IMLS RatePlug FAQ’s for a Loan Officer

1) What is RatePlug?

RatePlug is a program designed to display live lending information within property listing information. Each time your agent emails a property listing to a homebuyer, your information which includes; logo, contact info., website, email address, and mortgage payment and program information will be displayed within that listing.

2) How many Agents can I have in the program?

Currently there is no limit on the number of Agents you can work with when you sign them up one at a time. However, if you are looking to activate entire real estate offices with the Broker’s permission, we will active that office for a $200 per office fee per year.

3) How do my rates and programs get updated and who will do this function?

There is an online Rate Tool Matrix that you would update as your rates change. This is a very user friendly matrix that should only take a few minutes of your time. We will provide a 30 – 45 minute online training session to get you set up. Some larger lenders who enroll multiple Loan Officers may decide to have one person update the rates for all of the Loan Officers in the company or office participating in RatePlug.

4) If I have 10 agents, do I have to input my rates and programs 10 different times?

No you do not. You only input them one time when rates adjust and they will display to all of the Agents automatically.

5) How many mortgage programs does the RatePlug system display?

Even though the system allows you to set up an unlimited amount of programs, the RatePlug displays up to 12. You have the flexibility to select which programs to display each time.

6) How long is the contract?

The monthly payment plan is a 90 day term from effective date and then month to month. The annual payment plan is for a 1-year term which auto-renews for additional 1 year periods unless you contact RatePlug in writing 30 days prior to the end of the term and state your intent to cancel.

7) Is there a cancellation option available?

After the initial term, we require a 30 day advance written cancellation notice.

8) How much does the program cost for a LO?

There are 3 packages; $59/month(90 day minimum term) a $270 semi-annual package and a $435/annual package. There is a one-time $35 set up fee that applies to all packages.

9) Can I approach any Agent to get them signed up for RatePlug?

The agents need to be a member of the IMLS to be able to participate. Also, if they are a Broker and have an affiliate Lender, they would need to get permission from that Broker to be able to display your information on their listings.

10) If one of my Agents decides to get out of the program, can I add a new Agent?

Yes you can. You can have the new Agent enroll online or you can provide them with a sign up form to fax to RatePlug at 630-848-1337.

11) How many property listings can I be displayed on?

There is no limit on the number of property listings that you can be displayed on. Every time your agent emails a property listing with RatePlug to a homebuyer, your information will be displayed. Your Agent does not have to be the listing agent for the properties you are displayed on.

12) Will I be the only LO/Lender displayed on the Agent's listings?

The Agent determines this, and has the ability to display up to 3 Loan Officers. If more than one Loan Officer is displayed, the display space is divided equally among the lenders and the order in which the lenders are displayed rotates to ensure equal display prominence.

13) Do you have any marketing material that I can take out to Agents to see if they would like to sign up?

Yes we do. We can email you a flyer that is specifically for Agents and you can either email it to them or hand delivery it. You can also direct them to www.rateplug.com/IMLS for more information.

14) What is the cost to the Agent/Is RatePlug RESPA compliant?

Yes RatePlug is RESPA compliant, The Program is included in the suite of services provided to Agents by the MLS for which the Agents pay fees or dues. There are no additional fees charged to the Agents for enrollment in RatePlug.

15) How do my Agent's sign up?

Two different ways. They can go to the main page of their MLS system and type in their Agent ID and sign up or they can go to: www.rateplug.com/IMLS and click on the 'sign up' link.

16) How often do I have to update my rates?

In order to guarantee the integrity of the rates we are providing to homebuyers, we have installed safeguards into our system that require a Loan Officer to update or timestamp their rates at least once every 5 business days. If this time expires without an action being made, the rates will not be displayed in the property listings until updated, or time-stamped. RatePlug will notify the Loan Officer when rates are about to expire to prompt action.

17) Do I have to download software on our computers to use the RatePlug Program?

No. All software is web-based and is accessed through our website.

18) What if my rates are not as competitive as other lenders?

The beauty of the RatePlug Program is that your mortgage services are promoted, not just your rates. In fact, the customer views payments in the initial listing interface and must click through to see the rate and APR information. RatePlug is designed to give you the exposure to the homebuyer early in the home buying process to build a relationship.

19) What is the main benefit to me from becoming a RatePlug lender?

There are several, but the main benefit will be exposure to homebuyers early in the buying process. Instead of relying on an Agent to hand out your business card, you are promoted directly on every property listing that the homebuyer is looking at. That combined with the Auto Alerts you receive and the flyer program make RatePlug the best Loan Officer marketing tool out there.

20) Can I set up specialized products such as Balloons, Interest only ARMs, etc., to be displayed?

Yes you can. Our Rate and Product Matrix is flexible. A RatePlug representative will help you set these programs up during your initial training.

21) How about 2nd mortgages, 80/10/10, or other special financing?  

Currently, the RatePlug Product Matrix only allows for Residential 1st mortgage products. We are in the process of adding 2nd mortgage products. We will notify all Loan Officers when this feature goes live.

22) Does RatePlug replace the need to prepare a Good Faith Estimate for a Customer?  

Absolutely not. RatePlug should not be used, nor is it designed as a replacement for GFE’s and/or calculating closing costs.

23) Is RatePlug compliant with the new FTC (MAP) guidelines? 

RatePlug protects the lender and their Agents from the new recordkeeping requirements. The FTC has stipulated that any mortgage information given to clients must be archived for up to 6 years. RatePlug now stores an image of every property flyer created, as well as every RatePlug display that a client may view and retains that image for easy recovery by the lender should the need arise.

IMLS Property Flyer FAQ’s for a Loan Officer

1) What is the RatePlug Property Flyer System?

RatePlug Property Flyer System is a program designed to display real time lending information with property listing information for Agent open houses. Each time your agent lists a property, our system will automatically notify you and allows you to create a flyer for that listing that includes; both the Agent's and the Loan Officer's photo, logo, contact info., website, email address, and mortgage payment and program information will be displayed on that listing.

2) How can I have my photo and company logo or my Agent's photo and logo displayed on flyers and displays?

You can send JPEG images to info@rateplug.com and we will update the system for you. This process can take up to 24 hours to take effect.

3) What if my photo or logo appears blurry on the flyers or displays?

RatePlug stores tens of thousands of photos and logos on our servers so we are restricted to store these images in low-res settings to take up less storage space. Even if you send a hi-res image to us, we must resize and store at a lower resolution setting to fit our applications. Logos that have shading, drop shadows or use small fonts may not appear in our system perfectly clear. We will use image editing software to provide the clearest images possible.

4) What if my Agent has just listed a property and I cannot find it in the system?

RatePlug receives the property listing data through a feed from the MLS. The data is usually downloaded during non-peak hours. Sometimes it can take a few days for the MLS to pass the information to our servers.

5) Can I change the Property photos for the flyers?

No, the photos and other property data are fed to us by t he MLS. If the Agent wants to make edits to the information or change the order of the photos displayed, they must make those changes within their MLS system. Please note that if changes are made it may take a few days for the new information to hit RatePlug's servers.

6) Can I create a flyer for Agents other than the listing Agent?

Yes, however both the listing Agent and the Agent who you want to be displayed on the flyer must be enrolled in RatePlug AND affiliated with you. You would pick the property through your listing Agent (under section 1 "Find your Agent's Listings") then in section 3 pick the Agent you want displayed on the flyer.

7) Property photos seem fuzzy?

When in your Adobe PDF system, save your flyer first before printing. This also makes the flyer available for you to email to your Agent if needed.