Brokers who have been dreaming of the day that they no longer have to deal with rate sheets can open their eyes. That day is today.
Now, brokers no longer have to reference separate rate updates and policy manuals in order to figure out which lenders might have an interest in their particular client’s profile. Today, using Discovery, brokers will have all that information at the click of a button.
Discovery, developed by Newton Connectivity Systems, matches client profiles with lender-verified product attributes to maximize the chance for the best possible mortgage approval. It features 32 different data points, including loan type, application purpose, term, and insurance status, and results can be sorted by everything from rate to term to broker compensation. Brokers can also sort results by client attributes such as credit score and income type. Searches can be saved, and products can be favourited for another time.
It used to be that lenders send out a rate sheet, updated whenever there was a rate change. Lenders would hope that brokers not only see those sheets, but note any available promotions and keep those lenders top of mind when they have an appropriate deal. Now, lenders know that their products and rates are going to be seen and are also more likely to see a deal that is better qualified to fit their specific parameters. This also levels the playing field for smaller and/or more niche lenders, as everything gets seen based on the search parameters specified.
“What we wanted to do is take all these variables and instead of making them lay down on a piece of paper, make it digital,” said Geoff Willis, president and CEO of Newton Connectivity Systems. It’s the same in many different industries, where people are looking online to match needs against availability. “We’ve created the match.com for mortgages.”
There are other systems in the space that compare lender products and rates, but the difference is that the third-party manages the rate updates, and as a result, the technology is subscription-based.
Rates and product attributes within Discovery are updated and verified directly by lenders with a date stamp of their last update on every card. Discovery is available to all brokers and can be used through the Velocity POS or as a stand-alone solution.
“Brokers are being well supported, lenders feel valued and we think that we’ve done that with Discovery,” said Dave Teixeira, executive vice president, business development and public affairs at DLC.
Discovery was rolled out to 30 brokerages across the DLC group. There are about 20 lenders currently up and active on Discovery, which about 85% of the average brokers’ volume represented in those lenders.
MBN
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome and rewarded!
"THE JACKIE GOODLET TEAM" Re/Max Rouge River Reatly Ltd., Brokerage Direct/Text: 289-200-5883 Office: 1-800-663-7119 info@thejackiegoodletteam.com
About Me

- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment