Site Details of: LoanWork

Total Page View: 19 and Total Site Visit: 0
Total visitors who Rated this site: 0 : (0%)

Current Overall Rating: 1.05
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Site Title:

LoanWork

URL:

http://www.loanworks.com/

Category:

Mortgages

Description:

LoanWorks is owned by IndyMac, one of the nation`s leading mortgage lenders. LoanWorks makes the biggest jump in the Summer Scorecard with improved site navigation, robust guarantees and new functionality and takes the number-four ranking in the Customer Confidence category.

Benefits:

LoanWorks guarantees to provide an on-time closing and lowest market rate, or the firm will pay the consumer if even if he or she closes with another lender. The site offers a highly detailed quick rate table that discloses margin, cap and closing costs, a feature designed to appeal to the Rate Hunter. Consumers can submit an application, get pre-approval online and print out the loan details for comparison against offers from other lenders. Once approved with a deposit, consumers can lock a rate online. LoanWorks improved its Relationship Services by adding live chat and offering consumers a free copy of their credit report along with a free 30-day trial membership to the CreditCheck Monitoring Service.

Shortfalls:

Consumers cannot lock a rate prior to selecting a property. The Overall Cost score was below average, as rates were relatively high compared with the competition during our evaluation. The site also lacks both rate watcher and e-mail alert services. E-mail service was poor during our evaluation, with fewer than half of Internet customer service inquiries answered correctly and in a timely fashion.

Review Scores:

Category	Scores	Ranks
Overall	1.05	234
Ease Of Use	0.00	386
Customer Confidence	0.00	386
On-Site Resources	5.50	217
Relationship Services	5.00	252
Cost Effective	0.00	386