The CEO said the product has been enhanced largely through user feedback: “We’re obviously getting feedback since the launch,” Rick Webster, the company’s chief marketing officer, said. “What we’re finding is marketers at the lenders are finding this to be a well-kept secret when it comes to a new leads source for them.”
Alimi boasted of the free service, noting its competitor, LoanSifter, charges $78 monthly – up to $300 with add-ons. “Cost is a huge factor,” he said. “Now with cost and inflation and everything else out there, we felt that offering it for free makes sense. “We can do that because our enterprise pricing system is used by the biggest bank in the nation, the biggest credit union in the nation. The wholesale lenders are the ones who pay us to be in the system. We don’t double dip, our competitor double dips. Our competitor charges the wholesale lender and the broker. We don’t do that.”
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LoanSifter spokesman Mitch Cohen sees things decidedly differently. “That is an interesting take,” he said when reached by MPA to comment. “Here’s the reality,” he continued.
As to accusations of double-dipping: “We have both broker and investor/lender clients who use LoanSifter for their own benefits and purposes,” he said. “The reason LoanSifter is such a great tool for mortgage brokers is that it’s an affordable platform that connects them with accurate, timely product and pricing info from over 120 investors/wholesale lenders – the largest of any broker PPE, I believe.”
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