Mobility Market Intelligence (MMI), which offers data intelligence and market insight tools for the mortgage and real estate industries, has introduced a new feature, Refinder, to help lenders uncover refinance opportunities in their database of past borrowers.
Refinder scans a loan officer’s portfolio of past loans and identifies potential refinance opportunities based on a loan’s current interest rate. The results provide key data points such as predicted monthly savings, cash out potential, current loan-to-value (LTV) and more, enabling lenders to quickly prepare and initiate refinance conversations with the borrower, the company says in a release.
Refinder also ranks and assesses the identified opportunities from best, good, moderate or low, allowing users to easily prioritize where to begin.
“Providing actionable insights from data is our mission. With interest rates trending downward, we want to do everything we can to help our customers be prepared,” says Ben Teerlink, founder and CEO of MMI. “With Refinder, we thought through every detail and scenario to make it easier than ever for lenders to identify refinance opportunities.”
With the shifting market comes untapped opportunity in every loan officer’s customer database. The Mortgage Banker’s Association reports refinance applications are up 85% year-over-year. Refinder gives loan officers a quick way to see which of their previous borrowers are ripe for a refinance.