Lenders Pitch Their Services as Consumer-Friendly

Inman News (09/26/07); Carter, MattMortgage lenders increasingly are working to become more consumer-friendly as a means of winning repeat and referral business at a time when borrowers are worried about broker compensation and predatory practices. LoanInsights Inc. of San Francisco offers an online search platform that lets borrowers anonymously input down payments and view different loan types from numerous lenders so that they can choose the best deal for themselves. LoanInsights President and CEO Jonathan Strike says the platform "automates the function of a mortgage broker," adding that allowing consumers to do the initial legwork lets the company discount fees by 25 percent to 50 percent. Meanwhile, BuySide Mortgage of Chicago uses salaried "loan coordinators" to arrange loans for borrowers, giving them bonuses tied to customer satisfaction--regardless of whether or not a loan is closed.