offering a new service, the Virtual Loan Office, which provides the consumer with interactive access to a comprehensive database of real time mortgage rates on a full range of loan programs offered by the lender. This cloud-based point-of-sale system has been designed to allow the smaller independent lenders and brokers to compete with big bank's online technology without the cost of paying for expensive IT professionals. "You don't have to re-engineer your whole organization to compete in today's online origination race", says Fotuhi, director of software development at Adinta.
The interactive service provides easy multiple-choice questions to specify the loan scenario, property type, occupancy, loan amount, downpayment, etc. The scenario can be defined in less than a minute.
"Today's younger tech savvy borrowers demand instant answers to their home loan questions 24-7," said Jorge Garcia, director of marketing at Adinta.
Based on the scenario entered, the software displays all matched loan options to help lender's meet Anti-Steering Safe Harbor Regulations. Descriptive product names and extensive product details are shown for each loan program. The user can compare the different loan options simply by tabbing through the side-by-side comparison screens.
After user selects a pricing, all significant calculations are displayed in an detailed interactive calculator that allows borrowers to enter income and debt numbers to calculate qualification ratios. The rate options and the calculations can be downloaded or printed.
A short and simple online application is built-in, however a lender can program the system to direct the borrower to an in-house application or LOS. The full site runs on a secure https format.
For as little as $10 per month, Realtor and brokers can incorporate this calculator into their existing websites. This simple and intuitive tool empowers Realtors, borrowers, and staff to self-test transaction eligibility and pre-qualify prospects onsite, anywhere. Online advertizing could be pointed to it to provide comprehensive answers to prospective borrowers without annoying wait for call backs.
"The $10 per month sub-account is as easy as plug and play, no matrix or daily rate maintenance is required", says Kohan managing director of the firm. The first version of the Virtual Loan Officer was featured in the September 25, 1995 issue of National Mortgage News.
Fees to the providers are based on the amount of control the provider wants on daily rates, and program matrixes. A self-managed account with total control is only $30 per month.
A nominal onetime set-up fee is charged to introduce the site features and tools to the appointed administrator. Adinta comes pre-programmed with standard Fannie-Freddie guidelines, and is programmable for any private label niche lending guidelines. Familiar format, Excel templates allow the user to manage and implement investor’s overlays and exercise total control over product inventory, program guidelines, and daily rates.