Saving You Money After Settlement
I also use some software to track when people need to refinance or other opportunities. A lot of loan officers will tell you, “I’m going to look out for you for a refinance post-closing,” and I’m sure they do and I’m sure they intend to, but it’s hard to manually track all that data. If you’ve been in the business for as long as I have, which is 25 years, you’ve got over 3,000 people that you’ve done loans for. It’s impossible to track those people and effectively say, “Now it’s time for you to refinance. Now you should consider dropping your mortgage insurance because you can drop private mortgage insurance if you’ve been in the home for two years and you now have a 20% equity position.”
So, I use software that sorts through my entire database and tells me, once a day, this person’s interest rate just dropped 1% below its start rate. This person appears to be eligible for a PMI drop. All sorts of opportunities that it gives me to contact the consumer and say, “I think there’s something that’s going to benefit you to save you money. I’d like to talk to you about it.” I really believe in systems and software and I try and automate things as much as possible because it’s the only way to deliver benefits to the client.