MMI's new Refinder tool serves as your virtual assistant, ensuring you don't overlook any past borrowers. It searches through MMI's extensive database to identify borrowers whose most recent mortgage you hold.
Note: to utilize Refinder, you must have an active MMI subscription. To learn more about setting up the Refinder webhook, click on the link at the end of this article.
How Refinder Works
MMI utilizes intelligent data to identify past transaction details, highlighting key information related to refinance opportunities, such as loan amounts, sales prices, property values, and borrower information. When specific details, like rates, are missing from one of your transactions, it uses a formula to estimate rates based on various market factors.
Specifically, 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 allow you to understand which borrowers stand to gain the most from the rates dropping.
Refinder's Scenario Building
Refinder uses default search criteria based on today's current rate, but you can easily adjust your searches to explore different scenarios and identify future opportunities with your borrowers as rates decrease. Simply update the New Target Interest Rate to refresh the calculated fields in the table and observe how rate changes impact your borrowers' outcomes.
MMI's default settings are shown below
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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.
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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.
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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.
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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. Easy as that!
Example Scenario - Get Cash Out Now!
In this example we'll walk through how to identify 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 the New Target Interest Rate. You should update the New Target Interest Rate to 6.0% to refresh all the fields in the Refinder Scenario Builder. This will ensure that you're working with a projected 6.0% rate to proactively identify your top candidates for cash-out refinances.
Identifying Best Cash Out Opportunities:
Once you've updated the rate, simply select the "Best (Cash-Out)" option from the Money Moves filter. In this scenario, assume that your marketing team is building a cash-out-only drip campaign, so you should avoid capturing borrowers who might be better suited for Rate Term or Rate Term & Cash Out options.
Run the Scenario:
Hit the Run button to run the scenario for your new search. Now, all of the fields are updated and you have four contacts ready to begin prospecting for this very targeted group.
Note: Refinder is only available for those whose NMLS have been updated to their account. Please contact support@mmi.io if you have any questions or need help getting Refinder for your account.
MMI's Refinder tool is a powerful resource for identifying refinance opportunities among your past borrowers. By leveraging extensive data and customizable search criteria, Refinder allows you to target the borrowers most likely to benefit from current market conditions, streamlining your prospecting efforts and improving efficiency.
Note: To learn more about how to set up the Refinder webhook, click on the link below.
MMI Refinder Webhook