Just in time for the Federal Reserve’s expected interest rate hike, Tactile Finance, a Web-based technology company that provides homeowners with a “360-degree view” of their mortgages, has released new configurable tools that give borrowers more insight into their mortgage options.
For financial institutions and consumer-facing websites, the updates carry with them an underlying “more is more” consumer education message.
Already, Tactile Finance enables borrowers to create and compare different financial scenarios, such as selling or refinancing, to determine which route best suits their financial goals.
But the company’s new features allow borrowers to compare options that have adjustable, insurance and other fee components that typically make the mortgage shopping process cumbersome or difficult to digest.
“As our product has evolved, we have stayed true to our mission of eliminating consumers’ confusion about mortgage product selection and enabling professionals to deliver high-quality service and outcomes,” Nicole Hamilton, Tactile Finance’s CEO, said. “This helps move us closer to our long-term goals. It also makes our technology available to a wider audience.”
Users can now input any mortgage product into Tactile Finance’s system, including interest-only or adjustable-rate mortgages, as well as related items such as fees and insurance, so consumers can visualize how their payments will be affected over time.
For example, mortgage lenders can load in all of their products and get a clear display of the loan over time. At the same time, they can compare it to other loan products for both purchase and refinance mortgages.
The new features also offer additional forms that can be integrated into other pages or systems — so a bank can adopt the program, or online mortgage calculators can use it to provide educational content around different loan types.
According to Hamilton, the new functions are timely in light of Federal Reserve’s looming interest-rate hike and anticipated trends toward lower downpayments, which could lead to the origination of more adjustable-rate loans.
In addition, “there is more of a focus on consumers being able to self-serve and choose their products online,” Hamilton said. “These new features open Tactile Finance up to use by a wider range of companies. Our philosophy is no one should ever get a loan with terms they cannot understand.”
The 360-degree virtual tour home tour is a great visual, but only when buyers also have a 360-degree understanding of how they will pay for what’s in front of them.
