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Helping Brokers Become Home Equity Experts By Anthony Garritano Realizing that over 60% of loans are originated through the wholesale channel, lenders are continually coming up with new ways to entice more brokers into doing business with them. Enter Secured Funding, a full-service retail and wholesale lender specializing in second mortgages, and its SelectQual, a loan engine built specifically for home equity loans and home equity lines of credit. Built within the company's wholesale website www.securedwholesale.com, the loan engine was created to further educate brokers and deliver instant pre-qualification results on loan applications. Specifically, SelectQual is designed so brokers can access Secured Funding's suite of products and technology specific to home equity lending and home equity lines of credit. At the site brokers can enter borrower information and receive pre-qualification results within seconds, eliminating disparate systems of manually ordering loans. The product and pricing are identified, as well as options for customizing the loan. Additionally, brokers can view loans that the borrower did not qualify for and the reasons why so they can make adjustments in the application to better fit the applicant. "As a lender that has a specialized focus in home equity lending, we are continuously striving to further educate the industry and develop innovative ways to incorporate home equity as a primary business focus for lenders and brokers," said Lorne Lahodny, president and CEO of Secured Funding. "SelectQual is a unique management tool customized for brokers to give them more control over home equity ordering, providing quick, efficient results." Brokers create an account within the Secured Funding website and use it to manage and track their home equity loan pipeline. They can view current loans, past history and multiple loan options for various borrower scenarios. The site also has educational information for both the broker and borrower so that brokers can better understand and market home equity products and in turn build their business. In and of itself, this is not big news, but it is another example of the increasing importance of the mortgage broker on the process. Other niche lenders like No Red Tape Mortgage continue to upgrade their website to make it easier to do business with them as well. As lenders fight fiercely to keep volume up new technologies will continue to enter the market to sweeten the deal for the broker. Let the technology battles begin.

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