*Technology To The Rescue*
*By Tony Garritano*
***What a year 2014 will be. With new regulation coupled with rising rates, lower overall volume and a shift to purchase business, it’s no wonder that most lenders are dazed. I know that I say it often, but I mean it when I say that technology can help. For example, at the Third Annual PROGRESS in Lending ENGAGE Event Velocify talked about a new solution designed to help lenders get more purchase business.
****Intelligent sales automation vendor Velocify launched Engage for Mortgage Purchase as a part of its Velocify LeadManager product. This purchase loan-focused automated guided selling program is designed to help mortgage professionals build better relationships with borrowers and real estate partners and convert more purchase mortgage leads into closed loans. The new technology solution was developed in response to growing demand from the mortgage industry for automated sales tools that help lenders and loan officers take advantage of the shifting housing market and encouraging outlook for purchase mortgage originations.
****“In the last few years we have worked closely with hundreds of clients who have successfully taken advantage of a healthy refinance market,” said Kelly Booth, Velocify’s mortgage division director. “As the market shifts, our goal is to help our clients remain agile, quickly adapting their business to take advantage of new purchase opportunities.”
****Velocify Engage for Mortgage offers two automated guided selling paths, purchase and refinance. The purchase and refinance paths can be used together to empower lenders and mortgage professionals to respond rapidly to incoming leads, quickly assess the loan type and stage of the buying process the borrower is in, and drive the appropriate workflow and email nurturing strategy and content, taking the guesswork out of follow-up for the loan officer. To help lenders improve conversion rates on purchase loans, the solution helps to identify Realtors and listing agents that are involved with the home purchase, and keeps all stakeholders in the transaction updated throughout the home buying process. Velocify ensures strong process discipline and transparency, promoting a quality experience for all parties involved while building confidence and trust, promoting future referral business.
****Engage for Mortgage keeps borrowers engaged through a number of automated sales processes, including: automatically generated email messages to guide borrowers on next steps; reminders for loan officers to make calls to borrowers at key points in the borrowers’ home search process; triggers for the loan officer when a certain number of days have passed since the last contact or when the borrower’s application is about to expire, and much more.
****With Velocify Engage for Mortgage Purchase, originators can:
****>> Manage the entire loan lifecycle for purchase and refinance mortgages
****>> Accelerate lead response times, boost conversion rates and revenue
****>> Instantly capture leads from any source or industry lead provider
****>> Reconcile duplicate leads and distribute them to assigned loan officers
****>> Provide increased transparency to Realtors and other stakeholders throughout the loan process
****>> Gain real-time reporting of daily loan activity and results
****As interest rates rise and the market for mortgage refinancing begins to decline, Booth said that Engage for Mortgage Purchase will be particularly beneficial for lenders hoping to transition to a more purchase mortgage-oriented business.
****“Lenders will be facing longer, more involved sales processes with borrowers,” she said. “Engage for Mortgage Purchase will be of huge value to them—not only because it helps loan officers keep consumers committed, but also because it assists them with building relationships with Realtors, who are major influencers in the home buying decision.”
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.