The CEO said the product has been improved largely due to user feedback: “Obviously we’ve been getting feedback since launch,” said Rick Webster, the company’s chief marketing officer. “What we’re seeing is that marketers at lenders find it’s a well-kept secret when it comes to a new source of leads for them.”
Alimi bragged about the free service, noting that its competitor, LoanSifter, charges $78 per month – up to $300 with add-ons. “Cost is a huge factor,” he said. “Now with the cost and inflation and all that, we felt it made sense to offer it for free. “We can do that because our corporate pricing system is used by the biggest bank of the nation, the largest credit union in the nation. The wholesale lenders are the ones who pay us to be in the system. We don’t double dip, our competitor double dips. Our competitor charges the wholesale lender and the broker. We don’t don’t do that.
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LoanSifter spokesperson Mitch Cohen sees things decidedly differently. “It’s an interesting take,” he said when joined by GPA comment. “Here is the reality,” he continued.
Regarding accusations of double dipping: “We have broker and investor/lender clients who use LoanSifter for their own benefits and purposes,” he said. “The reason LoanSifter is such a great tool for mortgage brokers is because it’s an affordable platform that connects them with accurate and timely product and pricing information from over 120 wholesale investors/lenders – the greatest of all broker PPEs, I believe.”