MReport January 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 7 MDWELL borrower intelligence and retention system, to help loan originators uncover new business opportunities and significantly outperform customer retention benchmarks by responding rapidly to loan opportunities as they arise. Sales Boomerang notifies mortgage lenders the moment an unqualified lead becomes qualified—for instance, when a prospect's FICO score improves, when a borrower could reduce their mortgage payment or pay off debt by refinancing, or when a consumer's credit activity indicates they may be shop- ping for a mortgage. Lenders can define the criteria for a triggering event at the enterprise or individual loan originator (LO) level. Prescriptive scenarios make it effortless for loan originators to understand and capitalize on opportunities they would otherwise lose to competitors, delivering an average 20 to 30% lift in loan volume. The newly announced integration em- beds Sales Boomerang directly inside Top of Mind's Surefire CRM, the most popular CRM and marketing automation platform in the mortgage industry. Surefire's award- winning technology can be used to deliver timely reminders to LOs to follow up on the opportunities presented by Sales Boomerang. Alternatively, lenders can use Surefire to au- tomatically deploy context-specific marketing campaigns to consumers on behalf of LOs, ensuring opportunities are never overlooked. "As refi volume declines in 2021, lenders will need to nurture existing relationships to stay competitive in a purchase market," said Top of Mind VP of Sales Nick Belenky. "Together, Surefire's CRM and marketing automation platform and Sales Boomerang's automated borrower intelligence and retention system act as a powerful client retention force that empowers lenders to establish themselves as an indispensable partner in the homeown- ership journey." "The lending industry is notorious for its abysmally low average customer retention rate; eighty percent of borrowers will take out their next loan with a different lender than the one they used previously," said Sales Boomerang CEO Alex Kutsishin. "Helping banks, credit unions and independent mort- gage lenders beat those odds—often retaining as high as 65% or more of past customers—is at the core of everything we do." Fifth Third and Blend Work to Transform the Mortgage Process BLEND'S DIGITAL LENDING PLATFORM OFFERS SIMPLE SOLUTIONS FOR HOMEBUYING AND REFINANCING. F ifth Third Bank, National Association, announced a strategic partnership with Blend to digitize its mortgage process in a time when home purchasing has reached its highest levels in more than a decade. Growing customer demand and increased comfort with digital experiences further accel- erated by the pandemic has driven the need for financial institutions to prioritize digital experiences to better engage their customers. The partnership with Blend is one more ini- tiative in the bank's customer-centric digital strategy to enable a simple and efficient end- to-end mortgage experience. "Customers want a simple way to apply for a mortgage online, yet they also don't want to go it completely alone," said Chris Shroat, Head of Mortgage for Fifth Third. "Partnering with Blend allows us to offer a simple, seamless online home financing experience. And our mortgage loan origina- tors are there to shepherd the process to help ensure our customers are confident as they make what likely is the biggest purchase of their lives." Fifth Third has rolled out the new ap- plication to its mortgage specialists across 11 states for mortgages and refinancing. Since launching the new digital process, the aver- age customer satisfaction score has increased while the average time to fund a loan has decreased. This partnership allows Fifth Third cus- tomers to digitally apply for a mortgage and use things that they know (such as bank or payroll credentials) to complete their ap- plication, saving time from having to hunt and find documents. Once the application is in, they can use an online portal to track the status of their loan application, upload documents, consent and sign electronically and receive reminders if there is additional information needed. Their mortgage loan officers and processors are available and can collaborate in real time if they want. Not only does the experience with Blend embody the shift to innovative digital solutions, it also has automated much of the formerly manual information gathering that was a burden on applicants and employees alike. "Our goal is to anticipate challenges that may arise in the market and help our lender partners adapt quickly to meet the needs of their customers, especially during tough times," said Blend Co-founder and CEO Nima Ghamsari. "Our work with Fifth Third is a testament to this, and we're proud to partner with them to allow future and current homeowners to have a simple and efficient end-to-end mortgage experience." Anywhere. Anytime. MReport Digital Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at to take advantage of our special introductory offer!

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