With the LendingTree Direct auto-quote integration, lead information is sent from LendingTree Direct to Optimal Blue. Optimal Blue runs the search and sends the result directly back to LendingTree.com to display to the consumer. To enable the Auto-Quote feature, you must contact Optimal Blue Client Services.
Once you complete the necessary steps to enable the Auto-Quote feature, your Client Advisor will schedule a meeting to discuss the steps required to configure your system. Review this document prior to your meeting, and be familiar with your company’s requirements, such as whether the fees and margins for LendingTree are different than other business channels, whether you want to quote a 1-point rate, and how many rates that you want to return.
- Discuss with your Client Advisor whether you need to build a separate LendingTree business channel to configure fees, and margins. If the LendingTree results have fees and margins that are different than any other business channel, you will need to create a new business channel rather than using an existing one.
Work with your Client Advisor to set up Optimal Blue lender fees for entities and users tied to LendingTree. The fees must be configured to match the LendingTree fees and descriptions, as shown below.
- Enter any fees.
- Fees, including Appraisal Fee, should not be marked as “0” rebate priority. Optimal Blue will send available lender credits which LendingTree will apply on their end.
Turn on pricing outputs, if necessary: If a new business channel was set up for LendingTree, turn on pricing outputs.
- Work with your Client Advisor to configure the Auto-Quote feature in the Consumer Tab in Optimal Lender:
- Log into the Optimal Lender site.
Click the Consumer tab and then the Auto-Quote option.
- Complete the following fields:
- Auto Quote Name—Enter the appropriate name.
- Entity—Choose the entity for the auto-quote.
- User—If applicable, choose a user.
- Profit Margin—If applicable, enter the profit margin.
- Click the Add Auto-Quote button.
Choose LendingTree LF Direct as your Auto Quote Partner, and click Submit.
- In the Auto-Quote Setting screen, enter information in all of the required fields [ ], and click Submit.
Here are some examples for text in the Message and Text fields:
- Custom Message (example): At XYZ Mortgage, Expect the Best: honesty, great rates, a simple process, and great service. We employ only highly trained, seasoned professionals, who follow a strict internal code of ethics. Our well established network of investors provides unique access to the most competitive, diversified programs available in the U. S. Our knowledgeable staff will simplify the lending process, holding your hand throughout. You will get the same person, every time, ready to serve your needs, and you will not get voice mail.
Offer Description (example): Thank you for giving XYZ Mortgage the opportunity to provide you with mortgage financing options through Lending Tree! At your convenience, please review the terms of the offer you’ve received. It should give you a pretty good idea why XYZ Mortgage is consistently one of the highest ranked local lenders on the entire LendingTree network. We look forward to helping you achieve your financial goals.
- Canned Text (example): This quote is based on the above interest rate and does not constitute a loan approval or a commitment to rate, fees or terms. Any misrepresentation in the loan application or adverse change in your financial position may void this quote, as would a poor credit history by accepted standards. This quote does not intend or purport to confer any rights or privileges upon any third parties including, but not limited to, sellers of real property, real estate brokers, or their agents. This does not constitute an actual commitment to lend or an offer to extend credit. A commitment to lend can only be issued upon satisfactorily submission of (1) a complete loan application and supporting documents, (2) verification of your income, assets, and financial condition, (3) satisfactory appraisal of the proposed property and (4) no adverse change in your credit profile. Please note the actual interest rate and terms cannot be set until a complete loan application has been filed and rates are subject to change without notice. XYZ Mortgage is not liable for typographical or data transmission errors. The fees above do not include prepaid interest, taxes, hazard insurance, title insurance, settlement fees, filing fees, etc.
- In the Auto-Quote Search Defaults screen, enter the Search Defaults, and click Update. You do not need to enter anything into the Assumption text box, as it is not used for the LendingTree Direct integration.
- In the Auto-Quote Result Preferences screen, configure the appropriate preferences, and click Update Pricing Options.
- Do you want to quote a 0-point rate (100 price)—Check the checkbox to quote a 0-point rate. A no-cost rate is a rate that has enough rebate to offset the fees.
How many product categories do you want to return?—Enter the number of product categories that you want to return for your users. (Products return based on best-execution, so the number of product categories that display on a given search may differ.)
For above target pricing, do you want to apply overage to fees?—If the target price is 99 and actual price is 99.5, the .5 overage is applied to fees.
- For above par pricing, do you want to apply rebates to fees?—If the price is 101.5, the 1.5 overage is applied to fees.
- In the Product Selection/Product Ordering section, select the appropriate product categories by using the << and >> buttons. Make sure that the search defaults that you configured in step 7 allow for the selected product categories to appear. Click the Update Product Selection button.
- Enter the MI Rates provided by the customer, and click Update MI Rate Configuration.
Configure Product Categories for Portfolio Products (if applicable)
Make sure to configure the filters for product search for each product that you want to display in the LendingTree product search.
Log into the Customer’s Optimal Configuration site.
- From the Entity Select screen, choose the appropriate portfolio investor entity.
Choose Manage Products.
- Select a product in the product tree.
Choose Filters for Product Search from the Activity Selection menu.
- From the Standard Auto-Quote Products drop-down list in the Product Categorization section, select the appropriate override assignment for the selected product, and click Update.
Repeat this procedure for each product that you want to display in your auto-quote results.