San Francisco, 02/14/2022 – Confer Inc is excited to announce the launch of MetaMortgage, an innovative mortgage platform powered by artificial intelligence and continuous machine learning to customize a mortgage that is financially beneficial to the borrower. The official launch date of the Confer app that will be available on iOS and Android is April 1st, 2022.
With rising interest rates and scarcity in the housing market supply, many borrowers are extra cautious in choosing the right mortgage product and associated services.
Founder & CEO Yatin Karnik states,
“Present market supply conditions have lowered housing affordability, and the Confer app is being introduced to reduce or mitigate the impact when used during the home buying experience. The end goal is to guide buyers in making a conscious and intelligent decision.”
What does The Confer app offer?
The Confer’s app is a simple one-stop app that provides borrowers with the ability to shop/compare and customize mortgage products to suit their needs. This can potentially save thousands on their mortgage, whether it be purchase or refinance. In addition, our app is the most cost-effective option available because it’s 100% FREE. No subscriptions to sell, no annoying ads, and no payment details are required to enjoy our full suite of services.
How are we different from 1000+ apps in the market which cater to mortgage needs?
All apps/lending portals in the market concentrate on 3 key factors – interest rate, monthly payment amount, and cash to close. It all starts with about 10 different screens requesting personal/property information.
We do it differently – Do you have loan estimates from different lenders? If so, you do not have to repeat the grind. Upload the estimate securely through the secure app powered by next-gen technology using Artificial Intelligence and Machine Learning (AI/ML) models to optimize its recommendations constantly. In addition, we compare and offer hassle-free services to pick/choose and customize features across mortgage products available in the market.
We don’t stop there. Our mission is to educate borrowers about mandatory services that can be shopped for. Yes, you heard it right. Many industry participants may not inform you about that. There are services that borrowers can shop for, which directly impact closing costs. Confer’s app provides quotes to pick/choose from multiple third-party services providing a seamless experience.
Stay tuned to hear exciting updates in this area.
How do we do it?
The Consumer Finance Protection Bureau (CFPB) states, “… don’t make a final decision before comparing official Loan Estimates.* (link).” Confer’s app is the only patented (pending) app that allows the borrower to compare two or more official loan estimates.
The CFPB further states, “Getting quotes from multiple lenders puts you in a better bargaining position. For example, if you prefer one lender, but another lender offers you a better rate, show the first lender the lower quote and ask them if they can match it.”
The Federal Trade Commission (FTC) states, “To find the best loan for you, research all costs of the loan. Knowing just the amount of the monthly payment or the interest rate isn’t enough.” (link)
It’s simple, the only thing you have to do is upload or take a picture of the Loan Estimate from lenders, and our app will identify “services that you can shop” for that are more affordable.
Our app also helps compare mortgage offers with different interest rates and monthly payments while considering points, origination charges, and fees to find the most beneficial mortgage offering.
Our app can educate you or even alert you if there are excessive fees.
And the most notable advancement in customizing a mortgage is first knowing that the typical mortgage tenure or lifespan of a mortgage is under 10 years and understanding which mortgage offers would have charged the least interest over the period of mortgage tenure in addition to a maturity term of 30-years.
Bankrate.com says, “Homebuyers will not know which title companies offer the best rates unless they shop around.” There is no current marketplace where borrowers can shop for services, and our app solves that issue by allowing a one-stop shop for the best service providers.
Let’s talk about a few facts here.
- Do you know the Credit report fee cost anywhere between $10 to $100 for each person on a credit report? Are you aware of the fact that some lenders cover this fee?
- Do you know that many Lenders often go with affiliates for third-party services if the borrower did not provide Title/Settlement agent information because it is easy for their operations?
- Do you know that Customary (non-statutory) fees are negotiable in some states? And often, lenders will assume borrowers would pay all fees to avoid losses on their end.
- Insurance: Average cost of Homeowner’s insurance in 2022 is around $1,393 per year for a policy with $250,000 in dwelling coverage which is 6% more than last year? This once again depends on the state you live in and various other factors. Do you know that you can shop around to ensure you’re getting the best rates possible?
- Inspection: The home inspection fee varies from $250 to $500 depending on the state you live in and the square footage of the house. Do you know the home inspection is optional and not required by the lender? Are you aware that you can choose a local home inspector and pay them directly instead of selecting a default provider from your lender?
Imagine the amount of research and time you must spend shopping for each of these services for the best quote. Let’s imagine that you spent a day or two and shopped around for all services mentioned above but can you keep up with changing market trends daily?
We monitor the latest data and industry trends and keep you updated with notifications.
To all mortgage brokers out there, imagine a day in the future where this app is white labeled and provided as a powerful tool at your convenience to help borrowers make intelligent decisions.
Join hands with us to disrupt the industry with this digital experience
Who are we?
We are a team of experts with 125+ years of combined functional, technical, and compliance expertise in the mortgage industry.
Relying on accurate real-time analytics and powered by artificial intelligence, a patented (pending), Confer app is coming soon to disrupt the mortgage industry.
Contact Phone: +1(844) 7CONFER