Frequently Asked Questions
Here are some of the questions that we’re often asked and their answers. If you can’t see your question here, please don’t hesitate to contact us
Q: What is BrokerEngine?
BrokerEngine is a new kind of software called a Brokerage Operating System (BrokerOS™️) that has been designed with one goal in mind: powering the growth of your mortgage brokerage.
Most mortgage aggregator software will allow you to submit loans and manage compliance, but it won’t help you grow your practice.
BrokerEngine uses advanced automation and workflows to automatically trigger tasks, communications and teamwork, from lead management, right through to after settlement.
Powerful Broker Wizards capture all key data in one place, then distribute it to wherever it is needed throughout the deal.
Fiddly and laborious tasks such as creating detailed compliance notes, loan presentation documents and client advices are dramatically streamlined.
As a result, brokers can focus on their highest value tasks like generating more business, finding solutions for clients or simply enjoying more time off.
Q: How are you different from other mortgage broker software products?
After working in the industry for 14+ years and interviewing hundreds of brokers, we discovered that most brokers describe legacy software products in one of 3 ways:
- a clunky aggregator platform that will enable you to submit deals for approval, but won’t help to grow your business
- a generic software platform that has been “shoe-horned” into the mortgage broking industry
- a third party solution that solves only part of the puzzle, but leaves you with giant holes to fill
BrokerEngine has been designed to completely fill these gaps.
- It’s easy and intuitive to use.
- It’s been designed from the ground up by a broker, for brokers.
- It is a full-featured solution to help you streamline the entire mortgage client lifecycle.
BrokerEngine is the first broker-specific, non-aggregator aligned software in the country.
Q: What kind of brokers do you work with?
We work with a wide range of brokers, from one-person firms, right up to some of the largest broker groups in the country.
Generally speaking, BrokerEngine makes the most sense for brokers who are writing at least $20M+ per year and are working with other team members (e.g. a loan administrator, VA or other assistant).
If you’re already writing plenty of business and are happy with your income, stress levels and work-life balance – then BrokerEngine may not be for you.
But if you’re the type of person who is always looking to do things better and get more results in less time, then we could well be a fit.
Q: What is the business case for BrokerEngine?
A BrokerEngine subscription is an investment in your practice. The obvious question is, what do you get for you money, and is it worth it?
There are a number of sources of value that BrokerEngine users experience, including but not limited to:
- Significant time savings: every loan is much quicker to set up. Time consuming tasks such as document collection can be easily delegated. Intelligent Broker Wizards do much of the “heavy lifting” for you. Effortless teamwork is enabled. All these things save you a LOT of time on every deal.
- More time for higher-value work: most brokers are at their most productive and happiest when they are either finding more clients, sitting in front of clients, or providing great credit advice. And yet much of the day can get swallowed up in lower-value and mind-numbing tasks. When your time is freed up, you can do more of what you love to do and more of what makes money.
- Better client experience: clients want everything to go smoothly, they want to be communicated with, and they don’t want any surprises. BrokerEngine makes all three of these things happen.
- More client referrals: happy clients refer more often. Not only that, but BrokerEngine has referral marketing campaigns embedded into the workflows. So clients are proactively asked for referrals each and every time you write a loan, not just when you remember.
- Lower stress: when you’re not quite sure where a deal is at… or if a particular deadline was achieved… or if you (or your team) has made a mistake somewhere… then stress levels can rise off the charts. BrokerEngine takes care of all these details so you can feel confident your deals are on track.
- Fewer “dropped balls”: when you drop the ball badly and a client misses out on their loan or is otherwise inconvenienced, you not only lose a referral source, but you potentially create a “Detractor” who will actively bad-mouth you to those around them. When you don’t drop the ball, Detractors are practically eliminated.
- Improved sales conversion: the way you conduct sales conversations with clients, and how you present loan options, has a BIG influence on your sales conversion results. With BrokerEngine, best practices in sales conversion are baked into the processes. In general, any broker who runs our process experiences better sales conversion outcomes.
- Instant access to key metrics: “What you measure improves” is a common saying in management consulting. Simply understanding how you’re travelling in real time, gives you information about the specific levers you need to pull in order to hit your goals. Every BrokerEngine user has access to real-time BrokerVision dashboards that tell you how you’re going (and what you need to focus on next to move the needle).
- Ability to hire, train and retain: good team members are hard to find. And when your systems are highly manual, you need to find a needle-in-a-haystack loan processor with an eagle eye for detail and a ferocious work ethic. While such people do exist, most people are by definition, average. BrokerEngine gives every team member a clear system and process to follow that makes them more productive in less time.
We could go on. The bottom line is that BrokerEngine is designed to deliver tremendous value, many times in excess of the investment.
Q: Does BrokerEngine integrate with any other software products?
Yes. We have a growing number of integrations that include Zapier, BankStatements, CashDeck, Connective Mercury and more. We’re always working on new integrations to enhance the power of BrokerEngine.
Q: How much does BrokerEngine cost?
BrokerEngine is priced on a per-user basis. There is no software to install or expensive up-front investments to make, because we are a cloud-based, Software-as-a-Service model (SaaS).
We have 2 user types – Broker Users and Loan Processor Users.
The difference is that Broker Users can write their own deals, whereas Loan Processors can’t.
Broker Users cost $149 + GST per month and Loan Processor Users cost $99 + GST per month.
Many of our users also choose to upgrade to an Annual prepaid subscription and get 1 month free per year.
Further details are available on our Pricing page.
Q: Do you offer any guarantees?
Yes! One of the most generous in the industry. Use the software for 90 days. If you don’t experienced an improved ROI in your business (or are unhappy for any other reason), simply let us know and we’ll issue you with a 100% refund of all fees paid to date.
Q: Do you offer a free trial?
No, we don’t offer a free trial, but we do offer a Free Demo. And we also offer a 90-day Money Back Guarantee should you decide to sign up.
Q: Who owns the data?
You own all your data, we own the software.
Q: How do I cancel my subscription?
Just send an email to firstname.lastname@example.org or give us a call. We’ll take care of the rest.
Q: If I cancel my subscription, will I lose my data?
If you decide to cancel, we will immediately stop billing you at the end of the current billing period.
And we’ll also export all your deals and data into CSV format for you.
Q: How long are your contracts?
We don’t have fixed-term contracts. Users either pay on a month-by-month basis, or you can get one month free if you prepay for a year.
Q: Do I have to pay for updates?
No, all updates are rolled out at no additional cost.
Q: Do I have to install anything?
No, BrokerEngine works via your browser on PC or Mac, on any desktop, laptop, tablet or mobile phone.
Q: Is my data secure?
We take security very seriously. BrokerEngine is built on Sydney-based AWS hosting infrastructure, with 24 x 7 x 365 server administration and support. We incorporate best practice features such as 2-factor Authentication to make your client data even more secure.
Q: What onboarding assistance do you offer?
Every new user group goes through our Kickstart Program, which includes data import, onboarding, training and support. Word on the street is that our Customer Success Team is the best in the business!
We also offer a very comprehensive Knowledge Base and online support for queries you may have as you’re using the software.
Q: Does BrokerEngine replace my aggregator?
No. BrokerEngine is not an aggregator and it’s not intended to replace your aggregator. BrokerEngine is a software “layer” that sits alongside your aggregator software and gives it superpowers.
For this reason, BrokerEngine can be used alongside any aggregator in the country.