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Mortgage Reboot

Page history last edited by RealEstateCafe 14 years, 7 months ago

Mortgage Reboot:  Home-Account vs Bank of America

▼    ❑    Robert Cringley

    •    ❑    Pissed off Microsoft

    •    ❑   

▼    ❑    What doing?

    •    ❑    In the RE business

    •    ❑   

    •    ❑    Home-Account.com start-up based in San Francisco, listened to him

    •    ❑    Made some calls, interesting business model

    ▼    ❑    Created a company

    •    ❑    Attempting to revolutionize

    ▼    ❑    Take the cost out, put customer first

    •    ❑    Go against Bank of America and WIN

    •    ❑   

▼    ❑    Change the relationship between buyer and lender

    •    ❑    Consumers

    •    ❑   

    ▼    ❑    Most loans fail

    •    ❑    Incentives in the system

    •    ❑    Has most advantages

    •    ❑    Countrywide cheap

    ▼    ❑    Why don't you go online and save $700, save more than that from us

    •    ❑    You're misinformed

    •    ❑   

    ▼    ❑    Typical loan officer gets 30 basis points per loan

    •    ❑    BOA:

    ▼    ❑    Loans we facilitate are dramatically less expensive

    ▼    ❑    Home-Account.com

    •    ❑    No lead gen in a traditional sense

    ▼    ❑    Have user face underwriting system

    •    ❑    Find out what it is going to

    •    ❑    Find out everything the loan officer would tell you

    •    ❑   

    ▼    ❑    Home-Account works with about 15 lenders

    ▼    ❑    Key:  If someone doesn't qualify, we HELP them qualify

    ▼    ❑    Monitor their expenses

    •    ❑    Offer related services for FREE

    •    ❑    Take you from not qualifying to qualifying in about

    •    ❑   

    ▼    ❑    Home-Account $2,200 per loan!!!

    •    ❑    $200 per month

    •    ❑    $100K over the life of the loan

    •    ❑   

    ▼    ❑    Number of government related costs in there

    •    ❑    That stuff, no one can take out!

    •    ❑   

    •    ❑    Best Home-Account can say is NO added cost

    •    ❑   

    ▼    ❑    Brad:  This has been tried, I think

    •    ❑    Took 600 loans

    •    ❑   

    ▼    ❑    Home-Account banks

    •    ❑    GMAC only national lender

    ▼    ❑    Lots of regional players

    •    ❑    Working through their licenses

    •    ❑   

    ▼    ❑    Attracting clients through web site & affilated sites

    •    ❑   

    •    ❑   

    •    ❑    Cash-out

    •    ❑    Reverse mortgages

    •    ❑   

    ▼    ❑    BOA

    •    ❑    Flat fee Mortgage Plus

    •    ❑   

    •    ❑    Have you ever heard a loan officer say, "By the way, you can save $700 by applying online?"

    •    ❑   

    •    ❑    BOA disputes, retail channels can bring certain financial advantages / incentives to the transaction (check quote)

 

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