TheMReport — News and strategies for the evolving mortgage marketplace.
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6 | M R EP O RT MTECH Leadership within the new- found Spruce Mobility team will include Robertson, along with the recently appointed Program Director of Relocation Services Eric Arnold; VP of Strategic Partnerships, Relocation Services Faye Hoxworth; and Director of Relocation Services Kelli Warren. Cash Is Still King NEW GUILD MORTGAGE OFFERING HELPS BUYERS GET A LEG UP S an Diego, California- based Guild Mortgage has launched its CashPass program to help homebuyers compete with all-cash offers in today's competitive housing market. Guild's new CashPass program allows homebuyers to write a cash offer with no financing or appraisal contingency required. Studies from Redfin have shown that prospective buyers who offer all-cash on a home nearly quadruple their chances of winning a bidding war, making it the most effective strategy to win a home in a competitive situation. "With less inventory, sellers are getting multiple strong offers, and we want to help our clients compete and win," said Mary Ann McGarry, CEO of Guild Mortgage. "In this competitive housing market, Guild recognizes the need to help level the playing field for our clients who aren't able to make an all-cash offer on their own. Guild's CashPass program helps homebuyers make a more competitive offer that can be vital to winning when a seller is faced with multiple bids from which to choose. It's one more thing we are doing to help deliver on our promise of home." The CashPass program is currently available for conventional financing options to homebuyers with credit scores of 680 and above, and is currently available in 11 states: Arizona, California, Colorado, Massachusetts, Missouri, Nevada, Oregon, Pennsylvania, South Carolina, Texas, and Washington, with more states coming soon. One-Stop MI Shopping ROOSTIFY JOINS WITH MI PLATFORM M ortgage tech provider Roostify now supports integration with the Covered Insurance Marketplace to streamline a homeowners' insurance buying process and shorten the loan lifecycle. This integration gives borrowers flexibility to shop and compare quotes from over 30 leading in- surance companies and quickly purchase it within the Roostify platform. "Our integration with Covered is a major step in continuing to simplify the home lending process by elevating the customer experi- ence when shopping for home insurance," Roostify Co-Founder and CEO Rajesh Bhat said. "We're helping lenders to offer greater convenience in their workflow and improve customer satisfaction, further exemplifying Roostify's goal of providing the most customer-friendly, streamlined homeowner journey from start to close." Through the partnership, lenders can offer competitive advantages through increased operational efficiency by creating a tailored homeowners insurance buying experience within their workflow. They can deliver a self- service borrower experience by allowing borrowers to see eligible quotes in less than 90 seconds, and finalize a policy in just 15 minutes, saving an average of three days in funding their loan. "Our embedded insurance capabilities are providing a more personalized borrower experience, accelerating transaction timelines and intersecting with the cus- tomer when and where they need it most," said Ross Diedrich, CEO of Covered. "Roostify's integration with Covered allows both organi- zations to truly elevate the home lending experience, with customer satisfaction and convenience at its core." Through the partnership, bor- rowers will have the ability to explore multiple insurance quotes within minutes and compare the annual premiums, dwelling limits, and deductibles. Within the Roostify platform, users can easily connect with Covered Insurance Advisors for education and sup- port through the communication channel of their choice. Perfecting the Cus- tomer Experience TOTAL EXPERT HELPS BUILD CUSTOMER RELATIONSHIPS T otal Expert, a CRM and customer engagement platform, has rolled out new features for lenders, banks, and credit unions to help them better navigate customer rela- tionships in the coming year. With a mortgage market that's gone from 70% refinance loans in Q1 2021 to 70% purchase loans in Q2 of 2021, capitalizing on every loan application is more important than ever. Total Expert has built new or enhanced partnerships with third-party data integration, social marketing, lead conver- sion, and lending broker brands. The ability to access and lever- age consumer data and sales inputs from systems—including Salesforce, BankingBridge, and FreeRateUpdate—gives lend- ers a broader view of customer behavior to optimize and fill the pipeline. A new integration with Denim "With less inventory, sellers are getting multiple strong offers, and we want to help our clients compete and win." —Mary Ann McGarry, CEO, Guild Mortgage