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Partnership Enhances Digital Mortgage Efficiency

Ellie Mae and SimpleNexus, a provider that is bringing the home mortgage process to mobile devices through their dynamic digital mortgage platform, have announced an official integration partnership.


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The partnership provides SimpleNexus’ 180 clients and 18,000 LO’s fast and secure data transfer between the Ellie Mae’s Encompass Lending Platform and SimpleNexus’ Mobile Originator tools. The direct system-to-system integration with Ellie Mae enables loan officers on the SimpleNexus platform to access to their entire loan pipeline, order credit, run pricing, view appraisals, and send pre-approval letters from their mobile device, all while syncing in real-time with Encompass.


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“We are excited to provide Encompass users with this secure and powerful integration enabling the originator to do their job on-the-go, helping lenders improve relationships with Realtors while getting more loans in the door,” stated Matt Hansen, SimpleNexus Chief Executive Officer.


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The partnership between Ellie Mae and SimpleNexus ultimately helps lenders reduce costs and drive efficiency in operations, improve loan officer productivity and provide convenience and transparency to borrowers and real estate partners during the loan process.

SimpleNexus enables mobile origination, with fifteen of the top 25 retail mortgage lenders in the U.S. using their digital mortgage platform. This latest integration with Ellie Mae delivers the fastest real-time Encompass data transfer speeds available in the industry and further establishes SimpleNexus as a best-in-class digital mortgage solution.

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.

Perfecting The Borrower Experience Is All The Rage

As the industry is securely in a purchase market, improving the borrower experience is a key differentiator for lenders looking to close more loans. Prominent mortgage industry executives gathered in Washington, DC at the 8th Annual PROGRESS in Lending ENGAGE Event sponsored by Get Credit Healthy, QuestSoft and Optimal Blue, to really drill down on this industry trend. How can lenders offer a better borrower experience? Here’s what was said:

In talking about other companies outside of mortgage that do it right, Denis Brosnan, CEO at DIMONT, said, “My Dad is Amazon’s best friend. So, when people in this industry say that older folks won’t do things online, they’re wrong. What people don’t want is to call a call center. The biggest thing is to reach out to people. You need to be a professional advisor.”

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“When you think about the customer experience, you really need to white board and draft out the entire process first,” noted Elizabeth Karwowski, CEO at Get Credit Healthy. “From there you need to ask what else can you be doing to get the borrower more engaged. Bring in other folks from outside the industry to give their perspective. We have to create a better journey for the borrower.”

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“Borrowers are with you for 30 days, but LOs are with you for life,” added Joe Wilson, Chief Sales and Marketing Officer at SimpleNexus. “We need to ask: How can LOs create a better experience for borrowers? You have to enable LOs and others within your organization to think more about the borrower if the process is ever going to improve.”

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“We can start by doing a better job with the upfront validation piece,” concluded Eric Christensen, Chief Strategy Officer at LERETA. “The industry has done a great job at the point-of-sale, but that’s where it stops. You can’t just offer the borrower a good experience there and stop. We need to perfect the whole process, including the backend, as well.”

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.

Innovating The Mortgage Process

As the story goes, 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.

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. 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.

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Today, SimpleNexus is a 75-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. Our Editor talked with Ben Miller, President/COO at SimpleNexus, to get his take on the mortgage industry.

Q: Why has the role of the loan officer been a primary focus at SimpleNexus from the beginning?

BEN MILLER: Our CEO, Matt Hansen, built the first version of the app at the request of his brother-in-law who was a mortgage loan originator tired of constantly recalculating customer loan payments by hand. Matt developed a simple solution over the weekend for him that garnered significant interest from additional originators in the ensuing weeks. The early focus at SimpleNexus was on creating a tool for the loan originator to support the vital role they play in the loan process. We still believe in loan officer’s role today and recognize the value their human touch plays in the loan transaction. SimpleNexus enables loan officers to close loans more quickly, increase Realtor referrals, and gain a competitive advantage. The platform turns loan originators into mobile originators, allowing them to stay productive and take action on a loan anytime, anywhere. We have built our platform around enhancing, rather than replacing, the loan officer’ role and have witnessed an industry wide embrace. We have 18,000 plus loan officers and over 180 enterprise mortgage companies now using our platform!

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Q: How has listening to customers guided the evolution of your platform?

BEN MILLER: In August we were named to the Inc. 5000 list of fastest-growing private companies. We have grown 1,405% in the last three years alone. That’s an achievement that we attribute directly to our lenders’ success using our platform. We value their ongoing feedback of what they want out of our platform and have repeatedly made those requests a priority as we further develop our digital mortgage technology. Listening to our customers has made our product better and our company successful. One specific example is when one of our customers came to us regarding handling appraisals. They explained they had and AMC but their loan officers were having issue with the appraisal since the needed info was being filtered through three different people and took a week to get to them. We took that feedback and went to work developing a direct integration with the AMC. We were able to remove steps in communication process and increase efficiency of the appraisal process to enable the loan officer to take action immediately.

Q: How should lenders vet technology partners to better support their digital mortgage strategy?

BEN MILLER: We at SimpleNexus think that lenders should ask the following questions:

What LOS, applications and software can the digital mortgage platform integrate with? Look for a platform that integrates as much of your existing technology and third-party provider applications as possible. If it can’t integrate with your LOS, pricing and credit systems, and critical third-party applications, then move on.

Can the user access all of these systems with a single sign-on? The idea is to streamline access to everything your users need to do their jobs.

Is there both a web-based and mobile element to the digital mortgage platform? Mobility is critical for giving loan officers access to the information they need to quickly respond to borrower and Realtor requests from anywhere, without circling back to the office.

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Can the digital mortgage platform be used with referral partners and borrowers? Many platforms and applications are borrower-centric. Although the customer experience is paramount, the opportunity to create stickiness with Realtors, builders, and other referral partners will add to the value of the platform.

Does the digital mortgage platform give loan officers borrower insight? While it is essential to give borrowers and Realtor’s transparency into loan status, to maximize value, the platform should also provide a way for loan officers to monitor borrowers’ engagement levels.

Is it easy to use? If you add a platform or introduce an application that’s just “one more thing to learn,” you won’t get the return on your investment. Loan officer adoption is everything, which means the platform has to be intuitive and easy for your originators to use, without a lot of training.

Finally, talk to other lenders that use the product, particularly those that use the same LOS and third-party providers. Ask about their experience with the implementation, their loan officers’ reaction and their return on investment, as well as the level of service they’ve received post-sale. Most importantly, don’t stop with one phone call. Speak to as many different companies as possible to get the user perspective of the platform.

Q: How is your approach to integrations unique and what kind of value does it deliver to your users?

BEN MILLER: Our goal in each integration we develop is how we can provide more value to our customers. We look for partners who share the desire to co-develop technologies that create value for the end user. It’s typical in the industry to adopt a revenue-sharing model to cover the costs of building the integration. The issue with this model is it actually increases the cost to originate. At SimpleNexus we choose to take a different approach to integration partnerships. We want to create value for our customers by creating integrations that reduce costs to lenders and in turn borrowers. The partners we choose to work with on integrations have the same desire of creating this type of value.

Q: Your platform also touts the deep connection it makes between loan officer, Realtors and borrowers. Can you explain why this is an important differentiator?

BEN MILLER: It’s common for new technology within the mortgage industry to focus solely on the customer. The borrower experience is vital but a true digital mortgage strategy also needs the technology to address the loan officer experience in addition to bringing the Realtor into the platform for maximum efficiency and ROI. SimpleNexus unites all three parties into a single platform so they stay connected as they exchange data, documents, and communicate throughout the loan lifecycle. Our lenders are reporting faster closing times, more online loan application submissions, increased referral business, and world-class NPS and customer satisfaction.

Q: Can you explain how connecting loan officers, Realtors and borrowers improves communication?

BEN MILLER: The SimpleNexus platform gives unprecedented visibility to the loan officer, Realtor and borrower during the entire loan process. Delivering transparency and data when and at the time the desired party needs the information. This solves the pain point that each party feels when they are uncertain about loan status and have to email or call to find out.  This saves everyone time while delivering a dynamic customer experience.

SimpleNexus’ enhanced communication features work together to improve the borrower experience, which means better reviews and more referrals for loan officers and their Realtor partners.

Q: Why does SimpleNexus emphasize bringing Realtors into a lender’s digital mortgage strategy?

BEN MILLER: Realtors have a more extensive network of valuable connections needing loan services and it’s no secret that a borrowers first point of contact for purchasing a home often starts with a real estate agent. Our digital mortgage platform includes the Realtor component for several reasons. First, real estate partners are the most productive source of referrals for a loan officer. By giving Realtor partners an easy-to-use app they can share with their borrowers, you increase your referral opportunities significantly. Second, our platform is whitelabled and can easily be co-branded for each individual Realtor partner. They can add their own custom links such as customer reviews and a home search and becomes a value add to the partnership. Finally, the app provides a smooth borrower experience, which the Realtor will appreciate. Borrowers can easily upload documents, use the convenient communication features and know next steps – all while the Realtor stays informed with transparent loan status updates of where their borrowers are in the process.

Q: How does a platform like SimpleNexus help as a recruiting tool for lenders when looking to attract top loan officers?

BEN MILLER: It is important to find a technology solution that empowers your loan officers. The tool should help originators close loans faster, so they can sell more and make more money, without putting in additional hours of work.

After finding the right solution lenders need to demo the tools for their prospective employees (i.e. loan officers), show them how it will make their lives easier. SimpleNexus clients have found success in recruiting meetings by showing their prospective employees how the platform works, how the app can be custom branded to each individual LO and co-branded for Realtor partners.

Technology demos during recruitment can go a long way in showing how the company is invested in helping 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.

Top producing loan officers are in high demand, so providing them with tools to make their job easier and more productive is critical to attracting and retaining them. The ability to use the SimpleNexus platform on mobile devices gives loan officers the freedom to work with borrowers from anywhere with a few keystrokes. The platform sends a file back to the LOS automatically, so compliance is also assured. Being able to take quick action keeps borrowers satisfied, which builds trust with referring partners.

Q: How does SimpleNexus increase efficiency for the borrower?

BEN MILLER: One of the most frustrating aspects of applying for a mortgage is the collecting of documents by the borrower, trying to email or mail the documents to the lender and keeping track of all of the documents that were provided. The SimpleNexus platform lets borrowers use their mobile device to upload documents or photos of documents in a one-step process that ends the paper chase. This significantly improves the borrower experience while reducing friction points in the application process.

Q: You have mentioned a single branded platform numerous times.  Why is that so important for lenders?

BEN MILLER: Traditionally, processing a mortgage loan isn’t a one-system, one-click sort of job. It’s a complicated process, requiring access to your LOS, to your CRM, and also to credit bureaus, pricing engines, and other third-party providers to make things happen.

Wouldn’t it be great if you had a mobile app that brought all of these resources together in one, convenient hub—along with fast access to your Realtors and borrowers?

SimpleNexus makes this vision a reality.

Our easy-to-use mobile app connects lenders with everything and everyone that is needed during the mortgage process, right from the loan officer’s mobile device.  That means loan officers work more efficiently, spend less time in transit, and more time actually getting things done.

Keeping the lender and their loan officers 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.

No matter the device you use, a seamless, omni-channel experience awaits.  Providing a great 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, they can pick up where they left off on any mobile device. The origination process is identical across all channels, and only requires a single user login and password.

If your prospects or Realtors are in a rush, they don’t have to waste valuable time searching 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.

INDUSTRY PREDICTIONS

Ben Miller Thinks:

1.) Personal touch and experiences for borrowers will continue to set companies apart from their competition.

2.) Companies with better technology supporting their loan officers will recruit and retain the best talent.

3.) The industry will continue turning to technology to drive backend process efficiency for managing cost in a raising rate environment.

INSIDER PROFILE

Ben Miller is President/COO at SimpleNexus. Ben joined SimpleNexus in 2014 as one of its original employees. Today, as COO, Ben runs the operations side of the house, which ranges from setting up strategic partnerships to managing implementations, to developing employee benefits programs. His mission is keeping the company efficient as it scales, expanding partnerships and bringing the right mix of people onboard.  Just seeing the impact that SimpleNexus is making on the industry is his motivator to constantly do more.

Vendor Gets $20 Million Capital Investment

SimpleNexus, a vendor known for bringing the home mortgage process to mobile devices through their digital mortgage platform, raised $20 million in growth capital from Insight Venture Partners to accelerate continued growth and expansion.

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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. The online application is custom branded to the lending institution and includes individual pages for each loan officer to share.

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“Our unprecedented growth clearly demonstrates the leading role SimpleNexus occupies in the digital mortgage movement and an industry wide embrace of our mobile-first technology that is making the mortgage process more efficient,” stated Matt Hansen, SimpleNexus founder & CEO. Matt added, “As we historically have been self-funded, we know that this new partnership with Insight Venture Partners will catalyze our growth, and provide our executive team with the additional resources to drive market expansion.”

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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.

“In the mortgage industry – and across financial services more broadly – we continue to see acute needs for improving the customer experience, empowering agents on the front line, and streamlining processes to reduce costs on the back end,” said Paul Szurek, Vice President, Insight Venture Partners. “The impressive traction that SimpleNexus has gained in this marketplace is a testament to the immediate and lasting value their mobile tools deliver for loan originators and borrowers alike. We look forward to welcoming them to our portfolio and driving further growth for their best-in-class solutions.”

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.

“Rather than replace the role of the loan officer, our custom digital solutions improve the borrower experience by cultivating the human to human interaction, which remains a core focus of SimpleNexus as we develop technology to support loan officers,” said Joe Wilson, SimpleNexus Chief Marketing Officer.

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.

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.

About The Author

Joe Wilson

Joe Wilson is chief sales and marketing officer at SimpleNexus, a digital mortgage solution provider serving 15 out of the top 25 retail mortgage lenders in the US. SimpleNexus enables lenders to originate and process loans from anywhere. Loan officers can manage their loan pipeline, order credit, run pricing, and send pre-approvals— all on the go. The platform also connects loan officers to their borrowers and realtors to easily communicate and exchange data in a single location throughout the entire loan life cycle. Today, SimpleNexus serves more than 160 enterprise mortgage companies and more than 15,000 loan officers nationwide. Over 450,000 borrowers have used the app, resulting in $100B+ in transactions flowing through the platform.

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.

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.

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.