Mortgage Market Rate Checker
FAQ
The Mortgage Market Rates Checker is an app within your CRM workflow automation Actions that checks contacts' mortgage rates against market rate automatically to determine qualification for refinancing.
You simply provide the difference or gap between the contacts' mortgage rates and market rates and then select the market rate type (30-year conventional, FHA, 15 year conventional etc.) to use for the workflow action to qualify them. Qualified leads go to a "Meet Criteria" branch flow and the others go to a "Does not Meet Criteria flow"
What are the benefits of the Mortgage Market Rates Checker App to Loan Officers and Mortgage Brokers
1. Mortgage rates checker helps loan officers and mortgage brokers generate leads for refinancing productively on auto pilot
2. It helps streamline the entire refinancing lead generation process with automation to save time, cost and reduce manual inefficiencies
3. It optimizes marketing campaigns cost-effectively with filtered prospects for them to focus on on vs. mass campaigns
4. It drives better campaign outcomes by scoring and qualifying leads who are likely to be take action vs mass campaigns
5. It drives consistency in your marketing campaign and growth efforts
What is the source of your rates
We use the weekly mortgage rate of applications submitted to Freddie Mac from lenders across the country. Data are provided “as is” by Freddie Mac®, with no warranties of any kind, express or implied, including but not limited to warranties of accuracy or implied warranties of merchantability
How often are the rates updated?
T
he rates are updated weekly using the weekly mortgage rate of applications submitted to Freddie Mac from lenders across the country. Data are provided “as is” by Freddie Mac®, with no warranties of any kind, express or implied, including but not limited to warranties of accuracy or implied warranties of merchantability
What rates do you currently provide?
30-Yr Fixed Mortgage: 30-Year Fixed Rate Mortgage Average in the United States - Updated Weekly
15-Yr Fixed Mortgage: 15-Year Fixed Rate Mortgage Average in the United States - Updated Weekly
30-Yr Fixed FHA Mortgage: 30-Year Fixed FHA Rate Mortgage Average in the United States - Updated Weekly
30-Yr Fixed Conforming Mortgage: 30-Year Fixed Conforming Rate Mortgage Average in the United States - Updated Weekly
30-Yr Fixed Conforming LTV <80, FICO>740: 30-Year Fixed Conforming Mortgage with Loan-to-Value Less Than or Equal to 80, FICO Score Greater Than 740 - Updated Weekly
Note: We're always adding new rates. please contact us if you're looking for rates not already listed
What is a typical Use Cases for the Action
1. Loan officers and Mortgage Brokers use Mortgage Rate Checker to auto monitor their existing client's rate against market rates regularly for refinancing scoring qualification that automatically launch outreach campaigns
2. Mortgage Brokers and Loan officers score their email list of prospects automatically and repeatedly filter cost-efficiently to only those that qualify at the moment vs. everyone on the list while also driving better outcomes with higher response rate
Can I check for different rates at the same time
Yes, you can use the App Action multiple times in the same workflow with if/else or conditional actions
Use conditional action based on a field or tag that separate your contacts.
For example, you can separate your contacts with 15-year mortgage and 30-year mortgage using tags and if/else conditional action. Then add to 2 Mortgage Rates Checker Actions for each conditional action flow: 1 that checks against the 15-year mortgage market rate and 1 that checks against 30-year mortgage market rate
Can I set different frequencies for checking rates like monthly vs. quarterly based on contacts that have a bigger current rate gap to market rate vs those that don't or just refinanced?
Yes, you can use multiple instances of the same app action to achieve this.
For example, you want monitor monthly only those contacts with rate within 2% lower than market rate. The expectation is that if they drop more than 2% lower than the market rate, they will be routed refinancing outreach.
The rest of the contacts that have a higher gap to the market rate will be checked less frequently (quarterly) since don't you expect a massive change for them qualify so soon
To achieve this, set the first Mortgage Market Rate Checker action to check for all contacts added to workflow for those with rates lower than market rate.
Those that meet the criteria, go to a second Mortgage Market Rate Checker action to check for greater than 2%. Those that meet the second check are routed for outreach.
Those that don't meet the second check get a 1 month delay and recheck.
Those that don't meet the first Mortgage Rate Checker action are routed to quarterly delay for recheck
Can I request new rates addition or other customizations
Yes you can. We are always updating the application and will work with you accordingly. Please submit a ticket to our support team
