About LoanEXA

LoanEXA was created by Greg Phelps, CFP®, CLU, AAMS, President & Financial Advisor of Red Rock Wealth Management, LLC – a Las Vegas based wealth advisory and financial consulting firm.  As a private wealth consultant for over 14 years, Greg has helped plan the finances, both the asset and liabilities side including cash flow and investment planning, for hundreds of affluent clients nationwide.

During the real estate meltdown, mortgage collapse, and subsequent credit crunch of 2007, it became obvious that borrowers needed more education, more advice, and better guidance.  After years of research and first-hand experience on how the mortgage and home loan industry works, it also became quite clear that there were very few home loan brokers or mortgage lenders that Greg felt comfortable referring his clients to. 

The first problem was inappropriate loans.  The largest cause of the sub-prime debacle and real estate collapse was borrowers being sold a home loan they didn’t understand, had negative amortization tied to it, a pre-payment penalty, adjusting interest rates, or quite simply couldn’t afford. 

Through experience in working with clients and their home loan needs, Greg found that it was difficult at best to have multiple loan brokers or direct mortgage lenders come to the same consensus on the best home loan and terms for any given borrower.  In fact it seemed while one lender would propose a 5/1 interest only adjustable rate mortgage, the next would pitch a 10 year balloon mortgage.  LoanEXA solves this problem by:

• Comprehensive education - home loan articles, loan guidance, a home loan calculator section, and the Home Loan News Blog; and
• Having home loan brokers or direct mortgage lenders bid ONLY on the specific type of home loan the borrower requested (gone are the days of “bait & switch”!)

The second problem was the constant barrage of calls from home loan brokers and direct mortgage lenders to his clients.  Every one of them was fighting for the same home loan, and their rates and fees were dramatically different.  It was common to have the interest rates quoted on a lenders website change by a half point or more once they got the client on the phone, and who wants to be hassled at dinner or during work by someone trying to sell you a home loan you don’t understand?  LoanEXA solves this problem by:

• Having multiple home loan advisors compete through a blind bidding process online; and
• Keeping the borrowers information anonymous, but providing LoanEXA Home Loan Advisors just enough information to effectively quote their best home loan interest rate and fees
  
  

What does “LoanEXA” mean?  The first part of the name “Loan” is fairly obvious, LoanEXA is a website devoted to various types of home loans and mortgages.  The second part of the name “exa” is a metric prefix which precedes a unit of measurement (it just sounded better as a suffix!).  In this case, the “unit of measure” concept refers to comparing (or measuring) one mortgage rate or home loan quote to another.  Hence the name “LoanEXA”: a website focused on measuring multiple mortgage rates or home loan quotes against each other.

And so LoanEXA was created based on the following two-fold mission statement:

• To educate the borrower on home loan types, their costs and benefits, and guide them to the most appropriate home loan for their specific needs, thereby arming them with all tools, information and knowledge necessary to make an educated decision; and
• To provide an online matching system allowing multiple home loan advisors to compete for the borrowers specific home loan requirements while the consumer remains completely anonymous, thereby getting them the best home loan possible for their situation and financial needs.