Posts

Outsourcer Expands Offering

*Outsourcer Expands Offering*
**New Tool Emerges**

outsourcer-expands***PROGRESS in Lending has learned that Visionet, a provider of outsourcing solutions and mortgage, title and servicing software, has combined many of its product solutions to form VisiBanking Suite. This suite leverages rules engines, OCR/ICR, auto-indexing and numerous validation tools, evolving workflow, best practices, analytics and audit for a powerful tool set.

****The configurable VisiBanking Suite provides the tools to enhance performance for clients from POS through Servicing and Default. Component solutions can also be quickly deployed in Compliance, OCC Look Backs, HUD Prep, Auto Pre & Post Closing Review, Imaging and Indexing, Document Recordation, GSE Repurchase, Audit/QC, Developing & Enforcement of Risk Indicators, Default, and REO.

****Currently, the VisiBanking Suite is driving efficiency and accuracy gains of over 80%, enhancing margins, and providing a reduction of fixed expenses, the company claims. The end result has included substantial improvements in quality, reductions in both cycle times and cost, and higher customer satisfaction.

****“The Mortgage Industry needs the right tools to prepare for and adapt to a changing and demanding regulatory environment such as CFPB compliance. Automation and technology are tools that help mortgage lenders and servicers comply with all of the changing regulations in a timely fashion,” concluded Bill Welge, Principal, Visionet.

Winning The Battle For The Borrower: Here’s How You Get More Business

*Here’s How You Get More Business*
**By Judy Margrett**

***I started in the mortgage business back in 1985. It’s hard to believe. I’ve originated, did sales management, you name it. In that time I’ve seen a lot of changes. Being on the lender side got me thinking. What would help me or my originators get more quality business? The more I thought about it, the more I became convinced that automated loyalty was the solution. A lot of people say you can’t automate marketing, but you can. Here’s how:

****If we take a short trip down memory lane, initially it was all about digitizing your signature, pulling data from the loan origination system and sending out marketing materials every 90 days. Basically it was about replicating your marketing process with software. Things have evolved. If you think about it, the LOS started out as just a more automated 1003, but today the LOS is the system of record and does much, much more.

****The first difference in today’s market vs. the market of 1985 is that you need a Web-based tool that goes beyond just sending out marketing materials. Marketing is about relationships, not transactions. The industry has been transaction based for too long. It’s not about the deal, it’s about the people. The days of just closing any deal because you have a willing investor are long gone. Today it’s about quality, not quantity. And guess what, if you originate quality loans the quantity desired will follow.

****Similarly, marketing itself has also evolved. What do I mean? You can’t expect any one solution or approach to work. As the saying goes: There is no silver bullet. Marketing should be about using tools like social media, e-mail, texting, and, yes, sending out old-fashioned print media, as well.

****Automated programs maximize the retention of current clients and the revival of past clients. These pre-determined sequences of strategically timed marketing communications typically run for up to three years (or more) and can be extended at any time. A well-configured automated program lays the firmest possible foundation for long-term success – not only by generating a steady flow of referrals, repeat sales and cross-sales from a loyal audience, but also by ensuring maximum response to on-demand custom campaigns, thus creating a lasting relationship.

****Statistics show that every client/borrower has at a minimum 15 to 20 referrals. And we as people automatically refer things like restaurants all the time naturally. What does that mean for your business? If you focus on the relationship and have a holistic approach to marketing you can close more business. In my next column we’ll continue this conversation as I give some solid strategies on how you can use this technique to get more business.

Winning The Battle For The Borrower: Seize Every Opportunity

*Seize Every Opportunity*
**By Judy Margrett**

***What we’re going to talk about today is how you can turn your data into a real business opportunity. If you think about it, every mortgage company in the market holds databases of data on it’s loan products, existing borrowers, prospects, etc.

****No mortgage lender that I know is lacking in terms of having access to all this information. The challenge is how do you leverage that static data and turn it into active intelligence.

****What do I mean by active intelligence? You need to use the information that you have literally at your fingertips to create new business opportunities. What lenders are finding is that in this market, with all the new rules, the new LO compensation regs and fewer loan products to offer, they are having to respond quicker then ever before. In fact, the market is so fluid that they have to look at technology to bring this static data to life.

****Here’s how you do that:

****It’s about integrating all the aspects of your marketing like referrals, Realtor contacts, past campaigns, etc. with a rules-based tool. You want to create a business opportunity engine. You want to make that data meaningful to your bottom line.

****If you have that automation in place and it’s looking at this data, you can achieve instant results. For example, should you be offering fixed rates? Should you be doing refinances? What works in that geographic area? You now are using all this data to take action to get instant results.

****On top of that, if you can offer one-click marketing to the borrower so they can take advantage of your offering, that’s very powerful. And this is not hard to do.

****Automation combining rules and marketing allows companies to analyze and track all this data to produce real opportunity. Why should you look seriously at this technology? You can maximize value. You can stimulate two-way dialogue. You can build loyalty and enhance your reputation with consistent and compliant messaging.

****As lenders look for ways to be more competitive, tools like this enable the lender to boost productivity and profitability. Who doesn’t want to do that in any market, let alone a declining market like the one we find ourselves in today? In addition, you also enhance compliance and control by automating this part of your business. Let’s not forget the power of relationships. You can grow borrower relationships and cross sell opportunities through the implementation of this strategy.

****All this enables lenders to seize current market opportunities. So, get started.