LendingGear Network Launches New Broker-Lender Auction Portal Web site is designed to give brokers and lenders leading-edge technology to compete in any market cycle
RISMEDIA, July 25, 2006—LendingGear Network, LLC, a privately held company, has announced the launch of the company's new Broker / Lender Mortgage Auction Portal at LendingGear.com.
The Web site is designed to give brokers and lenders leading-edge technology to compete in any market cycle for residential and commercial mortgages. Brokers must constantly connect with Lenders who can fill their borrower's needs. Lenders need to connect with Brokers to continue a quality flow of business. LendingGear gives both sides these abilities.
Through an easy-to-use Web-based form, registered brokers can post a thorough listing of residential or commercial mortgages they desire to place with a lender. Registered account executives and lenders easily search for compatible loans and place bids for loans they wish to fund. With custom- search settings saved within the account executive's profile, automatic notifications of matching listings are sent to their e-mail inbox, with corresponding links to easily navigate to bid on loans. Brokers can easily review all bids and choose the one that most matches their needs.
"Brokers love the fact that they no longer have to load an entire loan profile into an automated engine for every lender to get different offers on mortgage applications. One simple form brings all the right lenders to them," states Bruce Eppinger, Operations Manager for LendingGear Network. "Lenders like finding new loans in their e-mail that meet their requirements every day and acquiring new broker accounts that will keep producing new loans."
"In many ways it's a dream come true," notes Greg McDermott, account executive for Citi Home Equity. "Whether I am in the office, home, or using my PDA, I can reach ten or twenty new brokers each day with loans they need me to fund. LendingGear even lets me post my own product flyers which brokers can customize for their use. It's like having a personal marketing machine working 24/7."
LendingGear also provides an all-in-one source for market conditions, individual marketing tools and resources, educational materials, news, and open discussion. The website is designed to provide the user the ability to take their mortgage career to the next level.
As an example, a typical user can get an education in originating commercial mortgages through the Web site's commercial mortgage documentation, then network with commercial lenders about how they review and approve loans. "LendingGear is designed to allow users of all backgrounds to access critical knowledge to improve their opportunities," said Marcus Cudd, Business Development Manager for LendingGear Network. "They can privately train themselves in new mortgage products at any time of day or night and interact with the community to learn new ways to put this knowledge to use. Later on, this same community will help them fund new loans through LendingGear."
The company has plans to add new features, including continuing education, Web site creation and hosting for brokers, and a full recruiting system that will allow users to explore opportunities in the mortgage industry. Currently this feature is served more informally through the website's forums. |
