Offer Challenge Facts and Questions

Why use the Offer Challenge with my current customers?

Why use a Third Party Service?

Doesn't the Offer Challenge increase an already competitive market?       

If I use the Offer Challenge, are the customer's coming to me from your site?

Will this take a lot of time?

How does the Offer Challenge fit into the loan process?

Can the other lenders see my offer?

Does the other lender have to pay $19.95 to submit their offer when I initiate the challenge?

What if the other lender doesn't want to fill out the online offer form?

What if the other lender gives them a better loan?

Will you tell my customer which loan to choose?

If the customer wants a Personalized Mortgage Report, will the analyst tell them which loan is best?

Will you advertise to my customer?

Do you request personal information about my customer?

Is my information and my customer's information kept private?

Why use the Offer Challenge with my current customers?
If your customer is comparing loan options with more than one lender, the only resources you have to capture the borrower are the loan product and your sales ability. Many borrowers are ineffective shoppers and compare loans based on interest rate because they do not know what questions to ask lenders and they are not consistent in asking each lender the same questions. The Offer Challenge standardizes the process of gathering information from each lender so they are comparing all the loan terms, not just rate. We help your borrower become a more effective shopper by giving them the "big picture" about their loan. We help you by providing a service that requires other lenders you are competing with to also be upfront about their loan terms so you can focus on finding a suitable loan product instead of engaging in "interest rate wars".

Why use a Third Party Service?
Borrowers know that you have a vested interest in the transaction and there is nothing to help them differentiate an ethical lender/broker from one that is solely interested in big commissions. Offer Angel brings transparency and neutrality to a competitive market.

Doesn't the Offer Challenge increase an already competitive market?
By initiating an Offer Challenge, you stop the back and forth competitive shopping. You put your best, most suitable loan product and terms "on the table" and challenge the other lender to do the same. By helping your borrower become an effective shopper, you save time and take the confusion out of a complex transaction.

If I use the Offer Challenge, are the customer's coming to me from your site?
No. The Offer Challenge is a sales tool used with your current customer that is shopping for a loan. We do not advertise to your customer and we never sell or share any information that is entered into our system.

Will this take a lot of time?
No. How much time do you spend trying to find out what your competitor is offering, helping educate your borrower on the differences between loans or simply trying to explain why your loan is more suitable for their financial situation? The Offer Challenge saves you time and the borrower the headache of being caught in between multiple lenders. On average, the Offer Challenge takes 7 minutes to complete. Saving your borrower from multiple phone calls and sales pitches, will make them very happy!

How does the Offer Challenge fit into the loan process?
The process stays the same. You still take a full 1003, pull credit and counsel the borrower to which loan product is most suitable for them. The Offer Challenge is presented during the sales pitch. Since the borrower is getting offers from other lenders, you let them know you will provide all their loan terms through an independent company (OfferAngel.com) because it is important they understand all the loan terms from each lender and not only compare loans by interest rate/fees. When they logon to OfferAngel.com, they will see your online offer and they can invite the other lenders (Add a Lender button) to also submit their loan terms.

Can the other lenders see my offer?
No. Only the borrower can view your offer.

Does the other lender have to pay $19.95 to submit their offer when I initiate the challenge?
No. You pay this fee so you can gain access to our system to initiate an unlimited number of Offer Challenges. We do not charge the other lender because they are being invited by the borrower to also be upfront and submit their terms online. This way they can't use cost as a reason to not submit their offer.

What if the other lender doesn't want to fill out the online offer form?
Congratulations to you! This is a red flag to the borrower the other lender might be hiding undesirable terms and you demonstrate that you have nothing to hide.

What if the other lender gives them a better loan?
That is a possibility however; you are already at risk of losing the borrower because they are considering other lenders. We help you level the playing field by making sure the borrower has the information they need to make an educated decision that is not based solely on interest rate.

Will you tell my customer which loan to choose?
No. We never give advice or tell the borrower which loan is best. Only the borrower can decide which loan is best for them. Many borrowers make a decision on which loan they want from the free Side-by-Side. However, borrowers that choose to purchase the Personalized Mortgage Report will have an analyst review the loan terms from their offers. This report will alert them to specific terms that may not be suitable for them based on a profile they provide us. This gives them and you an opportunity to re-structure a loan if there are terms they do not like.

If the customer wants a Personalized Mortgage Report, will the analyst tell them which loan is best?
No. We never give advice or tell the borrower which loan is best. Only the borrower can decide which loan is best for them. This report will alert them to specific terms that may not be suitable for them based on a profile they provide us. This gives them and you an opportunity to re-structure a loan if there are terms they do not like.

Will you advertise to my customer?
No. Borrowers that are brought to our site from an Offer Challenge do not see advertisements from mortgage lenders.

Do you request personal information about my customer?
No. We request only the FIRST name and email address of the borrower for our system to send an automated email notifying them that your mortgage offer is available for them to view online. We do not retain the borrower's first name. We only retain and use the borrower's email address for communication purposes. Their information is never shared or sold.

Is my information and my customer's information kept private?
We never sell or share either your information or the borrower's information. In fact, we do NOT retain information that identifies the borrower. Our analysts are "double-blind" because we do not display the name of the lender or borrower when they are producing a Personalized Mortgage Report.