Online workbenches are quickly becoming a necessity for anyone in sales. Having real-time data and the capacity to make presentations at your fingertips at all times is vital in a digitally connected world. It is especially vital for lending professionals who often meet prospective homebuyers on the run. Before the web, loan officers would quote a rate and deliver a transaction fee worksheet for a single loan option. The borrower had to trust that the loan officer was presenting the best option. Homebuyers in 2016 are more tech-savvy and much more demanding, with expectations of having all the information they need when they need it. In a market that has become highly commoditized, loan officers need to be able to differentiate themselves and demonstrate added value. That is where the online mortgage planning and presentation systems created by Mortgage Lens and Mortgage Coach come in; both can equip loan professionals with the tools they need to educate their clients and make clients feel they are in control of the decision process. The following is a breakdown of both services and how they work with loan professionals to sell more loans.

Mortgage Lens

Mortgage Lens is a web-based planning and presentation service offering lending professionals 26 separate analysis modules for everything from calculating closing costs, to rent versus buy comparisons, to total cost analysis. Each module allows for data input to produce instant analysis or calculations. Modules include a closing costs calculator, debt consolidation, existing mortgage, one-year ARM comparison, rent versus buy and total cost analysis. Mortgage Lens is browser-based, so it allows for presentations to be made on any Internet-connected computer. Users can set up a video presentation using any desktop sharing program such as WebMeeting123. Mortgage Lens is a subscription-based service with monthly rates starting around $47 as of April 2016.

Mortgage Coach

Mortgage Coach was launched in 1997 as a mortgage planning and presentation service utilizing Excel spreadsheets and the rudimentary presentation software available at the time. Mortgage Coach has evolved with technology and offers desktop and mobile applications fed with real-time data. Its suite of tools can be used across multiple platforms and on any device, enabling loan professionals to provide clearly illustrated options with detailed financial information, charts, video narration and live updates, virtually or in person.

Unlike other loan analysis tools, Mortgage Coach offers a fully integrated platform of tools providing a complete end-to-end process of customer relationship management (CRM), planning, presentation and follow-up. Users work off of an intuitive dashboard for each client to take clients through total cost analysis, equity reposition, rent versus loan and consolidation analysis, as needed for several options at a time. Information or presentations can be delivered to a client via an app or presented in person. The presentation can be shared with multiple users who have downloaded the app. In addition, Mortgage Coach includes a real-time update feature called RateWatch that uses the latest interactive charting technology to track interest rates and trends, providing users with up-to-the-minute information. The graphics are richly colored and easy to understand. Mortgage Coach operates as a subscription-based software service provider with monthly rates starting at around $70.

Mortgage Lens or Mortgage Coach?

Mortgage Lens is the less-expensive service, and it provides most of the essential calculations lending professionals need to educate their clients about their options. Although it is easily accessible from any Internet-connected computer, it does not offer a mobile-based version or app. Mortgage Coach is an app, which can be downloaded by loan professionals and their clients. Loan professionals hoping to compete for millennials must be able to demonstrate they are technologically attuned to the way their clients prefer to communicate. Mortgage Coach is the more expensive service, but it offers a more robust platform for organizing client data, preparing and presenting customized presentations, and client follow-up. Mortgage Coach involves a little bit more training to fully utilize all of its tools, but the company has numerous online training tools and a dedicated support team.