New Data Sharing Platform Launches

Precision Risk Management Systems announced the launch of its innovative data sharing platform for mortgage bankers, Mortgage Peer Network. “We’re very excited about this new company.  MPN represents a truly innovative product to the mortgage industry,” said Greg Ellis, President. Here’s the scoop:

MPN provides a holistic solution that allows member institutions to compare consumer satisfaction and operational performance against peers in the industry.  Lenders can compare over 150 performance metrics, efficiency ratios and customer satisfaction levels with other lenders on the network.  Additionally, MPN provides an integrated customer satisfaction survey system that monitors customer sentiment throughout the process based on key milestones.  The customer service survey system incorporates social media capabilities that engage consumers and results in increased brand loyalty and word-of-mouth referrals.

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“Research has shown that the personal recommendation of a friend, family member or colleague is the strongest method of garnering brand trust and compelling consumers to take action,” adds Ellis. “With that in mind, we built a solution that places emphasis on customer satisfaction and gaining a personal recommendation through Twitter, Google+, Facebook, Pinterest and LinkedIn.”

MPN is unique in the way it combines milestone-based customer satisfaction monitoring with operational metrics to determine what processes are impacting customers in positive and negative ways.  By comparing consumer sentiment and operational performance to peer members, MPN members can isolate specific production related issues that are hindering the borrowing experience for the customer and take corrective action.  More importantly, members that are delivering superb customer service are able to drive new leads through social media integration.

“MPN represents a rare example of technology that actually provides a net increase in revenue rather than just an additional expense,” said Dave Demster, EVP of Business Development. “MPN members are given the tools to provide an exceptional experience for their customers while harnessing the power of social media to drive new applicants through the front door.”

By combining performance dashboards, scorecards and leaderboards showing everything from average turn times to borrower’s opinions on specific questions, MPN delivers a revolutionary solution for its members.  MPN members can plainly see inefficient processes, bottlenecks, star employees and more, all of which have a direct impact on the satisfaction level of the consumer which in-turn impacts overall brand loyalty, repeat business and word-of-mouth referral business.