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How Digital Can Drive Down Costs

In this era where smartphone and tablet usage permeates nearly all of life, it only seems logical that the purchase of a home would eventually move in the digital direction as well. This certainly creates a situation where the loan package can be digitally moved with minimal cost rather than printed (multiple times, most likely) and physically moved between geographies. Therefore, processing delays associated with in-transit time and cost can be reduced, improving the overall process for both lender and borrower.

However, while borrowers may be able to upload copies of their paystubs and bank statements for example, the data must still be gleaned from those documents as part of the underwriting process. Without the aid of sophisticated OCR, that gleaning process remains a manual process, even though the mortgage is “digital”.

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With the costs to process each mortgage continuing to rise, lenders must leverage automation to improve profitability and consistency in their business processes. With advanced mortgage OCR solutions, mortgage companies will reduce their level of manual document indexing and data entry activity, enabling them to process more loans per day at a lower cost per loan – yielding a leaner process and increased profit margins.

Paradatec’s Advanced Mortgage OCR solution does more than just convert document images to text. Once converted, that text is then processed by our artificial intelligence (“AI”) rules engine in the same way a human being would process the content. Based on these rules, documents are automatically indexed and relevant data points are extracted. This information is then passed to downstream applications for appropriate routing, decisioning, and archival.

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Our process begins with a full-page OCR scan of each image, typically completed in less than one second per page. This high-speed performance allows every word on the page to be included in the scope of the AI rules engine analysis, just as a human being would interpret the content. This content evaluation process is unique to Paradatec in terms of the combination of speed and ability to include all page content in the evaluation scope, thereby making it extremely flexible with documents of varying layout (for example, bank statements).

Other OCR solutions typically expect relevant data points to consistently appear in the same locations (or ‘zones’) on a document. If the data shifts due to changes in layout (again, think of bank statements), the zone-based approach will fail unless another layout template is created, making for a greater administrative burden with these solutions.

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A high volume, scalable OCR automation initiative requires the flexibility of Paradatec’s Advanced Mortgage OCR solution to process an unlimited number of document layouts without needing to develop specific templates for each layout variation. This capability is unique to Paradatec and a vital feature for creating an effective unstructured document classification and data capture solution.

Applying the right technology in the digital lending world can drive down cost providing lenders with a significant competitive advantage.

About The Author

Mark Tinkham

Mark Tinkham is Director of Business Alliances at Paradatec, Inc. Over the past twenty-five plus years, Mark has worked for technology companies that deliver innovative solutions to the financial services industry. For the past ten years, his primary focus has been bringing efficiencies to the mortgage market through industry leading Optical Character Recognition (OCR).

The Digital POS Movement

The digital mortgage revolution resulted in a mad rush to mortgage websites and online 1003 applications. But lenders struggled to turn their new website visitors into borrowers. That’s where a digital POS factors in: A POS makes buying a mortgage like ordering a product off an ecommerce platform, at least the good ones do. With a digital POS application, mortgage companies can close more loans faster at a lower cost than traditional loan origination.

E-commerce volume increased nearly 12% y/o/y from 2016 to 2017. Expect for that same trend to follow people shopping for mortgages. According to a study by the National Association of Realtors, 44% of all homebuyers began their search online. 95% went online to gather information at some point, including 99% of Millennials and 77% of Silent Generationers. Digital home searching generated tangible results, spurring 76% of Millennials to drive by a home because they saw an online advertisement. Although the data indicates that digital is vital to capturing homebuyers of all ages, the data also demonstrates that capturing the Millennial buyer provides the most robust and lucrative opportunity for lenders.

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Millennials make up about one-fourth of the US population, signifying a 77-million-person opportunity for the mortgage industry. According to Inc. Magazine, Millennials make up 66% of first-time homebuyers and 66% of them plan to buy a home in the next 5 years. As of 2017, Nielsen estimated that Millennials wield more than $1 trillion in annual buying power. The October 2017 composite forecast of Fannie Mae, Freddie Mac, and the Mortgage Bankers Association for 2017 mortgage origination volume reaches approximately $1.8 trillion. If Millennials compose 50% of this mortgage volume, and two-thirds of them apply online via digital applications, that represents $600 billion in digital mortgage origination. This number is massive. Better yet, it’s conservative.

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Digital POS’s further impacts lenders by streamlining the loan origination process and mitigating the slowing effect of regulatory compliance. The loan origination process always stood as a long, arduous, drawn-out series of sending documents for verification, waiting to receive them back, and then reeling in borrowers to sign and approve each step of the process. Then came 2008. When the mortgage market collapsed, lawmakers dropped a bomb packed with regulations and compliance standards like Dodd-Frank, RESPA, TILA, and CFPB. According to the Mortgage Bankers Association, between 2010 and 2017, mortgages took 70% longer to close and origination costs skyrocketed 80% as the burden of regulatory compliance grew.

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But technology is turning the tides. According to a November 2017 article in The Mortgage Reports, mortgage closures averaged 43 days, down from 51 days earlier in the year — a near 16% decrease with no help from decreased regulation. With today’s most advanced digital POS, lenders need not send documents to various verifiers and wait days on end to receive confirmation. Seamless data integrations and automations engineered into digital POS’s shave days off of loan origination timeframes. As integrations and automation speed up loan processes, it also cuts costs and leads to more closed loans.

About The Author

Kelcey T. Brown

Kelcey T. Brown is Chief Strategy Officer & Executive Vice President at WebMax, LLC. Brown is responsible for developing, communicating, executing, and sustaining strategic initiatives. He acts as a key advisor to the company’s president on critical changes in the competitive landscape, internal employee development and the external business environment. Brown has worked for nine years in the Real Estate and Mortgage Technology Industry.

Vendor Expands Its Digital Platform

Capsilon has expanded its digital mortgage platform through the addition of big data capabilities and a new set of smart tools designed to improve back office workflows and accelerate loan production. With this new data audit functionality, Capsilon can reduce manual data entry and speed up data auditing across the loan process. Here’s how:

The company claims that this new functionality enables companies to automate up to 80% of manual processing. In addition, Steve Viarengo has joined Capsilon as Senior Vice President, Product Management. With more than 20 years’ experience, Viarengo brings to Capsilon a deep expertise in building enterprise software solutions that not only scale, but also drive significant process innovation. Viarengo was most recently Vice President Product Management at Oracle HCM Cloud.

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“Capsilon has made an extensive investment in building its digital mortgage platform, which enables the development of new tools that use deep learning technologies and automated workflows. This is the first in a series of product rollouts intended to leverage Capsilon’s proprietary intelligent process automation capabilities, and I look forward to driving the next generation of tools that transform how mortgages are delivered,” says Steve Viarengo, SVP of Product at Capsilon.

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Capsilon seamlessly integrates all stakeholder workflows, from the borrower to loan officer and underwriter, to third party originators and servicers, to deliver cost and time-saving improvements. For every mortgage, Capsilon collects data from direct sources and documents. Its patented data recognition and extraction software distils this data into accessible, user-friendly information. That, combined with Capsilon’s proprietary rules engine and intelligent datasets, powers its back office workstations so that each stakeholder can make smarter, faster decisions, at the right point in the process. With the new data audit capability, the platform can dramatically reduce manual processes across functions.

“By automating manual workflows and acting as a data clearinghouse, Capsilon ensures the best data goes into our loan origination system,” says Kevin Peranio, Chief Lending Officer at Paramount Residential Mortgage Group (PRMG). “This maximizes our investment in our existing infrastructure, improves the efficiency of our LOS and accelerates our loan production.”

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“We’ve been working towards this level of process improvement since we launched Capsilon more than fourteen years ago,” says Sanjeev Malaney, Capsilon’s Founder and CEO. “We began by solving the problem of document management, which gave us a unique understanding of the complexity of data and how that information can be used to make mortgage decisions. It is this knowledge that has laid the foundation for this next evolution of productivity built on our digital mortgage platform. We now have the complete architecture to power a more streamlined way to deliver a mortgage, and it doesn’t stop here.”

Tony Garritano

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 tony@progressinlending.com.

New Online 1003 Solution Hits The Market

SimpleNexus, a provider of digital mortgage technology, has launched a new online loan application solution, adding to its suite of origination tools. The new web application assists mortgage lenders with increasing customer engagement by making the process of applying for a mortgage easier.

The web application integrates with the native app and entire SimpleNexus digital mortgage platform, creating an omni-channel experience that gives loan officers or realtor partners a simple way to immediately get the loan application into the hands of the borrower to fill out and complete.

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Borrowers can search for homes, apply for a mortgage, run calculations, upload documents and see real-time status of their loan progress. The loan application is responsive, ensuring easy navigation, regardless of the screen size or device.  This significantly increases loan pull through while reducing abandonment rates.

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“Our custom online loan application improves the borrower experience by cultivating the human to human interaction with new technology that enhances rather than replaces the role of the loan officer,” stated Joe Wilson, SimpleNexus chief marketing officer.

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Mortgage Lenders can fully configure the loan application, choosing which questions to ask and in which order they appear. The online application is custom branded to the lending institution and includes individual pages for each loan officer to share.

SimpleNexus provides a private-label digital mortgage platform and mobile app that connects mortgage lenders with borrowers and real estate agents, allowing all parties to easily exchange data and documents through the lifecycle of a mortgage loan. With SimpleNexus, a loan officer becomes a mobile originator. Through its smartphone app, loan officers are able to view new loan applications instantly, pull and view credit reports, run live pricing scenarios via Optimal Blue, see a live CRM feed and send pre-approval letters—all of this from the palm of their hand, as the app connects real-time with their LOS.

Progress In Lending

The Place For Thought Leaders And Visionaries

Advancing eNote Adoption

MERSCORP Holdings, Inc. (MERSCORP Holdings) and eOriginal, Inc. have launched a new solution offering that will enable originators to accelerate entry into the digital mortgage ecosystem.

MERS eNote Solutions, part of the MERS eSuite, will enable the creation, execution, registration and management of the electronic promissory note, or eNote, to mortgage originators across the industry.

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“MERSCORP Holdings is proud to provide technology-based solutions that add value to our members’ bottom line,” said Brendon Weiss, MERSCORP Holdings Chief Operating Officer. “Our members identified several gaps that need to be addressed to increase eNote adoption, and this new solution fills a significant need for originators seeking to leverage existing vendor relationships.”

MERSCORP Holdings is the owner and operator of the MERS eRegistry, the national mortgage registry and legal system of record for identifying the controller (holder) and location (custodian) of the authoritative copy of registered eNotes. Interest in the production of eNotes continues to grow as consumers and lenders recognize the value of moving toward a more streamlined, electronic process. With more than 5,000-member organizations, MERSCORP Holdings is central to the growth of digital mortgages, and the new service provides a turn-key solution to those members who are driving toward a paperless process.

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“This solution will enable thousands of originators to realize the benefits of a digitally executed promissory note at the closing table. The eNote is the most important document of a digital closing because it is critical for the funding of electronic mortgages by investors,” said eOriginal Senior Vice President and General Manager of Digital Mortgage, Simon Moir. “MERSCORP Holdings, as the operator of the MERS eRegistry, has been instrumental to the advancement of digital mortgage. We are proud to have eOriginal’s technology power the MERS eNote Solutions.”

eOriginal delivers a fully digital mortgage and supports every type of digital closing strategy. By creating a ‘digital original,’ eOriginal guarantees trusted transactions of digital financial assets. Major financial institutions, leading law firms and credit ratings agencies have validated and rely on eOriginal as a trusted partner with the greatest depth of digital transaction management expertise to navigate and advise on industry best practices.

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Hopefully partnerships like this will move the eNote ball forward.

About The Author

Tony Garritano

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 tony@progressinlending.com.

Data Shows Lenders Implementing Digital Mortgage Platform At Dramatic Pace

Continuing its impressive growth, SimpleNexus has announced the signing of 25 new clients in the first quarter of 2018 alone. The growth further demonstrates an industry wide embrace of new lending technology and the leading role SimpleNexus occupies in the digital mortgage movement.

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“We like to say we are the largest digital mortgage platform that nobody has ever heard of because we private-label the software,” stated Joe Wilson, SimpleNexus chief marketing officer. Lenders have responded very favorably to the customizable solution. SimpleNexus now has 15 of the top 25 retail mortgage lenders in the US using its enterprise digital mortgage platform. Over $100 billion in transactions have flowed through the platform, and over 450,000 borrowers have used the SimpleNexus app. There are now over 100,000 co-branded apps where realtors, builders, financial planners, and other partners collaborate with loan officers to be kept up to date through the loan process while providing loan officers with additional referral business.

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Wilson went on to state, “We are very humbled that so many lenders have put their trust in SimpleNexus for their digital mortgage needs.” He added, “we learned early in the development of our product the value of talking and listening to what lenders needed in a digital solution. That decision is paying significant dividends now.”

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The solution connects lenders with its borrowers and realtors to a single, branded platform to easily exchange data and documents throughout the entire loan lifecycle. Borrowers can search for homes, apply for a mortgage, run calculations, upload documents and see real-time status of their loan progress.

With SimpleNexus, a loan officer becomes a mobile originator. Through its smartphone app, loan officers are able to view new loan applications instantly, pull and view credit reports, run live pricing scenarios via Optimal Blue, see a live CRM feed and send pre-approval letters—all of this from the palm of their hand, as the app connects real-time with their LOS.

About The Author

Tony Garritano

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 tony@progressinlending.com.

Digital Advances

There is always talk about the digital mortgage. It’s in high demand. Industry data shows that 67 percent of all closed loans by Millennial borrowers were conventional, the highest percentage in two years. Conventional loans continued to be the most popular loan product, although women were slightly more likely to take advantage of FHA loans. So, what does that mean? It means that more lenders need to embrace the digital mortgage to reach this new group of borrowers. How do lenders do that? Adam Batayeh, President of Lodasoft, talked to our editor about how he sees the digital mortgage technology landscape.

Q: How would you describe the state of mortgage origination today?

ADAM BATAYEH: I think we’re in an amazing place in terms of the evolution of the mortgage industry. The mortgage industry had been hit with a significant amount of negative press following the mortgage meltdown. What many people haven’t fully realized is all of the positive changes that have been made in the mortgage space since.

The crash may have pushed the industry into a sort of regulatory confinement period putting everyone behind the proverbial 8-ball, but great progress has been made over the last 10 years. While it may have even stagnated tech innovation, as lenders were busy with TRID, I believe that these 10 years have washed away the pretenders and the best of the best are now advancing the industry, which only leads to what’s best for the consumer.

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You look at the top originators list for example and it is no longer comprised of solely big-box banks with a 50-state brick and mortar footprint. According to Bloomberg, non-banks accounted for more than 70 percent of FHA loans just last year.

You’ve got true innovation that is taking place that has allowed for mortgage companies to come out of obscurity to a predominant role driving the industry forward. The retail space is truly diversified and you have a wholesale market in the midst of a major comeback.

Q: Interesting, can you expand on how technology is actually making its impact?

ADAM BATAYEH: For me, the best part of the innovation that is taking place is that lenders and brokers of all sizes can take advantage of the best technologies available. The strength and ubiquity of APIs is game-changing in and of itself.

Look at Fannie and Freddie for example. They’ve recently come out with products that incorporate features allowing for the automation of income and asset verification. However, those aren’t proprietary solutions. Really what they’re doing is integrating to the same technologies available to all of us.

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These pieces of technology have sort of become commodities that everyone can implement and benefit from. The best originators are using them to enhance speed, efficiency, transparency, etc. Everything that we’ve been trying to do for so long is finally coming to fruition and we really can attribute it to the rapid growth of new and innovative technology.

These new innovations are allowing for a level playing field. We feel this is contributing to the healthiest level of competition we’ve seen. Not to mention, cloud-computing and SaaS-based products are allowing all of us to be everywhere at all times without the need for as much costly brick and mortar and IT expense.

Also, I just want to say that you hear a lot about the “Digital Mortgage” and at first-glance it sounds like the easy button, but it’s not. If you look at DU and LP for example, they both assist in underwriting efforts. They are tools to help us make decisions, but they did not eliminate the Underwriter by any stretch.

Q: Speaking of “Digital Mortgage”, what’s your take on its status?

ADAM BATAYEH: It’s here and it’s here for everyone. Many vendors have been helping lenders deliver electronically signed eMortgages for what, 10 years now? The Digital Mortgage is really an extension of that effort.

The focus thus far has been on borrower experience and rightfully so. However, to truly deliver on the digital mortgage experience, lenders must not only provide a slick and engaging online point-of-sale tool, but they also must automate the backend mortgage process and communication touch points that impede a truly seamless mortgage experience.

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The good news is again, it’s here. There are solutions at every price point and if you do your due diligence and stay current, you can compete with the largest lenders with the biggest bankrolls. Whether you’re retail or wholesale, broker or banker, Community Bank or Credit Union — you can find a solution that will fit (especially if you keep a pulse at tradeshows and with industry sites and publications like this one).

Q: How would you say retailers and wholesalers differ in their need for digital solutions?

ADAM BATAYEH: That’s a great question because it would seem that an originator is an originator right?

One of the big differences is in adoption. If you look at some of the larger consumer-direct players, they have a bit of an advantage as they have more of a captive team. They are more centralized and can distribute and train fairly quickly.

Retail Community Banks and Credit Unions are similar as they are a little more centralized even though they may be branch focused. They are typically cross-selling other internal products and so flexibility and configurability is very key to them. Integration is also high on the list for many reasons especially for servicers.

Wholesale and Distributed Retail shops have some things in common and they’ve got a different set of considerations. For one, a branch model might be providing tools, maybe an LOS, but those branches may be on their own in terms of say lead, contact management, or even borrower experience.

Same goes with Wholesale Brokers as the lender may provide portals that offer pipeline management but may fall short in more front-end activity. Some high-producing teams like to do things their way, and that’s not necessarily a bad thing. Flexibility is needed at a different level here.

The best advice I can give is, try to partner with tech vendors at different levels. For example, consider a solution that comes 75 percent configured and offer your branch or broker some control in taking part of their own configuration. We’re all typically willing to integrate at various levels and have resources to help get your staff trained quickly.

Q: What are you currently solving for that Lenders haven’t addressed yet?

ADAM BATAYEH: For us, it’s really the difference in what we have chosen to focus on. We’re based right outside of Detroit and we all know stories of how Ford implemented the assembly line to drastically reduce costs and increase production. Well, there’s a lot to be said for how far manufacturing has come and it really lies within automating processes.

A great borrower experience is one thing, but if that experience transitions to a back-end process that is not transparent or communicative, that borrower experience may fall short in the end.

We’re incorporating workflow in a way that allows for centralized, automated processes, so that mortgage companies of all sizes can truly compete and enjoy similar reduction in costs and increased production to that of the largest lenders.

Q: What has had the biggest impact on how you develop solutions?

ADAM BATAYEH: Definitely the unique diversity of our team and our client feedback loop.

On the operations side, our team has closed thousands of loans over the span of 20 years. When we talk to mortgage people, they know we’re one of them. They feel it in the questions we ask and the thought around the downstream impact of implementing a certain capability.

On the tech side, our guys have been developing solutions specifically in mortgage either for lenders or vendors for most of their careers. They have also been cloud-computing since, well, before the word cloud-computing was a thing.

We don’t allow ourselves to just go out and create but at the same time our clients understand that they can’t just dictate their needs to us as everyone is different. So, when we add a feature, we look at it from all sides and then look to provide flexibility so that it may be configured for the various types of lending institutions we cater to.

Q: What is the most critical challenge mortgage business are addressing?

ADAM BATAYEH: I don’t want to just give you the “everyone is different” answer so I’ll try my best not to give you a non-answer. If I must choose one challenge, I’ll say, “putting out fires”.

It boggles my mind that we are an industry that still says “it’s the end of the month, don’t talk to me”. If you go to the doctor on the 30th, do they tell you to come back next week? No, you have an appointment and they are just as busy on the 12th as they are the 30th.

The tendency in our industry seems to be to stop the bleeding. If a borrower needs something, we surely don’t want them going anywhere else so we stop the presses and give it to them.

I don’t care how big or small you are, you have fires that tend to creep up and you can identify them. If you can identify them, you can plan for them. If you can plan for them, you can get ahead of them.

It’s what I was referring to around the assembly line. You can use automation for the sake of automation. Or, you can use it create as repeatable a process as possible.

INDUSTRY PREDICTIONS

Adam Batayeh thinks:

4.) Origination numbers will continue to spread as the playing field levels. Wholesale, Retail, Consumer-direct, etc. will all experience slight shifts in portfolio focus.

2.) The “Amazon Effect” will have more of a positive impact on housing supply as millennial and first-time homebuyer awareness shines even brighter.

3.) A greater focus in 2018 from a Digital Mortgage perspective will be on further automating backend processes. This will trend well into funding and servicing.

INSIDER PROFILE

Adam Batayeh is President of Lodasoft, the mortgage industry’s leading solution to help lenders eliminate complexity and automate the manual workflow involved in the everyday loan process. With more than a decade of experience in the mortgage industry, Batayeh has held executive sales, marketing, product and strategic partnership positions with key mortgage technology providers. He is responsible for overseeing the daily operations, growth of organization, strategic partnerships and long-term strategic vision of Lodasoft. You can contact Adam at abatayeh@lodasoft.com or to find out more about Lodasoft visit website www.lodasoft.com

Progress In Lending

The Place For Thought Leaders And Visionaries

Digital Mortgage Hype

A close look at any mortgage industry conference or any mortgage publication will show you how much people are talking about digital mortgages. Clearly there is a great deal of buzz surrounding digital mortgages today. It all started a couple of years ago with that Rocket launching during the Super Bowl. Since that launch Rocket Mortgage by Quicken has propelled itself into the number one lender seat in the industry.

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This has only fueled the fire for people discussing digital mortgages and their impact on the mortgage industry. Numerous vendors across the industry claim to have digital mortgage solutions ready to help lenders propel themselves to higher origination volumes while providing a better customer experience.

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We have all seen the flashy demos, VC pitches and a whole lot of promises being made regarding digital mortgages. This has created a great deal of noise in the industry and confusion for lenders searching for solutions. It is a challenging time for lenders that do not what to be left behind while also being cautious to not getting caught up in all of the hype from a vendor who can’t deliver.

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So let’s cut through all of the hype and digital mortgage promises and see what lenders actually want and are using in a digital mortgage platform. So here are some of the things that top mortgage lenders have effectively implemented with their digital mortgage platform. Loan applications integrated with native apps, borrowers prefer to be online throughout the mortgage process, integration into core systems is critical for lenders, back office compatibility, ability to customize digital platform, mobile responsive and an easy way to share the application to increase referrals.

Check out the inforgraphic below to see how important these features are to lenders looking to successfully implement a new digital mortgage platform.

Progress In Lending

The Place For Thought Leaders And Visionaries

What’s A Digital Mortgage Anyway?

Everyone took notice as the digital mortgage first hit prime time with Quicken Loans’ Rocket Mortgage commercial featured during the Super Bowl a couple of years ago, jumpstarting the race for customer facing websites, slick 1003 applications, and the promise of an improved borrower experience. Several digital mortgage startups have spent a great deal of time, money and resources pitching to investors to gain funding round after round.

Over the last couple of years, all of the talk around digital mortgages has been about what the technology can do and how disruptive it will be. Technology companies from outside the mortgage industry claimed that they had a better way to do mortgages and that they were going to radically change the industry. Cleary there has been a lot of hype, and many promises have been made.

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What we have found in taking the time to speak with lenders across the country is that lenders are tired of being inundated with slick sales pitches and flashy product demos, what they want are real-world examples from their lending peers of how they are delivering on the digital mortgage promise. They want to hear what lenders are actually doing as it relates to digital mortgages, what type of results they are getting, and how they are achieving these results.

Instead of focusing on funding rounds and presentations, we actively listen to lenders and our lending clients. We firmly believe that lenders know mortgages far better than outside the industry technology firms looking to make a splash.

This is what lenders told us they were looking for in a digital mortgage solution:

Better Borrower Experience

Better Operational Efficiency

A Better Way to Partner with Realtors

A Better Recruiting Tool

Fully Compliant and Secure

Enhanced Integrations

Completely White Labeled

We focus on how new lending technology can enhance, rather than replace, the personalized service a loan officer provides borrowers during the mortgage process. We’re giving lenders the modern tools they want and need in the digital mortgage landscape.

Better Borrower Experience

Delivering a better borrower experience means making that experience consistent, across all channels, and points of contact. With SimpleNexus, information flows seamlessly between web, phone, and tablet. So, if your borrower starts a mortgage application on the website, she can pick up where she left off on any mobile device. The origination process is identical across all channels, as is the secure user login and password.

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If your prospects or realtors are in a rush, they don’t have to head to the app store to download SimpleNexus. Instead, you can text the app to them—either from your phone or originator dashboard. And, if you want to scan documents with the app but not assign these to a specific borrower file— no problem. When you’re ready, the documents will be waiting on your originator dashboard.

Make The Process More Convenient

With SimpleNexus, you make everything more convenient for your borrowers. They can start the application process anywhere. Instead of sending their W2s, bank statements, or tax returns to your office, borrowers can securely send documents using their phone. If they have a question or need to call, they can easily access your contact info in the app. If only the rest of life could be this easy.

Reduce Borrower Stress

What is the number one cause of borrower anxiety? Knowing the status of their loan after applying. With SimpleNexus, your borrowers never have to wonder. They’ll receive milestone alerts, reminders when something is due, and they can check their loan status in real-time. Ultimately, borrowers worry less and look forward to their home purchase more.

Get People Into Their Homes Faster

Who wouldn’t want to work with a lender who makes mortgages easier? Mortgage lenders who use SimpleNexus close loans up to 20 percent faster—which means borrowers get into their homes faster. With one straightforward system for borrowers to use, you can make everything easier and faster.

Better Operational Efficiency

If you’re in operations, you know the drill. Almost anything that makes the front end more efficient typically requires that you change your standard operating procedures—and that’s a challenging thing for you. While your front end is more productive, you have another hurdle to climb.

It doesn’t work that way with SimpleNexus. While, yes, our mobile app does make your loan originators more efficient, in our case, that means the back office gets what you need to do your jobs faster, too—all without having to change the processes you use today.

>>Alerts and secure, mobile document transfer gets information to processors faster.

>>Realtors and loan originators can upload changes wherever they are.

>>Everyone works more efficiently without changing current processes.

A Better Way To Partner With Realtors

No question, referral partners are essential to your ongoing success. Although you work hard to build relationships with the realtors in your area, so does your competition. Sometimes, no matter how good you are, it’s hard to stand out.

Now, imagine walking into your realtors’ offices to show them SimpleNexus. Once your realtors see the features, the co-branding opportunity, and how this one, easy-to-use app can connect them to their borrowers—and with you—they’ll be hooked. If they have a prospect in the office, you’ll probably get an introduction; which, no doubt, will be the first of many referrals to come.

Our customers tell us that using the app tripled their realtor engagements. Just think about what that kind of lift could do for your business.

Capture More Business

SimpleNexus helps your realtors turn their prospects into loyal customers. Not only can they engage prospects quickly by sharing the app, but it also provides them with a real value-add that few competitors can match.

Build A Personal Brand

With SimpleNexus, Realtors can co-brand their partnership with you. They can add their own custom links, customer reviews, and property search features for a seamless mortgage process.

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Gain Prospect And Customer Insight

With your shared app, realtors have the extra insight they need to better understand their customers—and know when it’s time for you to jump in with financing help.

Improve The Buyer Experience

The SimpleNexus features work together to improve the borrower experience, which means better reviews and more referrals for you and your realtor partners.

A Better Recruiting Tool

Recruiting top loan originators is critical to your organization’s success. Compensation and benefits are important, of course. But, with SimpleNexus, you can also offer a tool that helps originators close loans faster, so they can sell more, and make more money, without putting in more hours.

During the interview, show your prospective employees how they can custom brand the app or co-brand with their realtor partners. Then, tell them how SimpleNexus connects them with all of the systems and third-party providers they need to do their job from anywhere.

You become known as the company that helps your loan originators work more efficiently, earn more, and have a better quality of life. With SimpleNexus, LOs don’t need to spend their nights and weekends catching up at the office; they can close more and spend their off time with family and friends.

Fully Compliant and Secure

As much as we talk about speed and efficiency, at SimpleNexus, security is everything. From the beginning, we’ve invested in security to protect your borrower’s personal data and keep non-public information out of harm’s way.

We are AICPA Secure (SOC 2) and CFPB compliant, and meet all federal, state, and local requirements for securing borrower data. Data is encrypted at rest and in transit; and we conduct periodic, CEH penetration tests to check for vulnerabilities. Also, when you do loan calculations, APR is automatically displayed.

Enhanced Integrations

Your LOS. Your Processes. We Wouldn’t Change a Thing. It’s important to note that SimpleNexus isn’t an LOS, a CRM, or a replacement for any systems you currently have in place. Instead, we’re the connective tissue that brings these tools together in a single solution. So, your existing processes don’t change. However, your efficiency levels improve exponentially.

Completely White Labeled

It’s All About You, Not Us. Keeping your name front and center is easy with SimpleNexus. The app is white labeled, so instead of promoting our company, it promotes yours. You can brand the app with your information and offer your realtors their own co-branded versions, for that one-two marketing punch. Every interaction keeps your name at the forefront, building your brand as you build your client base.

Proven Success

This approach has proven to make a significant difference for lenders across the country.  While SimpleNexus might not be a household name like those overhyped digital companies, our platform powers 15 of the top 30 lenders, over 150 mortgage company customers, and over 14,000 users nationwide.

Our single-platform mortgage solution is the conduit that connects originators with their customers, realtor partners, systems, and tools they need to do their jobs. We’re the innovation that helps mortgage companies operate compliantly, efficiently, and a little more competitively than everyone else. We believe that when it comes to the mortgage industry, the combination of people and technology will always be more powerful than technology alone.

And, we’re proving it every day, one customer success story at a time.

About The Author

Matt Hansen

Matt Hansen is founder and CEO of SimpleNexus. SimpleNexus is the largest digital mortgage platform that nobody has ever heard of because they white-label their software. SimpleNexus now has 15 out of the top 25 retail mortgage lenders in the US using SimpleNexus. They represent over 200 brands across 160 companies, have over 450,000 borrowers use their app, with over $100B in transactions that have flowed through SImpleNexus. There are over 100,000 co-branded apps where Realtors, Builders, Financial Planners, etc… share with LOs to be kept up to date through the loan process and refer LOs business.