TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1494596
10 | M R EP O RT THEMREPORT.COM Touchless Lending is classifying and processing all documents for Newfi's loans, which include over 358 different types of documents, with over 88,000 pages processed every month. We are reducing the number of people in the loop and the need for manual reviews, and we are doing it end-to-end. Assuring Access to Trusted Financial Advisors TRUSTENGINE LAUNCHES BORROWER INTELLIGENCE PLATFORM S ales Boomerang and Mortgage Coach have announced their union under the new name TrustEn- gine, an identity that embodies the merged organization's vision to help lenders drive undeni- able value as clients' trusted financial advisors. The name also reflects the brand's heritage as a trusted service provider to mortgage lenders for more than a quarter-century. The new name takes effect imme- diately and coincides with the beta release of the TrustEngine Borrower Intelligence Platform, a solution that wraps around the entire mortgage tech stack to drive volume by identifying loan opportunities and engage- ment strategies tailored to each borrower's needs. The TrustEngine Borrower Intelligence Platform drives in- creased loan applications, custom- er loyalty, and team performance by collecting, enhancing, and ana- lyzing borrower data; prescribing actionable borrower opportunities; pacing opportunity delivery; guid- ing compelling borrower and loan officer interactions that convert; and providing comprehensive performance measurement and refinement. "We are thrilled to debut our new name and our Borrower Intelligence Platform on the same day," CEO Rich Harris said. "This groundbreaking solution will help lenders become lifelong champions for borrowers by gaining access— for the first time in history—to the kind of world-class customer intelligence leveraged by global leaders like Apple, Microsoft, and Amazon." The TrustEngine Borrower Intelligence Platform offers deep behavior analysis to generate granular borrower segments and predict mortgage loan needs, facili- tating more relevant borrower out- reach. The TrustEngine Borrower Intelligence Platform equips mortgage advisors with proven scripts and dynamically generated presentations that show borrow- ers their best loan options based on their unique financial situation, credit profile and life stage. Compatible with every lender tech stack, TrustEngine magnifies the value of existing loan origi- nation systems (LOS), customer relationship management (CRM) platforms, and marketing auto- mation tools. The TrustEngine Borrower Intelligence Platform also measures conversion at the branch and individual level across various loan types and borrower outreach strategies, driving con- tinuous process improvement over the life of the platform. Capturing Client Opportunities MONITORBASE LAUNCHES INSTANT INQUIRY ALERTS M onitorBase, a mortgage fintech, has launched instant credit inquiry alerts for their mortgage lender clients. As part of the Monitor- Base platform, the new feature alerts loan officers within min- utes when a contact in their da- tabase has a mortgage credit pull with a competitor, and instantly generates a credit offer email without the loan officer needing to take additional action. The largest banks have historically had better access to data technologies and relentless call center teams, placing smaller mortgage lenders and brokers without access to the tools to defend their database and clients at a disadvantage. The launch of MonitorBase's new, proprietary in- stant trigger alerts means smaller lenders, regional banks and even single brokers now possess the same type of powerful relation- ship retention technology that was formerly available only to big banks. By providing instant alerts and credit offers, the new feature helps loan officers reengage past relationships before they are inundated with solicitations from other lenders. "We are thrilled to offer this new instant inquiry alert technol- ogy to our clients, so they never miss a potential sales opportu- nity," MonitorBase CEO Louis Zitting said. "Finally, even the smallest mortgage lenders can know the minute a client or part- ner is in the market for financing, and 24 hours before lead sellers send that information to hundreds of other lenders. At a time when origination volumes are down across the board, being an entire day ahead of the competition will mean everything." According to MonitorBase VP of Business Development William LeBaron, mortgage trigger leads are a challenging endeavor because they often prompt multiple mort- gage lenders to blow up the phone of the prospect or past client. "No one wants to be inundated with mortgage offers every time they experience a slight improve- ment in their credit or make a single inquiry," LeBaron said. "Unfortunately, smaller mortgage lenders, solo shops, and brokers face the greatest consequences when this occurs because they can potentially lose a client to a big bank. But by giving them a head start, our instant inquiry alerts place loan officers in a much better position than their competition." MonitorBase was founded in 2007 by Zitting, and is based in Murray, Utah. Ensuring PMI Price Checks PMI RATE PRO PRICING TOOL NOW INTEGRATED WITH MORTGAGE CADENCE P MI Rate Pro, a fintech firm founded by loan origina- tors to help build stronger relationships with mortgage borrowers, has completed a new integration with the Mortgage Cadence Platform (MCP), the newly-released, cloud-based digital lending platform from Mortgage Cadence. Through the new integration, users can easily check pricing for private mortgage insurance (PMI) from all six major underwriters. "This puts some real power into the hands of the loan origina- tor because it allows them to effortlessly search all MI providers and get the best price for their borrowers," said Nomi Smith, Founder and CEO of PMI Rate Pro. "We've been working very hard on our robust API and Mortgage Cadence is the first mortgage origination technology provider to put it to use. We're very proud to be working with the MCP team." MCP is a modern, flexible and intuitive cloud-based LOS de- signed with an open architecture to meet the needs of a wide range of lenders, across all products and channels. Featuring advanced automation, high-quality analytics, and open services strategy, MCP delivers a seamless experience from application to closing. PMI Rate Pro is an API-based technology provider that has built a single API to pull pricing data from all six possible sources of mortgage insurance, so loan officers can provide transparency into loan pricing. Of the 70% or so of all homebuyers that will re- quire mortgage financing to buy a home, the National Association of Realtors (NAR) estimates that 52% will put down less than 20% on their home purchase and require PMI. LOs who can offer better pricing will win more business. "We are thrilled to announce the availability of automated MI rate quoting in MCP, powered by PMI Rate Pro," said Jim Rosen, EVP of Services at Mortgage Cadence. "This addition furthers our commitment to providing MCP lenders with efficient and automated tools to make their lending operations streamlined. In MCP 2.1, lenders will be able to submit a single request via PMI Rate Pro, and evaluate the rate quote responses from all of their MI providers; and, quickly