Mortgage Reboot: Home-Account vs Bank of America
▼ ❑ Robert Cringley
• ❑ Pissed off Microsoft
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▼ ❑ What doing?
• ❑ In the RE business
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• ❑ 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
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▼ ❑ Change the relationship between buyer and lender
• ❑ Consumers
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▼ ❑ 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
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▼ ❑ 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
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▼ ❑ 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
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▼ ❑ Home-Account $2,200 per loan!!!
• ❑ $200 per month
• ❑ $100K over the life of the loan
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▼ ❑ Number of government related costs in there
• ❑ That stuff, no one can take out!
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• ❑ Best Home-Account can say is NO added cost
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▼ ❑ Brad: This has been tried, I think
• ❑ Took 600 loans
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▼ ❑ Home-Account banks
• ❑ GMAC only national lender
▼ ❑ Lots of regional players
• ❑ Working through their licenses
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▼ ❑ Attracting clients through web site & affilated sites
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• ❑ Cash-out
• ❑ Reverse mortgages
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▼ ❑ BOA
• ❑ Flat fee Mortgage Plus
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• ❑ Have you ever heard a loan officer say, "By the way, you can save $700 by applying online?"
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• ❑ BOA disputes, retail channels can bring certain financial advantages / incentives to the transaction (check quote)
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