What is a Rate Alert?
A Rate Alert is a special and specific type of notification within Surefire which tells the User when a past client's current rate is higher than the current market conditions (mortgage rates today).
Rate Alerts are important because mortgage holders may benefit from lowering the interest rate on their loan. Eligible Homeowners who refinance their loan and lower their interest rate, often save thousands of dollars in interest over the life of their loan. In many cases (but not always), a lower rate will also lower their monthly mortgage payment.
Due to the fact that mortgage rates can fluctuate daily, sometimes several times per day, it is very difficult for a Mortgage Advisor to manually identify which of their past clients could benefit from refinancing.
Imagine trying to remember every loan closed, what the client's rate was a time of closing, etc., this is impossible. Without Rate Alerts, Loan Officer’s clients (mortgage holders) can miss out on the opportunity to lower their rate.
Luckily, Surefire does the hard work for you! Surefire searches the contact records daily and tells the User which clients could potentially benefit from a refinance. This helps Mortgage Advisors close more deals and also helps homeowners— it’s a win-win.
How does it work?
The Admin configures how much difference in the rate will trigger a Rate Alert.
For example, a contact with a home loan that has a 5.000% rate may not benefit from refinancing to a rate of 4.750%, even though 4.750% is lower than 5%.
This number is adjustable so the Admin can select how much difference between the client's current rate, and the market rate (the mortgage rates today) would be a large enough gap to ‘make it worth it’ for their client.
The Admin configures the desired difference in the rate (the Rate Threshold) so that the notification occurs when the desired difference in rate is met, is for example, -0.500% or greater.
How To Set Up Rate Alerts - Admin
Admins, turn the Rate Alerts access on: navigate to CRM Settings > Master Settings > 3 Dot Menu > Opportunity Alerts. Use the help text to the left to configure the Loan Rate Alerts Settings.
How To Set Up Rate Alerts - User
Navigate to My Account Notification Center > Click the gear icon at the top right hand of the page.
Find Opportunity Alerts - Rate Alert - check on the daily/weekly alerts checkboxes.
*Rate Alert Requirements
Please note that our Rate Alert notifications are generated only for Conventional, FHA, VA, and USDA loan types with Fixed Amortization for 15 or 30-year terms.
Rate Alert notifications require:
- First Lien
- Amortization Type
- Loan Rate
- Loan Type
- Primary Deal
- Closing Date fields to be populated using the closed deal policy
If you have any questions regarding these requirements, please follow up with your company's Surefire administrator or a Surefire representative to assist you with configuring your Rate Alert notifications.
When will I get Rate Alerts?
Any contacts who meet the set criteria for a Rate Alert will come to you via email and/or in-app notification each day at 9 AM in your timezone.