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New “E” 1003 Solution Hits The Market

SimpleNexus has launched a new online loan application solution, adding to its suite of digital mortgage tools. The new e1003 application assists mortgage lenders with increasing customer engagement by making the process of applying for a mortgage easier.

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The e1003 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 e1003 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.

Mortgage Lenders can configure the web 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 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

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 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.

Strategic Alliance Enhances LO Productivity

Optimal Blue has entered into a technology partnership with SimpleNexus. Optimal Blue’s compliant pricing services, backed by its accuracy rate, will now be available to industry professionals and consumers through the SimpleNexus mobile platform. Having this dynamic blend of resource tools at their fingertips, loan officers will be more efficient in nurturing clientele and facilitating all phases of the loan process.

There has been an unprecedented demand for pricing through mobile platforms, so executives from both companies are confident that this alliance will set the new standard for compliance, convenience, security and mobility. The combination of Optimal Blue’s expertise in pricing, along with the robust capabilities of SimpleNexus’ mobile platform, will provide loan officers and other stakeholders with increased profitability and productivity by providing the necessary tools when and where needed.

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“SimpleNexus enables originators to interact with borrowers and agents, not only during the loan, but before and after as well,” said Matt Hansen, president of SimpleNexus. “This strategic partnership was an ambitious accomplishment. Optimal Blue’s reputation and focus on innovation align perfectly with who we are, so we are confident that lenders and their partners will see increased production when utilizing these technologies.”

“This is the perfect blend of skills and services provided by two best-in-class companies,” commented Mark Coupland, vice president of business development at Optimal Blue. “This will further extend the reach of both companies’ offerings into the loan origination process, benefiting all stakeholders in the process and most importantly, the consumer. This is just the beginning.”

From lead generation to closing, Optimal Blue and SimpleNexus will continue to provide innovative solutions that offer organizational-level compliance, while improving the experience for all parties involved in the mortgage process.

Progress In Lending

The Place For Thought Leaders And Visionaries