T
he mortgage industry is facing a challenging landscape, with existing home sales expected to improve this year but affordability concerns holding consumers back. On the lender side, uncertainty around mortgage rates has made it tougher to compete for leads. RatePlug, a real estate technology company from Naperville, Illinois, aims to address these issues with its new offering, Afordal.

    Afordal unifies the home search process by providing live mortgage rates, rapid consumer pre-approval, and property-specific special financing options, such as zero-down mortgages. The product was in development before RatePlug's acquisition of HomeASAP at the end of 2024, which brought its IDX home search capabilities.

    Brad Springer, co-president of RatePlug, explained that Afordal was designed to give buyers valuable information during their home search, rather than waiting until they're ready to buy. The product has been successful in focus groups and a white label test with a top mortgage lender and real estate brokerages.

    Afordal goes beyond lead generation by providing lenders and agents with a lead-nurturing engine that uses artificial intelligence to analyze customer behavior and identify those most likely to act. This information can be pushed into the user's customer relationship management system when the lead becomes hot.

    "We're not in competition; we're bringing technology to help lenders engage their customers at the top of the funnel," Springer said. Afordal allows loan officers to develop long-term relationships with customers, a goal that has been elusive in the industry. By providing valuable content and tailoring communication to individual needs, lenders can stay ahead of competitors and build customer loyalty.

    Springer believes that lenders will jump on board with Afordal, and those who do will be able to reach and retain customers more effectively.