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With the new integration powered by Mortgage Coach's Total Cost Analysis presentations, homeowners will be able to compare refinance and home equity scenarios directly from the HomeBinder home management portal, according to the companies.
Mortgage lenders partnering with HomeBinder provide homeowners with a complimentary digital home management platform, or HomeBinder, upon closing of the loan. HomeBinder communicates with homeowners on behalf of the lender, centralizing all aspects of home management such as maintenance reminders, document storage, appliance recalls, and home value.
The integration with Mortgage Coach enables homeowners to compare how their current mortgage would perform against a standard refinance and a cash-out refinance at 15- and 30-year terms with the insight from Mortgage Coach TCAs. Additionally, homeowners can adjust variables to see how applying additional money toward their monthly principal would shorten the length of their mortgage and save money on interest.
To help loan originators keep borrowers engaged in the home financing process over time, rule-based automation prompts HomeBinder to periodically invite homeowners to review their financing with a refreshed Mortgage Coach TCA illustrating how much money they could save by taking advantage of current interest rates. Additionally, loan originators can proactively engage homeowners by uploading custom TCA comparisons into the client’s HomeBinder, allowing them to demonstrate the benefit of a future transaction or reinvestment, according to a press release.
“Educating borrowers inspires a level of trust that translates into increased conversion and borrower referrals, and automation ensures every fundable opportunity has a differentiating mortgage advice presentation,” said Mortgage Coach president Joe Puthur.
Last month, Mortgage Coach partnered with LoanSense to help student loan holders become homeowners.