Refinder

Quickly identify refinance opportunities with Refinder

Managing your past clients can be challenging. MMI knows that loan officers have a full plate, and we've created Refinder to help! Rates are looking like they are finally trending downward, and past client information can often get lost in the fold due to many reasons. MMI's new Refinder tool acts as your virtual assistant to make sure you don't miss any of your past borrowers.  Refinder searches through MMI's wealth of information to find past borrowers whose most recent mortgage you hold.

How Refinder Works

MMI has tapped into our data to identify your past transaction details to surface the most important information related to refinance opportunities including loan amounts, sales price, property values, and borrower information. When something is missing on a transaction, specifically rates, our team has developed a formula for arriving at an estimate based on a variety of market factors. 

Refinder uses the rate (or estimated rate), loan amount, and property values for your transactions to calculate rate improvements, cash out potential, predicted monthly payment differences, and MMI's Money Moves rating. These fields are calculated fields that allow you to understand which borrowers stand to gain the most from the rates dropping. 

Refinder's Scenario Building

Refinder applies default search criteria for everyone based on today's current rate. You'll have the ability to update your searches to run scenarios and identify future potential with your borrowers as rates continue to drop. It's as easy as updating the New Target Interest Rate to update the calculated fields in the table and see how changes in the rate change the outcome for your borrowers. 

MMI's default settings are shown below

• • New Target Interest Rate: The interest rate on which the scenario builder will be based. This value defaults to Today’s Interest Rate. Changes to this field will update a borrower's estimated Rate Improvement, Cash Out Potential, Predicted Monthly Payment Difference, and Money Moves values.
  • Minimum Estimated Balance: The current estimate of the unpaid balance left on a mortgage based on the Original Rate, Mortgage Term, and Payments Made towards a mortgage. This field will act as a threshold to ensure you're filtering out borrowers with less balance on their current mortgage than you'd like. 
  • Required Rate Improvement: Calculated as the New Target Interest Rate - Original Rate and displayed as basis points, e.g. 0.75% rate drop = 75. The default rate improvement is 75 bps, or a 0.75% rate drop. This filter will ensure you're targeting borrowers with a significant enough rate improvement to benefit them. 
  • Money Moves: Rating assigned to a transaction categorizing the potential benefit to a borrower, considering factors like cash-out options and rate-term advantages. The ratings range from Best to No Benefit and Refinder's default filter will show All ratings. 

You have the ability to filter to specific lists based on the filters described above to identify your prospective borrowers. When you're ready to act on these leads, you have the ability to simply export the list to CSV to manage your list in Excel or upload your borrowers with all the information into your CRM. Easy as that! 

Quick Scenario - Get Cash Out Now! 

As a quick example, we'll walk you through using Refinder to meet your needs! In this example we'll walk through identifying a list of cash out opportunities with a New Target Interest Rate of 6.0%. 

Changing the Rate

By default, Refinder will populate today's rate in our New Target Interest Rate. We'll update the New Target Interest Rate for 6.0% to update all our fields in the Refinder Scenario Builder. This will ensure that we're working off of a projected 6.0% rate to proactively identify our top candidates for cash out refinances. 

Identifying Best Cash Out Opportunities 

Once the rate is updated, we simply select the Best (Cash-Out) option from our Money Moves filter. In this scenario, we're assuming that our marketing team is building a cash-out only drip campaign so we don't want to capture borrowers that might be best suited for Rate Term or Rate Term & Cash Out. 

Run the Scenario! 

Hit the Run button to run the scenario for your new search! All of the fields are updated and you have four contacts ready to begin prospecting for this very targeted group! After running, use the CSV button to export the data to manage in your own way!