Continued..
Although the LO can conduct an online search almost anywhere within cell phone carrier
coverage’s area, he will want to maximize the effectiveness of this process. For a
faster research, he would go to a Hotspot, a super-charged Wi-Fi network location.
Starbucks coffeehouses, Borders, Kinkos, numerous airports are examples of Hotspots.
By being connected through this technology Hotpots provide people with faster Wireless
access to the World Wide Web. “WiFi is the "friendly" term for the 802.11b Ethernet
standard. It's the cousin to standard 802.11, wired networking”
Once the LO has gained access to the internet, he will enter his intra-net, which is
basically a company’s or organization’s private network, designed and secured for
internal use only, not accessible to the public. The intranet would provide access to
the loan program search software. This advanced technology allows for real time investigation
of loan programs and rates, in relationship to the prospects characteristics and loan
goals. For instance, the LO would enter an estimated loan amount, loan term (i.e.: 30
year fixed loan), whether or not the prospect is looking to purchase of refinance, the
prospect’s credit score (provided by client or can also be acquired through another web
based program), the type of loan (for instance, if the prospect is interested in an
Interest Only loan) and other pre-qualifying information. Within a matter of seconds,
the LO would receive a list of options, with real time interest rate quotes.
5. http://www.t-mobile.com/hotspot/services_about.htm, Visited 10/17/04
6. (Kalpana Ettenson, October 8 2004 issue of PC World magazine, pg 36).