LAS VEGAS -
One company is out to level the house a bit when it comes to that latter challenge.
Mortgagebot, which currently powers the online mortgage engines at 325 credit unions nationally, has introduced Mortgage Marvel, an online offering it says is the only site that helps credit unions to compete with the better- known Lending Tree’s and Bankrate.coms. Two more credit unions have recently signed on to Mortgage Marvel, Xerox FCU in California and Virginia Credit Union.
“When members start their search for a mortgage with a Lending Tree or Google credit unions lose out as a landing place,” said Dan Welbaum, chief marketing officer with Mortgagebot. “Those sites are also not very user-friendly and are a confusing consumer experience. And they are not real-time rates.”
There’s an additional risk to those sites for consumers, as well, stresses Welbaum. “With Lending Tree, you have to enter about 70% of the information you would need for a mortgage. They then turn around and sell that information to three to five lenders and those lenders then start hounding you over the phone. We felt there was a better way, that it should be easier and painless. Thus, Mortgage Marvel.”
The site, at MortgageMarvel.com, allows consumers to simply enter information on how much they are seeking to borrow, the approximate value of the property, and its Zip Code. What the prospective borrower gets is a list of institutions, including credit unions, that have indicated they will make loans in that ZIP Code. The borrower does not have to be a member, and can join as part of the borrowing process. The prospective borrower simply clicks on the favored lender’s name and is taken to that institution’s mortgage site.
‘Chance’ To Win Business
“We allow credit unions to at least have a chance to win that business,” said Welbaum, acknowledging a competing bank or credit union may have more attractive pricing. “If you want to be competitive and get those loans then you are going to have to participate and give up that information.”
“We are the first and only site on the Internet deeply integrated with the financial institution,” continued Welbaum, who spoke with Credit Union Journal during the Bank Administration Institute’s Retail Delivery Show. “It’s real-time pricing and rates, with detailed closing costs.”
Unlike other sites, added Welbaum, the consumer can remain anonymous while shopping and not disclose personal info. In January, the site will be enhanced to allow lenders to indicate that they will only make loans in markets where they have a brick-and-mortar presence. Mortgage Marvel.com also includes advanced tools for searches related to investment properties and adjustable-rate products. In addition, there is a Learning Center that includes videos for consumers.
“There is a lot of educational content,” said Welbaum.
For now Mortgage Marvel is free to participating credit unions. Eventually, said Welbaum, there will be a cost, with pricing to be determined and based on either an application fee or a loan(s) closed fee.
