Category Archives: Mortgage

LendingQB® and Mortgage iQ® CRM integrate Loan Origination with Customer Relationship Management to create an End-to-End Mortgage Banking System

Mortgage iQ CRM seamlessly integrates with LendingQB allowing mortgage companies to provide Retail and Wholesale Lenders with an integrated Sales, Marketing, Workflow and Loan Origination platform.

 

Costa Mesa, CAMortgage iQ CRM, the leader in Enterprise CRM for Lenders today announced an enhanced integration between Mortgage iQ CRM and LendingQB’s LOS. The combined technologies represent a significant time savings and data integrity benefit for retail and wholesale mortgage lenders.

Mortgage iQ is an Enterprise CRM system built specifically for the mortgage industry. Mortgage iQ streamlines lead management, provides strong sales force and marketing automation including lead tracking/qualification, credit analysis, loan scenarios plus personalized websites and landing pages with an integrated Loan Application and Tracking Portal for Borrowers and Real Estate Partners or Brokers. It then completes the workflow with loan pipeline tracking, automated marketing tracks as well as integration with backend lending systems such as LendingQB alleviating redundant data entry.

Lenders utilizing Mortgage iQ through LendingQB can expect a robust and rapid transmission of key data at targeted intervals that maximizes efficiency in the mortgage marketing, sales and origination process.

“Both CRM’s and LOS’s are large and complex platforms,” said David Colwell, vice president of LendingQB strategy. “Ensuring a smooth and effective integration between the two is typically a massive undertaking that takes more resources than most lenders have. By utilizing LendingQB’s OpenAPI, Mortgage iQ was able to build a robust integration with our LOS that is effective and easy to manage, enabling our lenders to leverage the powerful features of our respective platforms in less time and at a lower cost.”

Unlike many other mortgage-focused CRM products, Mortgage IQ has specific support for retail and wholesale lending, an important distinction that is unique in the CRM industry. According to Chris King, CEO of Mortgage iQ CRM, “Retail lenders operate in a completely different manner from wholesale lenders, especially from a sales and marketing perspective. We know that many lenders, especially LendingQB clients, support multiple channels. Our ability to satisfy their entire organization with channel-specific features is crucial and one of the reasons we chose to partner with LendingQB.”

About Mortgage iQ CRM

CRMnow is a leading provider of Enterprise Level CRM applications software for Wholesale, Retail and Consumer Direct mortgage companies and is hosted in a Private Cloud environment. Mortgage iQ enables our customers to sell, market and service customers across all business roles and processes. We have over 25 years combined experience in providing CRM technology and Best Practice within the Lending Industry.
Note to Editors: CRMnow and Mortgage iQ are registered trademarks of King Technology Group, LLC. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only. For more information about Mortgage iQ, please visit www.mortgageiqcrm.com

About LendingQB

LendingQB is a provider of an innovative web-based loan origination system (LOS) and continues to extend market-leading integrations that provide lenders a flexible, innovative workflow. The LOS’ open-architecture application program interface (API) enables lenders to select the tools that best help their efficiency. The LOS was cited in the STRATMOR Group’s December 2016 Technology Insights report as achieving an end user effectiveness rating of 93%, top marks amongst the major LOS providers. For more info, visit lendingqb.com..

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Media Contacts

Wilson Hartsock
LendingQB
Phone: 714-957-6334 x 2193
Email: wilsonh@lendingqb.com

Karyn King
CRMnow
Phone: 949-281-6107
Email: Kking@crmnow.com

Where Tech Is Taking The Mortgage Lending Consumer Experience

 

By Maxime Rieman, Forbes Councils – Forbes Business Development Council, CommunityVoice.
Contributor and Product Manager at ValuePenguin (now Maxime Croll since the original publish date of her article)
May 22, 2018, 07:00am

For some time, advances in digital technology have been driving change in customer acquisition and experience in practically every sector of the economy. Among these, the mortgage industry appears ready for some of the most sweeping updates, particularly with regards to their sales approach and process. New tools like online user platforms and machine learning will make it easier for lenders to guide borrowers through the origination process and discover additional opportunities within the data they collect from loan applicants.

By the third quarter of 2017, outstanding mortgage debt for one- to four-family residences in the U.S. surpassed $10.5 trillion. While the industry hasn’t recovered all the ground it lost a decade ago in the financial crisis, home prices and the volume of originations have been trending upwards for the past several years. Despite these indicators of high demand, mortgage lenders still face a number of technical problems in delivering their services.

These problems typically have to do with the time-consuming complexity that plagues borrowers and lenders throughout the loan origination process. According to findings published by the Federal Housing Finance Authority, 18% of home loan applicants were forced to redo their paperwork in 2016, while nearly 24% ultimately had their closing dates postponed.

While the report goes on to note that borrower satisfaction with the closing process remains fairly high, the numbers also reflect diminishing levels of satisfaction among younger applicants. As more and more tech-conscious millennials enter the real estate market — and mortgage interest rates continue to rise — mortgage lenders will find themselves judged more heavily on the basis of usability and convenience.

To that end, lenders have already begun implementing technology to speed up mortgage origination. Where traditional mortgage lending relies on paperwork, innovators in the space have established an agenda to digitize the process from start to finish. Current efforts focus on two broad areas: streamlining the loan experience for consumers and improving the management of data required in underwriting mortgages.

Smoothing The Borrower Experience

The most visible sign of tech in lending is the growing adoption of online mortgage platforms, which allow users to apply for a mortgage without having to meet or call a loan officer. Giving customers the ability to upload documents and manage applications on their own schedule reduces the time and cost required for each origination.

A monthly survey of home loans from mortgage software provider Ellie Mae found that it took an average of 41 days to close a mortgage in March. Lenders that have moved towards online originations in an effort to reduce that number. Quicken Loans, the largest mortgage lender in the nation, claims an ideal closing time of 30 days for users who go through the company’s digital lending platform assuming no delays arise.

By offering customers faster closing and greater insight into the process, lenders like Quicken not only create a more convenient experience but also lower costs. Due to the role of subprime mortgage lending in the 2009 financial crisis, stricter regulations have driven up the cost of originating home loans. Production expenses hit $8,475 per loan by the end of 2017 — the second-highest in nearly a decade of quarterly reporting (purchase required) by the Mortgage Bankers Association (MBA).

Not all of these costs are passed on to customers, but some eventually find their way into the closing fees that borrowers must pay upfront. Mortgage lenders have turned to reducing these expenses by automating parts of the underwriting process. Beyond giving users a faster way to submit their details, this effort also includes the use of machine learning to verify and track information. The resulting cost savings translate into more affordable loan fees for the borrower.

The costly manual effort required to gather credit reports, property details and other personal data naturally invite greater investment in technology-based solutions. However, increased automation could potentially help mortgage lenders in more ways than one. Not only can lenders use data technology to handle customer information more efficiently — they can also use it to find new ways of analyzing and acting on that information.

Big Data And The Mortgage Backend

In April, the MBA hosted its annual Technology Solutions Conference & Expo, where participants from across the mortgage industry gathered to discuss the new ways in which lenders and service providers could benefit from developing technologies. Aside from discussing improvements to user experience, the conference touched on possible ways of drawing actionable conclusions from the mass of data that lenders collect throughout the loan process.

While the immediate area of focus for most lenders is to emulate and iterate on Quicken’s successful innovations in customer experience, the potential applications of machine learning are just as significant for work that takes place behind the counter. Machine learning algorithms could help lenders identify hidden trends in borrower data in order to market products and support customer needs more efficiently.

However, such programs are only as objective as the data that they learn from. This makes it critical for mortgage providers to guard against human biases creeping into its new data tools. The risk of data theft — starkly illustrated by recent fiascoes at companies like Equifax — is another major topic of concern, as mortgage lenders seek to leverage their deep involvement in consumer information.

The outsized growth of digital technology carries both opportunity and risk in every business, but mortgage lenders have more at stake than most. With a soaring economy and a housing market in which the main problem is the inability of supply to meet demand, there should be no shortage of aspiring homeowners in search of financing. It remains to be seen which companies and solutions will determine the shape of the mortgage industry.

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Maxime Rieman works at ValuePenguin, a company focused on educating and assisting consumers with insurance and other financial products.

Forbes Business Development Council is an invitation-only, fee-based organization for senior-level sales and business development executives. Find out if you qualify at forbesbizdevcouncil.com/qualify. Questions about an article? Email feedback@forbescouncils.com