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Reshaping Lending

When Matt Hansen developed the mobile mortgage app that would become the catalyst for SimpleNexus, he wasn’t thinking about starting a company. He was trying to help solve a problem for his brother-in-law, a mortgage loan originator, who was tired of constantly having to recalculate customer loan payments by hand.One question, “Do you think you could build me an app for that?” was all it took for Matt to get motivated.

He created the mobile app on a Saturday, and, within weeks, other originators were clamoring to get a version for themselves. As Matt added features, customers followed, fueled exclusively by user referrals. It soon became obvious that what he created was much more than a passion project for evenings and weekends. It was something that filled a real market void.


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So, in 2014, joined by a handful of colleagues in the software industry, Matt turned SimpleNexus into his full-time business—and has never looked back. Today, SimpleNexus is a 100-person organization, signed with 15 of the top 25 lenders, over 180 mortgage company customers, and more than 18,000 users nationwide. More importantly, it’s a company that’s making a difference.The company’s CSO Joe Wilson shared his vision for lending and SimpleNexus with our editors. Here’s what he said:

Q: How would you describe the current state of mortgage technology in the industry? Is innovation thriving or has it stagnated? 

JOE WILSON:New mortgage technology is definitely thriving. Innovations have transformed the industry in only a few short years and enabled lenders to close loans faster, increase efficiency, and deliver a smoother borrower experience. It is clearly an exciting time of change as more and more lenders embrace the benefits of digital mortgage tools and make the move to strategically adopt them. With that said, there still remain friction points in the move to a fully digital mortgage that new technology needs to address.


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Q: What are some of those major friction points that remain?

JOE WILSON:The trend in new mortgage technology has been a heavy focus on improving the borrower experience. While borrower touchpoints are definitely a necessary target for innovation, technology solutions should not ignore or overcomplicate the experience of the other parties involved in the loan transaction. Before adopting and trying to implement new technology, lenders need to consider how it affects the processes of their loan officers and underwriters. At SimpleNexus, we built our solution around uniting loan officers, borrowers, and Realtors into a single platform.


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Q: You playfully refer to uniting all three stakeholders in the loan transaction as the Holy Grail of digital mortgage technology. Can you elaborate more?

JOE WILSON:Despite all the advancement various mortgage technologies have brought to the industry, more and more lenders are realizing that some solutions are limited by their siloed nature. What this means is that not all of the technologies function or integrate very well with their existing tech stack. More and more lenders are seeking out technology offerings that work seamlessly together to improve the experience of all parties in the loan transaction. This search for solutions that work together to unite all the loan transaction stakeholders without making things harder for one party can feel elusive. SimpleNexus provides this offering and its always exciting to see new lenders embrace a full digital mortgage strategy that addresses loan officer efficiency, borrower satisfaction, and working better with referral partners. We have clients tell us that our platform is changing the way they do business for the better. 


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Q:SimpleNexus really stands out in regards to your focus on integration partnerships. Can you share with us your approach and some of the benefits it makes possible for your clients?

JOE WILSON: An open platform is vital to our approach to delivering the most complete digital mortgage platform solution in the industry. We seek out integration partnerships with other technology providers that see the value of cooperating in order to deliver more benefit to clients. We’ve delivered on that single platform promise because of how well we integrate with other technology solutions. This results in the convenience of a single sign-on experience for the loan officer, borrower, and Realtor. Gone are the frustrations of app overload that required you to remember multiple usernames and passwords. Our integrated single platform also allows us to create unique configurations for the lender. Our white label offering enables them to customize the platform to promote their brand and deliver a customized experience for its users. 

Q: Can you elaborate more on some of your specific partner integrations?

JOE WILSON:Last year our company completed 60+ new integration partnerships, bringing additional functionality and efficiency to users on the SimpleNexus platform. We recently announced an offcicial integration partnership with Ellie Mae. This partnership provides our 200+ clients and 20,000+ loan officers fast and secure data transfer between Ellie Mae’s Encompass Lending Platform and our Mobile Originator tools. The direct system-to-system integration with Ellie Mae enables loan officers on the SimpleNexus platform to access their entire loan pipeline, order credit, run pricing, view appraisals, send pre-approval letters, and sign disclosures from their mobile device — all while syncing in real-time with Encompass. We’ve recently added VOA functionality to our platform through partnerships with FormFree and Finicity. We’ve launched integrations with MobilityRE and HomeScout to enable home search capabilities for borrowers. We also have a partnership in place with Mortgage Coach, bringing their loan comparison tools into the SimpleNexus experience. As a company, we are always looking for additional ways to reduce costs and drive efficiency in operations for our lending clients while delivering convenience and transparency to the borrowers and real estate professionals using our platform. We actively seek feedback from our current clients. We make it a priority to listen to what they want out of our platform and go to work on making those requests a reality. Listening to our customers has made our product better and our company successful. Quality integrations are a major part of the solution we offer to the industry. We love working with like-minded partners who see the importance of delivering added value to our clients.

Q: Are there areas of the digital mortgage process that you still see an opportunity for technology to improve?

JOE WILSON:Absolutely. Mortgage technology has already drastically impacted how business is managed in the industry and it is definitely not finished. There are still areas in the process that technology can improve. SimpleNexus is focused on and addressing those opportunities within the industry that technology, in general, has not yet fully delivered on. One obvious area is disclosures. We’ve just launched a new disclosure solution that we are really excited about. And again, our goal while developing our disclosure solution was to improve the experience for everyone involved. We built our disclosure offering to integrate directly with the lender’s LOS, so when disclosure documents are generated in the system of record they seamlessly sync with our platform. Borrowers immediately receive notifications regarding their e-consent and disclosure documents that they can then immediately open, review, approve, and sign electronically from their smart device. Our new disclosure offering also delivers on-the-go execution for loan officers, enabling them to electronically sign their portion anytime, anywhere. For documents that still require a wet signature, borrowers can quickly use our doc scanner tool to securely upload these portions after they have been printed and signed. And most unique, is all of this integrates automatically with the lender LOS to provide disclosure tracking for compliance peace of mind. We deliver a true mobile disclosure experience without disrupting any of the backend processes of the loan officer or underwriter.

Q: What observations can you offer overall of how lenders are adopting new mortgage technology? 

JOE WILSON:I think the strides technology has made in the past few years on the origination process overall has led most lenders to seek out solutions that will enable them to compete and thrive. It’s no longer a question of whether they should adopt technology but more a question of which is the right technology solution in order to deliver maximum efficiency and ROI. We are witnessing an industry-wide embrace of mortgage technology. We have seen this embrace first-hand at SimpleNexus. We added 80+ new enterprise clients just last year and our growth has increased 1,400% over the past three years. 

Q:In terms of ROI, what kind of value can SimpleNexus deliver to a lender’s digital mortgage strategy?

JOE WILSON:It’s important to recognize that the loan officer is the main source of revenue for a lender. A lender’s investment in technology should address supporting the LOs role fully. I mentioned previously the danger of choosing a technology solution that delivers a slick borrower experience but complicates the processes of loan officers and underwriters. SimpleNexus increases the efficiency of LOs while delivering a smooth borrower experience. Our clients are successfully recruiting and retaining top-producing loan officers by touting the benefits of our platform’s Mobile Originator tools. SimpleNexus enables a loan officer to take action on a loan any time from anywhere, thus preserving their quality of life while increasing their productivity. 

We love hearing real-world examples from our clients on how SimpleNexus is preserving a loan officer’s quality of life. We saw one example first-hand last month during our inaugural user group conference that we held at Snowbird Ski Resort in Utah. One of the LOs attending our conference got a request from a Realtor for a pre-qual letter. This loan officer was able to send the pre-qual letter in a matter of a minute or two from his phone while sitting at the lodge between his ski runs on the last day. The always on-call nature of the loan officers role no longer needs to interfere with the free time they spend with family or pursuing recreation on nights, weekends, or vacations.

We free the loan officer to get out of the office and build more relationships with referral partners, which in turn helps drive more business. SimpleNexus is a complete approach to implementing a digital mortgage that addresses all three stakeholders effectively. In regards to ROI, our platform reduces turn times, increases loan application submissions, and delivers more referral business. 

With SimpleNexus, traditional mortgage companies can combine the efficiency of technology with the high touch benefits borrowers receive through working with a loan officer. This human touch aspect is a real differentiator for mortgage company searching for a strategy to compete with online lenders.

INSIDER PROFILE

Joe Wilson is CSO at SimpleNexus. While it’s true that Joe Wilson has a marketing degree, his road to chief sales and marketing officer for SimpleNexus didn’t take a straight-forward path. As a newlywed, fresh out of college, Joe was focused on supporting his family. So, instead of going the ad agency route, Joe landed a job as a loan originator at a mortgage company. It was a place where his natural interpersonal skills shined.The longer Joe worked in the industry, the more intrigued he became with the technology that supported the mortgage process. After seeing the impact of the app firsthand, Joe became an evangelist for the SimpleNexus story. He joined the company in early 2017, to head the sales team, working tirelessly to spread the news about the impact it makes on its customers every day.

Empowering Consumers

US Mortgage was founded in 1994 and has been committed to providing an outstanding borrower experience ever since. That commitment means being willing to change as consumer demographics, and expectations, evolve.


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“If you look at the numbers today, 35 percent of all homebuyers are Millennials—and that number is growing,” said Scott A. Milner, President of US Mortgage Corporation. “We had to step back and look at how we could service everyone—and give our borrowers the empowered experience they wanted to have.”


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In recent years, that meant giving buyers self-service options.

“People want to feel empowered, like they’re controlling their own process, their own destiny; whether they’re buying diapers on Amazon or comparing mortgage products online,” Milner explained. “Although we had an online 1003, it really didn’t engage borrowers or give them agreat experience. So, we started looking for more of a unified platform that connected mobile and desktop experiences, and would make the mortgage process simpler and more enjoyable for the consumer.”


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Milner knew how critical it was to roll out the right digital solution the first time. So, he and his team developed an extensive list of criteria and started what would become a two-year search.

“We wanted a 1003 that was dynamic and easy-to-follow—one that stepped consumers through the process and provided them transparency into how much of the application they’ve completed, and how much more they have to go,” Milner said.


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The borrower’s movement from mobile to desktop had to be seamless, so if the borrower completed part of the application on her phone, she could pick it up where she left off on the desktop, or vice-versa.

“By having a loan application that was mobile friendly, browser agnostic and wizard-based, we believed we could drive over 80 percent of our consumers to complete their applications online,” Milner said. “They know more about their financial picture than anyone else, so they should be jump-starting the process.”

From the time the application was complete to the day the loan closed, the platform had to give the borrower, as well as the referral partner, visibility into the process.

“We wanted to limit, if not do away with, the calls coming into the loan officer that started with, ‘What is my loan status?’” Milner explained. “If we found a platform that gave borrowers and Realtors visibility into the loan process, the borrower experience would improve, and the referral partner would feel more like a partner, not just a lead source. And, if our loan officers quit wasting time answering status questions, they could manage bigger pipelines, be more productive and stay focused on higher-touch conversations.” During the extensive search, Milner and team demoed every alternative on the market— and watched each company’s progress.
“We kept coming back to the concept that we really needed to have a mobile app presence as well as a desktop experience,” Milner said. “There really wasn’t another option that was as dynamic from a desktop and application perspective as SimpleNexus—and offered the ability to white label our unique brand.” Although Milner was sold on SimpleNexus, he wanted to make sure his loan officers were as enthusiastic about the platform as he was.

“Before we signed on with SimpleNexus, we did a companywide webinar for all of our LOs to demonstrate the platform. When it was over, we sent everyone a survey that asked two things: do you like it and would you use it,” Milner explained. “We had 99 percent buy-in from the get-go which allowed for a much more seamless rollout.”

The decision was made.

US Mortgage has branded the platform as USMPower, a combination of the company name, and the fact that it empowers borrowers to control their own mortgage experience.

“We actually just finished rebuilding our web site, www.usmortgage.com, to better leverage SimpleNexus. The new site has a single button that says, ‘Let’s Get Started,’ which seamlessly flows into the SimpleNexus platform so the borrower can start his or her application,” Milner explained. “Our loan officers’ individual landing pages link to their customized, SimpleNexus app, as well. We’re really fully integrating the platform into everything we do.”

As the company pays for the platform and provides it as a value-add to its loan officers, the adoption rate was 100 percent from day one. But, Milner is quick to point out that to maximize SimpleNexus’ value, companies have to keep the platform top of mind.

“Choose one person in your organization to be the point person for SimpleNexus—and don’t assume that that’s automatically someone from your IT department,” he said. “Honestly, it’s more of a marketing mindset, so, make sure it’s someone who not only understands the platform but can continually promote its value.”

That strategy has paid off. At the time of this writing, US Mortgage’s top seven LOs have shared the app more than 200 times each, with its top LO personally sharing it a full 678 times. The top 10 of the company’s LOs have received 50 or more loans via SimpleNexus, with its top LO receiving 112 loan applications via the mobile app.

According to Milner, with SimpleNexus, borrower self-provisioning is a simplified, streamlined experience.

“Now, our borrowers can go to the online or mobile application and do their e-consent and authorization right there. They can use the calculator to see how much of a loan they can afford. They can upload their documents from their phone,” Milner said. “All of that data flows into Encompass, so it’s a much cleaner path.”

To date, US Mortgage’s top six LOs have each acquired 200-602 loan documents each through SimpleNexus, with that number growing every day.

When the loan is in progress, push notifications go out to borrowers, referral partners, and the loan officer, whenever the loan hits a particular milestone. So, no one has to call in to find out loan status.

“I don’t know if SimpleNexus has reduced the number of phone calls our loan officers get, but I do know that the calls they are getting are now more high level. They’re building relationships instead of reporting on status,” Milner said.

In addition to giving borrowers convenience and control, SimpleNexus also gives US Mortgage loan officers the flexibility to work from anywhere.
“Now, our LOs have the opportunity to start the mortgage process with the consumer in a Realtor’s office, or at a remote site; run credit, get pricing— instantly help the borrower on the spot,” Milner said. “If they start the process on their mobile device, they can seamlessly continue on their desktop. It makes them more productive, and better able to service our borrowers.”

According to Milner, the fact that his LOs can co-brand the app with their Realtors and referral partners is also a significant competitive advantage.
“With that co-branding, and the transparency SimpleNexus offers, our partners actually feel like they’re part of the process,” Milner said. “In a lot of ways, your referral partners are where you’re going to create the stickiness with the app. The Realtor is going to keep the app on thephone for extended periods of time.”

So far, the response has been extremely positive, with US Mortgage’s top seven loan officers co-branding with 40 Realtor partners, and its top loan officer engaging 119 partners through the app.

“We have a lot of Realtors who are pushing their IDX feeds through the app, so, their customers can use it for home searches,” Milner said. “It’s not only marketing for them, but it gives us a symbiotic relationship with the Realtor community. As a purchase-focused, referral-based lender, those relationships are a big priority with us.”

Although, at the time of this writing, US Mortgage has only been on SimpleNexus a short time, the numbers already show that this platform is positioning the lender for the future.

“In 2015, about 27 percent of our online applicants were Millennials, with that number increasing to 37 percent since SimpleNexus,” Milner said.
He’s also seeing more Millennials doing conventional loans—up from 35 percent in 2015 to 50 percent today. Conversely, the number of government loans the company is writing for Millennials has decreased from 64 percent to 51 percent.

“We anticipate that with these trends, we’re going to see a continued increase of the use of the mobile app in the months and years to come,” Milner said. 

The key is continuing to add new features that make borrowers’, referral partners’ and loan officers’ lives easier.

“Ultimately, we want to work with SimpleNexus on the next phase of our rollout, adding features like eSign, as these become available,” Milner said. “By continuing to build on what we have, we can better serve our borrowers and fulfill our mission that everyone deserves a roof over their head.”

About The Author

Make Realtors Your Greatest Allies

Everyone in the business knows that real estate professionals and lenders need to work together to capture, retain, and grow their repeat customer base. Because there are approximately 2 million actively licensed real estate professionals in today’s digital-centric borrower market, they often have a more extensive network of valuable connections needing loan services. 


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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.


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Now, imagine walking into your Realtors’ offices and making an immediate impression by showing them an easy-to-use app you have co-branded to include their contact info and custom links. When your Realtors see the features and how the app can connect them to their buyers—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.


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Lenders tell us that using this type of app tripledtheir Realtor referrals. By giving your real estate partners a free tool that places them front and center, you add a compelling incentive to working together. They’ll be impressed how easy the app is to co-brand with their photo, their logo, their home search and buyer reviews. The reasons to work with you as a preferred lender don’t end there. SimpleNexus automatically keeps Realtors and borrowers informed through push notifications when loans hit important milestones. The notifications not only ease anxiety but also save time the loan officer would normally have to spend sending emails or returning calls regarding loan status. The end result is a shorter time to close and a transparent process for the Realtor and their buyers.

What Realtor wouldn’t want to work with a loan officer that can bring these types of benefits to the partnership? SimpleNexus makes collaboration between originators and real estate partners easy and efficient. This streamlined collaboration becomes key to delivering on the digital mortgage experience.This type collaboration results in:

CAPTURING MORE BUSINESS.

With easy-to-share features, a loan officer can quickly get the app into the hands of new Realtor partners by simply texting or emailing them a download link. Realtors can in turn share the co-branded app with new  borrowers in a matter of seconds. Your ability to capture more business increases with each new share of the app. Loan officers receive notifications when each potential customer downloads the app allowing you to make contact early to lend your support.

BUILDING A PERSONAL BRAND.

Because the platform is white-labeled, your Realtors can co-brand the app with you. They can also add their own custom links, customer reviews, and property search features for a seamless mortgage process.

GAINING PROSPECT AND CUSTOMER INSIGHT.

With your shared app, Realtors have the extra insight they need to better understand their customers with visibility into loan status, calculation history, number of shares, and home search history. Your real estate partners say informed and you remain ready to lend your assistance and begin the financing process.

IMPROVING THE BUYER EXPERIENCE.

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

Originators, borrowers, and real estate partners all get real-time loan visibility, proactive communication capabilities, and transparent transactions all while knowing everything is CFPB compliant and AICPA secure.

About The Author

Digital Lending In Action

There are conformists; companies content to follow the norm. Then, there is Alterra Home Loans. This Las Vegas-based mortgage company has been charting its own path since opening its doors, first as a wholesale lender in 2007, then moving to retail in 2009.


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“Our company is based on serving minorities and diverse markets; with an emphasis on new home buyers,” explained Miguel Narvaez, EVP, Chief Production Officer for Alterra Home Loans. “Today, about 92 percent of our business is purchase, with 82 percent of those loans going to diverse communities. About 60 percent of those customers are first-time home buyers, so, our operations are very specialized to their needs. That’s the first way we differentiate ourselves.”

The second is through technology.

“We are fanatics of technology, obsessed with speed, and making sure we get  the information we need quickly. We were one of the first companies to use our LOS, Lending QB,” he said.  “We created our data analytics platform, Alterra Dashboard, a few years back. It now tracks each area of the company, automatically issuing reports every three minutes. At any given moment, we know where we stand, in terms of profitability, customer service and sales.”


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But, company leaders also believe that the value of technology extends beyond the back office. To that end, this digital leader is not afraid to stay on the bleeding edge—not only bringing on new technology, but, oftentimes, developing their own to drives sales, build relationships and differentiate in a very real way.  

Here are three of the most recent examples of this digital lender in action.  

A Vision, a Mobile App and a Lesson Learned 

As the mobile device entered ubiquity, Alterra leaders started thinking about the possibilities.  


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“About two and a half years ago, we started looking for a mobile app that would facilitate communication, transparency and improve the relationship between Realtors and our loan officers,” Narvaez said. “Remember, at the time, about 95 percent of the industry did not have any type of mobile mortgage application, so, we were considering something  that was very new.”

Not finding exactly what he wanted, Narvaez hired a team of contract developers and built the Pronto mobile application themselves.  

After two years, the application was ready to be launched—so, everyone thought.

“When you build an application, you want to make sure that it is adopted, because adoption is priceless,” Narvaez said.” But, when we launched Pronto, we realized that we had a lot of issues on the back side of the platform, so, the product wasn’t being used.”

Instead of going back to the drawing board, Narvaez decided to take another look at what was out in the market. He zeroed in on SimpleNexus, which had grown substantially as a company and as a proven platform in the time Alterra was developing and launching its own mobile platform. 

Navarez liked what he saw, including the ability to custom brand the application. 

“We decided not to try to keep building what was now already out there and proven to work,” Narvaez said. “So, SimpleNexus became the new Pronto, which we launched in July of 2018.”

Alterra loan officers can customize and share the application with their Realtors, who then  share it with their customers; streamlining communications and giving everyone transparency into what’s going on with the transaction. 

That was innovation one. 

A Faster Way to Create High-quality Marketing Materials

The second recent innovation came from looking at pain points; areas where Realtors had problems that need to be solved.

“We knew our loan officers and Realtors were frustrated by long the lead times they needed to create quality, customized marketing materials,” Narvaez said. “We came across a company that offered a commercial platform that let people go online and create their own fliers. I met with our marketing manager and said, ‘We need to create a tool like that for our salespeople that’s specific to the mortgage side’.”  

He contracted with a development and design team that was familiar with the mortgage industry and, in six months, launched AXIS. This proprietary marketing platform enables   Realtors to create their own, high-quality fliers and send these to print—and do it all, literally, in minutes. 

“Remember, everything we do is to empower and create better relationships with our Realtors. We do that by solving their problems and helping them be more successful,”Narvaez said.  

A Streamlined Path to Conversions

Alterra is taking that mantra to the next level with the rollout of A3C, short for ‘Alterra’s three  Cs,’ which are capture, convertand close.  What A3C doesis enable the company’s realtor partners to increase their conversion ratio, solving an age-old problem that has plagued the industry for decades.

“A Realtor might get 5,000 visits on a web site. Of those, he or she might capture 200-250 leads, and of those leads, that Realtor might convert two or three of those into closing transactions,” Narvaez explained. “The problem is, real estate agents can’t physically follow up with each of those leads. They’d rather be showing houses and getting contracts.”

With A3C, Alterra created a system that connects to the Realtor site, automatically creates a profile for every visitor, and immediately moves those prospects into a retargeting campaign. So, the next time that visitor logs on to the Internet, he or she is going to start seeing banners for that Realtor, which are tied to a landing page. 

“The minute the prospect clicks on the banner and hits the landing page, that contact information automatically goes into a CRM that triggers SMS text messaging, and connects the prospect with a live attendant,” Narvaez said. “A3C is unique in that it includes multiple different technologies: one for capturing and generating profiles, a technology for SMS campaigns, a technology for the CRM side to capture, store and create campaigns, and technology for the landing pages to redirect all traffic. So, basically, A3C grabs all of these amazing technologies, and adapts them into one system that helps the industry convert more leads.”

According to Narvaez, there are a lot of existing solutions that support the incubation of web site hits and leads, but someone still has to pick up the phone and physically follow up with thousands of leads, which isn’t realistic. 

“Multimillion-dollar companies use this level of technology to sell cars or furniture, but nothing like this existed in the mortgage industry until A3C,”Narvaez said. 

It’s the biggest initiative Alterra has taken on to date, and the biggest innovation Narvaez’ team has put out in the market. 

Next Steps: Adoption, Analysis and a Focus on Results

At the time of this writing, SimpleNexus (aka Pronto), AXIS and A3C have only been rolled out companywide for a little more than a month. 

Narvaez’ focus right now is adoption, adoption, adoption—the key to maximizing results from Alterra’s technology investment. 

“We’re running monthly contests where our top Pronto users win prizes and trips to  Riviera Maya, Mexico, to drive adoption. The real benefit is, in addition to posting the names of our top five users, we also post their results, so, other loan officers can see how the use of the app correlates to an increase in production,” Narvaez said. “The message we want to get across is this: use more Pronto—our branded SimpleNexus platform—get more prospects, engage more Realtors and get better results.”

Today, just one month after deployment,  75 percent of the company’s 300 loan officers are Pronto/SimpleNexus  users. Sixty-nine percent of those loan officers have activated referral partners, who now use co-branded versions of the application, with the top loan officers activating more than 50 referral partners each. Most significantly, 40 percent of those loan officers have new loans generated by borrowers with whom they’ve shared the app, with the top eight loan officer users taking in 20 or more loan applications each. 

“We don’t expect 100 percent adoption; we respect that some people in the company aren’t tech savvy or won’t use it—and that’s fine,” Narvaez. “We are more focused on making sure that the people who adopt it know how to use Pronto to its full potential.”

Narvaez is following a similar technique to drive adoption with AXIS and A3C, starting with training, making sure loan officers understand the value proposition; and sharing success stories as these happen.  

“We have a top producer who has built her entire business using Pronto (SimpleNexus). She has not only generated excitement among her Realtors, but she has already been able to grow her pipeline,” Narvaez said. “As we go through the next six months, we will continue to measure our metrics, and compare the use of Pronto, AXIS and A3C with the production and profitability of our loan officers and branches. Then, we’ll continue to compare those results year over year.”

The Mindset of a Digital Lender

By anyone’s standards, Alterra Home Loans is a pioneer in digital lending, using  technology to help build relationships, streamline communications and, ultimately, help loan officers and Realtors convert more prospects into sales. Narvaez believes that Alterra’s creative use of technology is key to survival in a changing mortgage industry.“As rates increase and refis disappear, you have to look at how you’re going to engage with Realtors, and how you’re going to differentiate as a lender,” he said. “You cannot just walk up and say, ‘I’m a lender, I have experience, I will close on time.’ You have to bring the technology that will offer transparency, close the communication gaps and give those Realtors—and their customers—an amazing experience. We believe that the innovators; the ones that use technology to solve problems, to build relationships and to offer something more, will be the lenders that continue to grow and profit in the future.”

About The Author

One Major Impediment To Digital Mortgages-Solved

As I travel across the country attending numerous industry events, meeting with a host of strategic partners, and talking to hundreds of lenders, everyone wants to discuss digital mortgages.  In those discussions, it is clear that to truly deliver on the digital mortgage promise of providing a simple, yet powerful borrower experience while streamlining the mortgage process and reducing costs, collaboration is key.

Quality partnerships are critical to providing the type of collaboration that is needed. No one provider can deliver everything required for today’s digital mortgage.  These partnerships can deliver real-time access to data with direct integrations; allowing providers to pass pertinent data to the loan transaction more quickly and seamlessly to both loan officers and borrowers during each step of the loan life cycle.

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With this channel-less strategy, productivity increases and has the potential to reduce costs for the lender.  These strategic partnerships also put a dynamic blend of powerful resources, like pulling credit or running pricing scenarios, into the palm of the hands of loan officers when and where they need this information for the borrower.  Efficiency increases as lenders nurture borrowers and better facilitate all phases of the digital lending process.

In addition, the right strategic partnerships and digital mortgage platform can deliver valuable simplicity. The days of app overload are over. Loan officers can now have a single, branded platform to manage the loan lifecycle.

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While most would agree that the benefits of collaboration through strategic partnerships is the way to improve the digital mortgage experience, one major impediment to this still exists in the traditional partnership model.

Historically, service providers spend a great deal of time discussing the benefits of partnering, potential mutual clients, and how the partnership will provide incredible value to the industry.  Then the discussion turns to who is going to pay for the time and resources to create the integration, test it, and maintain it going forward? The partners inherently decide to create a revenue- sharing integration model.

That’s where the impediment lies.  The traditional revenue-sharing integration model increases the cost to lenders and in turn the borrower.  Therefore, the goal in delivering a digital mortgage is providing a simple yet powerful borrower experience while streamlining the mortgage process and reducing costs through collaboration just increased the price to originate.

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At SimpleNexus, we take a different approach.   We are committed to working with our strategic partners to better deliver on digital mortgage expectations without demanding a revenue sharing integration model; reducing the cost to lenders and their borrowers.  This type of collaboration is making a profound difference in the mortgage industry, which is why 15 of the top 30 lenders partner with SimpleNexus.

We are the mobile-first digital mortgage solution that makes everyone’s life easier.  Lenders can make everything more convenient for their borrowers. Applying for a loan can be done from 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 from a branded app. If only the rest of life could be this easy.

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, faster, and more cost-effective.  A powerful way to deliver on the digital mortgage promise.

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