A web-based tool for consumers to shop for live mortgage offers.

A web-based tool for consumers to shop for live mortgage offers.

by | Nov 27, 2023 | Blog

myIDFi is a web-based tool for consumers to shop for live mortgage offers.

Welcome to myIDFi

myIDFi is a Blockchain-based open mortgage marketplace. myIDFi introduces consumers to the Lender of their choice. Consumers compare the costs of competitive live lender mortgage offers. Personal information is shared only with the winning Lender. myIDFi avoids data hacks and annoying mortgage industry mass marketing.

Shopping for a Mortgage

myIDFi makes the mortgage process easy. Create a preferred mortgage scenario on our mortgage calculator. Place the mortgage request on myIDFi’s anonymous open marketplace. No need to shop on multiple lender websites.

Live Offers

Our competing lenders provide live offers. These are ‘hard’ mortgage offers, not just quotes. Consumers compare mortgage rates and terms that best meet their needs.

Safe and Secure

Consumer personal information is safe and secure. Only the winning Lender will have access to their data.

No Data Sales to Third Parties

myIDFi avoids data hacks and annoying mass marketing in the industry. myIDFi does not resell consumers’ private information, nor do they mass-market consumers.

Lenders

myIDFi is a one-to-one mortgage lead generation machine. myIDFi is a live open mortgage marketplace. Approved mortgage pros compete to win high intent and high conversion mortgage leads. Borrowers compare the costs of lender mortgage offers. Lenders find that using myIDFi lowers their prices to produce a mortgage. That allows lenders to offer a better deal to mortgage buyers.

Realtors

Close Clients Faster. myIDFi gives the Realtor control of their transactions. Realtors choose and build a portfolio of lenders that best meet their expectations. Realtors introduce home buyers to myIDFi and follow their search for the perfect mortgage.

My IDFi Uses Digital Identities

Fraud costs mortgage lenders one-third more today than in 2019. And who pays for it? The Consumer. What if we can reduce fraud and save money? Would that not be a great idea? That is why myIDFi uses digital identities. Reducing fraud is one of the many ways we lower lending costs.

Blockchain and Utility NFTs

Personal information is secure with myIDFi. An anonymous minted NFT for each offer is recorded and verified. A consumer shares their data with whom they choose. No third-party data sales. No annoying spam phone, texts, or emails. Compare the offers. Know that you received multiple offers and chose the best one.

Do I Need to Know How to Use the Blockchain?

That is the beauty of myIDFi.

Need to know what a digital wallet is and how to use one?

Use our curated wallet for all your needs. That means finding your best mortgage is seamless, easy, and fast. And yes, you can use your wallet as well!

Consumers Sign Up for Free

Consumers create an account with their basic personal information that is safe and secure. Their account is the basis of their Digital Financial Identity.

Create a Personal Mortgage Scenario

A personal mortgage scenario, or request, is placed for bid on the myIDFi open marketplace. It contains no personal information, just the critical requirements for a lender to bid for the transaction competitively.

Receiving Bids

The Consumer will receive multiple bids that are easy to review and understand. Have a question? You can contact our staff for additional information. We are here to help.

Accepting a Bid

When the Consumer is ready to proceed with a new mortgage request, they review the bids received and decide which best suits their needs. The winning Lender will receive all the consumer data and documents for the request and guide them through the application and closing process.

Fast. Easy. Simple.

User Roles

Lenders (Mortgage Providers)

myIDFi supports several roles within the Lender Module

Master Admins

Master Admins create and manage the company profile and the branches and invite users throughout the company to onboard the platform.

Branch Managers

Branch Managers manage the branch profile and invite any branch personnel (Branch Admins, MLOs, and Processors). They also have bidding rights on the platform. Branch Managers may request to join a Realtors Lender Portfolio for preferential access to the Realtors clients.

Branch Admins

Branch Admins manage the branch profile and invite any branch personnel (Branch Admins, MLOs, and Processors). They do not have bidding rights on the platform.

MLO’s

MLOs have bidding rights on the platform. They may request to join a Realtors Lender Portfolio for preferential access to the Realtors clients.

Processors

Processors have access to the consumer records (data and documents)

Realtors

Realtors may create their profiles and manage the profile of their brokerage company. Realtors may invite their clients to the platform and follow their progress in completing their profile, requesting a mortgage service, bidding, and accepting a mortgage provider offer.

They may also invite and curate MLOs on their Lender Portfolio. This compliant approach to easily share their vetted lending partners with their clients simplifies the process of seeking real estate financing.

Consumers

Consumers may join the platform through web searches or by a Realtor invitation.

They build their profile and upload their financial documents into a safe and secure account. They then may create a scenario, post it to the open marketplace, receive and accept bids for their desired mortgage service, and share their data with the winning Lender.

Technology

myIDFi utilizes Web3 structures with Ethereum (layer one) and Polygon (layer two).

When a consumer creates a scenario and posts a mortgage request on the marketplace, the platform mints a utility NFT.

The NFT is anonymous and contains the information required for a lender to prepare a bid to meet the Consumer’s request.

Lenders’ bids are minted as NFTs for Consumer review and consideration.

When a Consumer accepts a bid, a utility NFT is minted with the data and documents in the consumer’s profile.

Upon acceptance of the utility NFT by the winning Lender, a smart contract is initiated that delivers the Consumer’s Data and Documents to the winning Lender.

The lender completes the application process and the transaction off-platform.

Conclusion

myIDFi is a revolutionary web-based tool that transforms the mortgage shopping experience for consumers and industry professionals. With its user-friendly interface and innovative features, myIDFi simplifies the complex mortgage process.

MyIDFi offers consumers a secure and efficient way to explore live mortgage offers, eliminating the need to visit multiple lender websites. The platform prioritizes data security, ensuring that personal information is shared only with the winning Lender, thus safeguarding against data breaches and unwanted marketing efforts. By utilizing digital identities and blockchain technology, myIDFi significantly reduces the risk of fraud, benefiting both borrowers and lenders.

Realtors can also benefit from myIDFi by gaining more control over transactions and choosing from a curated portfolio of lenders that align with their clients’ needs. This streamlined approach makes the mortgage application process smoother and more transparent.

On the other hand, lenders find myIDFi to be an efficient mortgage lead generation tool that connects them directly with high-intent, high-conversion leads. By participating in the platform, lenders can lower their operational costs, allowing them to offer more competitive mortgage deals to consumers.

Based on Web3 structures with Ethereum and Polygon, the platform’s technology ensures transparency and efficiency in the mortgage transaction process. Using utility NFTs adds an extra layer of security and transparency, allowing consumers to compare offers and select the one that best suits their needs.

MyIDFi is a game-changer in the mortgage industry, bringing transparency, security, and efficiency to the mortgage shopping process. Whether you are a consumer, realtor, or Lender, myIDFi offers a seamless and innovative solution that simplifies and enhances the mortgage experience for all parties involved. Sign up for free today and experience the future of mortgage shopping with myIDFi.

You may learn more about myIDFi by signing up with no obligation at https://beta-app.myidfi.com/

Website: https://www.myidfi.com/

Twitter: https://twitter.com/myidfi

Facebook: https://www.facebook.com/myidfi

LinkedIn: https://www.linkedin.com/company/myidfi

Instagram: https://www.instagram.com/myidfi/

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