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"Get Your Mortgage Info On The Web!"


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Chuck Aikens Photo
10/2/98 Interview with Chuck Aikens

Mortgage 101
9448 Brentwood Avenue
Broomfield, CO 80021
Biography

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How Mortgage 101 Works

  1. The site offers various documents, calculators subjects and tools that help consumers understand the mortgage process; loans covered include, VA and FHA; both Microsoft and Yahoo! have given it "cool site" rating.
  2. Mortgage companies and Real Estate companies can build Mortgage 101 into their own pages to create a value-added resource that they appear to provide to the consumer.
  3. The logo from the linking RE-related web site is used at the top of every page in the Mortgage 101 system; additionally, links at the top, bottom and in the content of every page will take the consumer back to the Real Estate site.
Mortgage Rate Detail

  1. The mortgage rates section displays quotes from multiple lenders (as many as 7 or 8) for mortgage alternatives under various terms; rates, application fee, etc. are shown for each.
  2. Mortgage 101 updates the rates daily from its broad network of lenders; quotes older than three days are dropped, so incentive is high for mortgage companies to keep them current.
  3. Accessing current information for your area and being able to see their choices are powerful magnets to draw visitors back to your web site.
Why Mortgage 101 Is Free to Realtors

  1. The company has other revenue-generating sites; Mortgage 101 is being used to build a bridge between the Real Estate community and the mortgage community; once the groundwork of cooperation is built, the company stands to benefit financially down the road.
  2. A revenue stream does come from mortgage companies through a number of programs; for example, a mortgage company may become an official sponsor of particular Realtor's site.
  3. If a Realtor prefers to use several particular lenders, Mortgage 101 can attempt to recruit their participation and arrange with those mortgage companies to provide all or some of their Internet needs for a small fee.
  4. An incentive for Realtors to recommend lenders is the opportunity to get pre-approved leads back from the mortgage company; the team cooperation between Realtor and lender should generate a higher closure rate on Internet business for both.
Services Available to Lenders

  1. Mortgage 101 can support a mortgage company's web site, provide a secure mortgage application, the ability to update their own rates into the Mortgage 101 system and/or other marketing opportunities.
  2. Fee options are a monthly subscription charge of $25 to be part of the system or an annual fee of $250 for administrative and technology features.
  3. If a lender's Internet needs are already taken care of, there is no charge from Mortgage 101 to be included in the database.
Expansion to the Commercial Side

  1. Though currently geared for Residential sales, Mortgage 101 will probably begin to serve Commercial Real Estate early next year; interested Commercial Realtors should contact Mortgage 101 about helping to create the site.
  2. Calculators are already built to calculate income flow; some companies are already interested in posting commercial rates.
Internet Marketing Benefits

  1. Using Mortgage 101 on your site will help attract and retain Real Estate prospects; if your site contains both RE and mortgage information, it will also attract more business links.
  2. Your image as a professional is enhanced by your providing more comprehensive information.
  3. Utilizing Mortgage 101 provides daily updates to your site without your having to do anything.
Other Mortgage Sites Run by Mark Design Group

  1. The directory America Mortgage Online is one of the top national online sources of unbiased mortgage information.
  2. ABCMortgage.com specializes in sub-prime investment properties that are not part of the confirming market.
  3. The company also develops sites for individual mortgage companies and services numerous mortgage company sites for clients.
The Uniqueness of IMark Design Group

  1. Its various presences on the Internet keep the company in the fore front of the mortgage industry and technology.
  2. Although there are spin-offs of Mortgage 101, none provide the Private Label Program; most imitation sites are marketing attempts by a particular mortgage lender.
  3. As a stand-alone site, Mortgage 101 is recognized as a significant product by leading rating sources; its availability to be privately labeled for the Realtor is extraordinary.
The Future for the Mortgage Industry on the Internet

  1. The trend is toward reduction of the paper shuffle by automating the process; the goal for mortgage companies on the Internet is to get an approval for a client before a competitor not on the Net can deliver an application.
  2. Use of the Internet is moving beyond a place to shop rates into the realm of service; information can be delivered back to the mortgage company with the same efficiency that it is being disseminated to the consumer.
  3. The next step will be integrating online credit reporting, processing and quick approval into the system; the most technically savvy mortgage sources are beginning to do this, and IMark Design Group will be bringing the capability to the average mortgage broker.
  4. Ultimately, the progress of a pending loan will be able to be tracked via computer through all its steps, including the legal work, title work, inspections, appraisals, etc.
  5. Channeling this information to the consumer will enhance the Realtor's professional value and keep the Realtor at the center of the transaction.
Maintaining a Competitive Edge

  1. Realtors who are adept with computers and technology will be able to access more information and give more advice to the consumer.
  2. The trend is to use more photos of properties and more complicated listing packages that include exposure on the web; new tools are supporting this Internet expansion.
  3. The process of updating clients on new properties is becoming more and more automated to be more comprehensive and to save time.
  4. In two years, expect video tours of higher-end homes to be common and customer service/chat people to be made available to answer specific questions for consumers.
Special Offers to Society Members

  1. Realtors: Mortgage 101 will waive the monthly or yearly fee for your first referral of a mortgage company.
  2. Commercial Realtors: contact Mortgage 101 if you are interested in pioneering the expansion of service into the Commercial arena.
  3. Mortgage professionals: inquire about Mortgage 101's stand alone product to add calculators, secure mortgage applications and other tools to your web site.
Contact Information for Chuck Aikens:

(v) 800-786-8083
(f) 303-455-4100
(e) ciaikens@gte.net
(w)www.mortgage101.com


Real Estate Sites & Tools in this Briefing:

Mortgage101.com
American Mortgage Online
BC Mortgage