SettlementOne, one of the nation’s largest suppliers of financial services data products and services, announced today that its increased investment now adds integrated online marketing and partnering features to its best-selling RediQual SaaS product. As a result, RediQual now combines a fully branded pre-qualification from local partners through a simple online experience with multi-channel online marketing, and a 1003 application, into one SaaS platform for its lender subscribers.
“RediQual has come full circle and now delivers a turnkey digital lending solution for financial institutions,” explained Jevin Sackett, Chief Executive Officer of Sackett National Holdings (SNH), SettlementOne’s parent company. “From our clients’ perspective, one of the most appealing and unique new features of RediQual is that it reinforces and integrates the lenders’ own brand online to enable loan applicants to pre-qualify and complete a 1003 online and funnel directly to their pipeline.”
“Once pre-qualified, RediQual actively promotes completion of the 1003 application by deploying a targeted, fully branded digital advertising campaign to each applicant – all of this integrated into RediQual’s core solution,” Sackett said.
SettlementOne understands today’s marketplace includes declining refinancing volumes, and an increasing percentage of origination now coming from purchase transactions. To combat this, the challenge confronting lenders is whether they should focus on increasing and developing partner relationships, or focus on increasing their digital marketing presence. SettlementOne’s answer is yes to both questions.
Most lenders agree that both digital execution, and improved partnering, are critical success factors in today’s environment; and yet investments in partnering and online technology often result in waste if poorly executed. With millennials accounting for over 30 percent of the new home purchase market, and that percentage growing, delivering a viable “online” digital lending capability is an absolute competitive requirement for any lender.
The RediQual application seamlessly integrates into the lender’s website, or any digital link placed on any site they select–such as realtors, realty companies, builders or other referral sources. Leads apply using RediQual’s user friendly, two-screen, two-minute online interface. The RediQual logic then blends a soft-inquiry, consumer credit report, and score uses the lenders’ specific loan program criteria to determine borrower eligibility. The result is a real time pre-qualification, yielding an online pre-approval letter and online 1003 for the applicant, and immediate messaging to a loan officer.
RediQual’s built in pipeline management system enables officers to immediately identify, track and communicate to drive completion of the online 1003 application. Once pre-qualified, RediQual then ensures the borrower remains as a client. RediQual targets the applicant with a 60-day digital marketing campaign. Client determined online ads are deployed regularly to reinforce the brand, and drive the ‘pre-qual’ to application and further to close. In this way, RediQual helps lenders combat rate and program shopping in today’s competitive market. These challenging conditions erode applicant pull through.
Added Sackett, “In RediQual, we’ve succeeded in creating a custom branded online experience for our client’s customers’ convenience, as well as reinforcing and empowering the loan officer relationship, which is still key to successful loan origination in today’s market.”
About The Author
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.