Online platform the future for second mortgages?

by |
The growing popularity of second mortgages has created a scramble to find private lenders – and one online solution is attracting broker attention
 
 “We have 220-plus brokers on board already in the system,” says Paul DeMelo, CEO of Home Ownership Solutions, a division of Fourth Street Financial Corporation based out of Mississauga, Ont., who describes this “engagement platform” as allowing brokers to avoid dialing for dollars in the second mortgage space.
 
“This really takes the dialing out and smooths out their day,” he told MBN. “I’ve got applications coming in the middle of the night, people are busy during the day and it is hard to catch private lenders in that window of opportunity. You can be on your phone, watching the hockey game, and submit a loan in just a few minutes.”
 
While DeMelo primarily conducts business in the Golden Horseshoe area of the province, he does foresee a day when this platform is expanded beyond the province, likely though a platform licensing process.
 
From an investment perspective, the algorithms make for a consistent portfolio approach to of loans loan management – something that property mortgage investors will appreciate.
 
“The system is complex in its analytics, but very simple for the user,” he says. “Brokers have a three to five minute application process, consisting mostly of drop down menus and are given an immediate quote. As a lender, I get instant and consistent loan underwriting, and portfolio management tools. As a result the borrower gets a near immediate commitment.”
 
The applications are scored against the same dynamic, the same scoring system.
 
“All of my loan portfolios are entirely mapped according to the colour coding of risk rating and whether the loan has been refunded or repaid,” he says, “and I can take a look at a Google map and see where my gaps are, and I can then provide promotions around that.”
 
Using the online portal, brokers will get a response can determine, in less than five minutes, including a full rate and fee quote.
 
More importantly, the simple “yes,” “maybe,” and “no,” format is appreciated by brokers, especially when the answers come within minutes.
 
  • Cameron McNaughton www.mortgagegguys.com on 2015-11-18 9:20:47 AM

    Paul is an absolute pleasure to deal with! He's one of the 'good guys', puts the clients first, is more than fair and doesn't cripple them with fees, definitely my first choice when in need.

    He responds lightning quick and we're lucky to have him as an option!!

    Thanks Paul!

  • Carrie Maxwell on 2015-11-18 9:33:19 AM

    Paul's engagement platform is by far the BEST tool a mortgage professional can use for the 2nd mortgage product and is only surpassed by his outstanding level of service and truly caring nature towards his clients.

  • Miles Kulik on 2015-11-18 10:59:32 AM

    Paul is quick to respond in a time when it is difficult to actually speak to a person live. He is reasonable, and understands the value of a broker. A deal of this nature requires an honest answer, even when it is a no. Brokers cannot ask for anything more. Cheers

  • Paul D on 2015-11-18 3:06:48 PM

    For those who may not be familiar with the site, it's quite efficient. Under 5 minutes to fill in a few cells and drop down menus, get an instant fee and rate quote, hit submit and get a full commitment within the hour

  • Kim C on 2015-11-19 7:48:09 AM

    Paul is excellent. Very quick response time whether the answer is yes or no. True professional. Knowledgeable and direct. Fair with rates and fees.

  • Scott B - Sea Raven Private Lending Services on 2015-11-19 11:22:12 AM

    Home Ownership Solutions is a Lender on our Sea Raven Private Lending Services platform. We always receive excellent feedback on the efficiency and professionalism of the Home Ownership system from Paul's mortgage broker partners. His web based product is unique and is growing quite quickly… Congratulations Paul!

  • Joe G on 2015-11-20 7:36:36 PM

    Nothing matters more than character and trust when dealing with the complexities of personal finance. I have been a close friend and professional colleague of Paul for decades and he sets the high mark on those attributes. The fact that he is immensely responsive, smart, creative and a delight to work with are simple pluses. You will NOT be disappointed in working with Paul!

  • Joe G on 2015-11-21 12:03:32 PM

    Nothing matters more than character and trust when dealing with the complexities of personal finance. I have been a close friend and professional colleague of Paul for decades and he sets the high mark on those attributes. The fact that he is immensely responsive, smart, creative and a delight to work with are simple pluses. You will NOT be disappointed in working with Paul!

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions