CORONA, Calif., June 8, 2021 (SEND2PRESS NEWSWIRE) – Mortgage Coach, the only platform for mortgage lenders to create digital and accurate home loan options for consumers, today announced the addition of detailed debt consolidation strategies in the Total Cost Analysis showcase ( TCA), allowing loan originators to educate consumers on low-interest debt repayment options as advanced securities offer household cash relief.
According to the Federal Reserve’s first quarter data, there is $ 21 trillion in US home equity and around $ 4.6 trillion in non-mortgage consumer debt such as credit cards, loans. automobiles and university loans, with revolving and student debt increasing during the pandemic period. Job Loss. At the same time, mortgage rates remain at historically low levels.
Mortgage lenders use the Mortgage Coach platform nationwide to create millions of multiple option loan comparisons each year. Each personalized TCA presentation is delivered to the borrower via a digital link via email or text, giving the borrower a personalized digital experience and the ability to make an informed decision about their mortgage. The added Mortgage Coach debt consolidation illustrations allow loan originators to easily review detailed consolidation scenarios in presenting a borrower’s total cost analysis including comparisons between a mortgage without debt consolidation , a mortgage consolidating all the consumer’s debts and a mortgage with partial consolidation of debts, offering both short and long term visions of interest savings and the impact on cash flow.
“One of the most powerful elements of a Mortgage Coach debt consolidation strategy is to show borrowers alternatives as to how to apply the funds they would otherwise spend on debt,” said the president of Finance of America, Bill Dallas. “Using Mortgage Coach to present a debt consolidation strategy supports our commitment to helping people make informed decisions about borrowing and their most important life purchases. “
Mortgage lenders who currently use Mortgage Coach will find its easy-to-understand debt consolidation strategies intuitive to their borrowers thanks to its clearly labeled calling position on the Total Cost Analysis Summary.
From the short term tab of the Debt Consolidation Call, the borrower has a view of the interest savings by consolidating the debt based on selected time parameters and can explore how the costs such as the Mortgage insurance were calculated via information windows on each strategy, allowing a comparison of the total cost of each option against each other and net savings for these new options.
In the long-term section, lenders can change the settings for any time horizon aligning with the borrower’s goals, such as planning a children’s college in five years, planning the retirement in 15 years or planning for other life events that allow borrowers to align their goals with parameters meaningful to their particular financial needs.
“We are excited to unveil this innovation at a time when rising home equity offers many borrowers relief from high interest consumer debt or lingering student debt,” said Joseph Puthur, president of Mortgage Coach. “Any lender and borrower can now easily explore refinancing options by leveraging home equity strategies to pay off consumer debt at historically low rates, while still keeping a manageable mortgage. Understanding how to best use home equity is straightforward and accurate for anyone with this addition to our total cost analysis.
About Mortgage Coach
Mortgage Coach is the only platform that allows mortgage lenders to create digital and accurate home loan comparisons for consumers. With the presentation of the total cost analysis, lenders can create a multi-option comparison, providing the borrower with a more personalized digital experience. This level of transparency has revolutionized the pricing and pricing process, allowing borrowers to make faster, more informed mortgage decisions and ultimately increase pipeline production and conversion for lenders of all sizes. . For more information on how to start using borrower education as a competitive advantage, please visit https://mortgagecoach.com/.
NEWS SOURCE: Mortgage Coach
This press release was issued on behalf of the information source (Mortgage Coach) who is solely responsible for its accuracy, by Send2Press® press wire. Information is believed to be accurate but is not guaranteed. Story ID: 72480 APDF-R8.2
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