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Special Reports
Home Equity Lending
National City's Website Offers More Than Info
By Brad Finkelstein
National City Home Equity, Cleveland, has launched its Broker's Choice website,
as an expansion of its online capabilities.
In an interview conducted during the National Association of Mortgage Brokers
annual convention here, Joe Cartellone, senior vice president, national sales manager here, explained that during
surveys the companies took of its mortgage brokers, it found that they wanted more from National City's website
than just information.
Previously mortgage brokers could not transact business through the site.
Approximately a year-and-a-half ago, National City started its planning process.
It looked at some vendors but typically the products they offered were for first mortgage originators.
So, he said, National City decided to build its own Web portal using input from
its brokers. It piloted the website earlier this year and then in May began to roll it out for use by all of its
brokers.
Mr. Cartellone said what they like most about it is that the site is easy for
them to use. They can input an application directly on to the system or upload it from their origination system.
The system, he continued, was specifically built for home equity loans. It can be used for both standalones and
piggybacks.
Loans can be priced online, locked and submitted. Closing documents can be ordered,
changes to applications in process can be requested and the pipeline can be viewed.
Users can also look at product guidelines, processing instructions, account executive
and team contact information as well as gain access to customizable marketing materials.
Brokers can access the site by going to www.NationalCityHomeEquity.com.
Even though brokers can use the site to submit online, Mr. Cartellone said National
City is still taking applications via fax. It is trying to remain flexible.
But mortgage brokers, he said, are learning the Internet adds a level of convenience
and speed to the process. He predicted that ultimately 80% of its loan applications would come on online.
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