Immerse yourself in an engaging series of technology-focused presentations, unveiling an array of innovative products and services specifically tailored to enhance your workflows.
Transcription:
Panel Member 1 (00:00:10):
All right, thank you everybody. So I want to make a couple of notes on this and the morning sessions, I think were so productive, but I want to make a big deal actually as we tee this up out of what National Mortgage News and their digital mortgage conference does for tech, which is that it puts it on the main stage. It's the only show that guarantees that tech is on the main stage. It's a big star of the show. And so I just want to say a huge shout out to Heidi for doing this and the whole team because it's such a big deal.
(00:00:48):
Excuse, excuse me. So because of them just being on the stage, everybody is a winner, but it is a contest. So I'm going to talk a little bit about what the contest format is, how it runs, and we're going to, excuse me, introduce the judges. I apologize. One second. So as a setup for the next two days, there are four demo segments over two days. This being the first one, there's 20 demos in total, and they're in these blocks that are meant to be digestible for everybody. First of all, it's contest. Second of all, we don't want demos to run together. So what happens is that each company goes for eight minutes, and then because it's a contest, the judges will make two minutes total of remarks, not two minutes each, two minutes total. So we have 40 seconds each, and I'm going to introduce the judges here in a moment.
(00:01:47):
But the winner walks away, not just with the instant industry clout, but also $10,000 from LendingTree. So later in the afternoon, tomorrow there is an award ceremony and there is a top three, but only 10 K to the main winner. So before we kick off, I'm going to run down the format in a little bit more detail. Introduce the judges and our sponsor and co-hosts. So just a word on the format, there's two goals of the demo program. The first is a detailed look at the latest FinTech. Powering 2 trillion a year in originations, in 14 trillion in servicing. The servicing part's. Really important if you didn't pick up on that in the first panel. And also using the judging format to offer real time commentary from the lender, buyer and servicer buyer perspective and being real about what lenders need as the cycle finally turns from defense to offense.
(00:02:43):
So things we're thinking about as judges include, how do you find enclosed deals including customer retention in a competitive refi market? Do loans faster and cheaper. Keep real time visibility on your pipelines and operations as sales or a fulfillment person, and how much progress we're making in servicing. So when we're judging, we also look at degree of innovation, market relevance and how you're going to market, including how do you fit in the tech stack, competitive advantages and overall demo quality and salesmanship. Don't sell yourself short on the salesmanship. It's not just about us looking at your product, it's about you getting up there and selling and having fun with it and bringing some fire. So we used to display on the screen after each judge would go the score Two years ago because of some of the market strain that was happening, we stopped doing the scores on screen, but we are scoring. We have score sheets. We keep track of everything as we go. So it is a contest in that way.
(00:03:49):
This is the fun part for me. I want to introduce the judges. So I'm going to start, I have my notes out of order, but I'm going to start with Robin Clayton. So she, as Heidi mentioned earlier, is in year two of judging. And Robin Clayton is with PRMG, and she's the tough but friendly buyer of all the FinTech solutions on display over the next two days. She knows how everything fits together and like me, she appreciates good sale. So Robin, I'm going to turn it over to you and have you make some opening remarks yourself. Anything you want to say quickly, and then we'll go to Christina.
Robin Clayton (00:04:33):
I'm very excited to be here today. I'm really impressed you got standing room only. If you are someone here who's a lender and you're looking for technology and you don't have a long attention span, you're in the right spot. So this is going to be really fast. And then we're just going to try to advocate for you as lenders, IBS, banks, and credit unions. What are the type of things that you're looking for? What are the things that you need to be successful as a lender? It is an absolute 1000% privilege to be on this stage. We're going to try our hardest to be fair and get you some insightful comments. And I'm really excited about our brave first person. That's a tough spot.
Panel Member 1 (00:05:22):
And yeah, give it up for Robin, everybody. Yes. And this year I'm so excited that we got Christina Randolph. She's an industry veteran who began her mortgage career like me in the loan production trenches and has risen to help run customer and industry engagement at Freddie Mac, including oversight of the AIM program aimed at driving better loan quality and profitability through tech. So she's right at the center of this. The views that you're going to hear from Christina this morning are her own, and we're just so lucky to have her. So please give it up for Christina as well. And Christina, I'd like to invite you to make some quick remarks too. Thank
Christina Randolph (00:06:07):
You, Julie. Thank you everyone for having me. I'm really excited to be a first time participant in this panel. I do this for a living at my day job, so it's really exciting to see this. I've seen these demos go on for the last few years, so it's exciting to be able to have this seat, have this spot. I'll echo Robin's sentiments really, I mean, if you think about all of the innovation that's been going on in our industry for a long time, I think it's really important that we all kind of stick together in this. I'm very passionate, as Julian said, I kind of came up through the ranks, spent a lot of my first part of my career in the trenches, and I'm fortunate enough to spend the second half of my career on the technology side kind of helping bridge the gap between process and people and technology.
(00:06:52):
So I'm really excited to see all of the new solutions, all of the innovations out there from a technology standpoint. I think it's really imperative that we keep iterating in this business and keep transforming our business with as much digitization and automation as possible. So thank you guys all for having me, and I'm excited to hear all the demos. I will say people have made comments. I'm from Philly, but I will say I'm also from Philly by way of Jersey. So if that gives you any indication, I am tough, but I am fair, I'm loving. I will say I'm that profile of person that the gentle parenting sometimes goes out the window, but at the end of the day, I'll give you a hug. I'll ask you if you need something to eat or drink. I'll make you a whole meal just to show you how much I care. So all of the comments I make are from love and support.
Panel Member 1 (00:07:38):
And I want to add one more comment on Christina as well, which about five years ago I got pulled aside by Christina, Kevin Kaufman and their team. And this has happened to me before as a longtime judge of this program and just kind of very directly said like, Hey, you missed the mark on this and here's why and how. So this is an educational process for everyone in the room. So I'm going to speak for myself, but this is just something I always remembered about Christina, but I'll speak for myself and say if I'm making remarks that are not quite hitting the mark in some way, we are all here to get better. We're trying to make remarks to help you get better and always pull me aside and talk about that. So with that said, I want to shift to Will because we got to get the program underway, but Will is the head of sales at LendingTree.
(00:08:37):
He is our contest sponsor and co-host. He'll be announcing each demo as we go and what LendingTree does out there, given the way they operate, a big part of Will's job is corporate development and deal making, and they use forums like this and their own like the summit that they're having November 12th in Charlotte to evaluate tech themselves for all the things that they're looking at. So they're among the smartest out there in evaluating FinTech and products. And I just want to say a huge, huge thanks to LendingTree again for sponsoring the contest and making it interesting for everybody with a $10,000 prize. So with that, we'll, I'm going to turn it over to you to kind of make some remarks and kick us off and get us started with the first. Sure.
Panel Member 2 (00:09:16):
Thank you and thank you for your help and support with this. You have done an excellent job this year, like every year I feel like. So thank you for your help and support through this. But LendingTree is honored to sponsor the innovation challenge at the Digital Mortgage Conference. We believe that innovation is crucial to allowing this industry to thrive, and we have started our own innovation lab at Line Tree where we are working on evolving our product, but we're very interested in seeing the latest technology in partnering with these companies and working along with them to change this industry in a positive way. So we're very excited to be here. And really, if you're interested in innovation especially, I like the way that that was phrased. If you want to see it in a very fast version, this is a really good way to see technology. So we're excited to be here and be a part of this. So why don't we kick things off, and first up, we have Rebecca Sewer from Aras.
Rebecca Seward (00:10:26):
Welcome. All right guys. Good morning everyone. My name is Rebecca Seward. I am director of mortgage product at Oculus. Oculus is a leader in document automation in the financial services industry. We help mortgage lenders make complex decisions with AI driven solutions. We transform unstructured data from borrower documents into actionable insights, reducing manual tasks, and helping to improve accuracy by automating workflows like classification, data extraction and income verification, we enable lenders to significantly reduce cycle times and spend more time on high value activities like building relationships with their borrowers and their referral partners. Additionally, our solutions help lenders stay ahead of rising origination costs while boosting efficiency to scale their business more effectively. The thing that sets Acquilus apart from our competition is our unique human in the loop approach. So we combine the efficiency of AI with the precision of human oversight. So while many automation solutions rely solely on machine learning, we implement human verifiers throughout key workflows to make sure that every single time we return a data point back to our lenders, it is provided with the highest level of accuracy building trusts with our lenders.
(00:11:38):
We believe that AI is a tool to assist the human decision makers. I heard in the panel earlier how there's a lot of skepticism around having an AI solution make the decision for you. So you'll see throughout my demo today how we're actually providing that level of trust to our lenders. So today I'm really excited to showcase two of our flagship products to you classify, which dramatically enhances the speed and accuracy of document indexing and analyze, which automates income calculations for wage earners, self-employed income users, rental properties, as well as for some common passive income types. Both of these solutions are integrated directly into Encompass, but we can also power your other loan origination systems through API technology. And we are just generally helping loan team members focus on more high value tasks, minimizing errors and helping to scale their business more effectively throughout that hiring and firing cycle.
(00:12:33):
So everything starts in Encompass through the eFolder. Customers can upload documents either through a designated eFolder container or we can collect documents from the unassigned folder and we begin by classifying documents into designated containers that the lender gives to us. Lender A could choose to send pay stubs to a pay stubs folder. Lender B could choose to send pay stubs to an income folder. It's completely flexible to you and your business, but part of the value that we also bring is in actually transforming the actual name of the attachment. So we will take context from the document and put it into the name of the attachment within the eFolder location. So this really helps to streamline the whole document indexing and classification process. One of our lenders out of New Jersey had actually cited that this feature specifically had allowed for their underwriters to reduce manual touch points by 29%.
(00:13:25):
So we have seen efficiency gains just with classify alone, but then we navigate over to our dashboard through additional services. So we are integrated into Encompass through EPC. This allows us to be backwards compatible with the smart client, but also being ready for that shift over to Encompass on the web once ICE gets rid of the developer connect APIs. And so we're getting integrated directly into our dashboard UI, which can also be accessed through the web. So we land directly into our income solution. You can see here that we provide a couple of different key points that the lenders would need to focus on. We provide some insights to let you know things like, Hey, the pay stub or the WVOE is older than 60 days. You may need something more recent. We can also provide different calculations depending on flexibility, depending on program. If you need to be more aggressive, less aggressive, the choice is ultimately left to the lender to make that decision on what income they want to write back into Encompass.
(00:14:27):
For our self-employed, we have structured this to look exactly like the Fannie Mae 10 84 cashflow analysis or the enact forms that underwriters are commonly used to using. We'll start with individual income return. We'll scroll down to partnership income, s-Corp earnings, regular corp earnings, et cetera. And what I've heard a lot from lenders is their frustration when they are trying to adopt technology, why so often they're not seeing the reduction in processing costs that they were expecting. And the reason is because underwriters ultimately have their name attached to the approval, they're going to want to review the income that was computed by the machine. So we give them the tools to be able to do all of that within this screen directly. If they want to verify any of the data points that the Oculus AI picked up, they can click on the origin and see not only the document, but the exact line item from which that data point was extracted.
(00:15:21):
This enables the human behavior of wanting to trust but verify the system. So ultimately they're still in charge of making the decision, but they can see exactly how the AI solution came up with that decision. We also have rental properties, which has been one of our greatest triumphs since we've released this product. We have a lender out of North Carolina who cited that they ran 40 rental properties through this rental product and we got it down to the penny. So we are highly accurate, and that of course can be a massive afternoon killer if you have a borrower who is either perpetually unemployed or someone who has a lot of rental properties. So that same North Carolina customer did a case study with us where we observed that we were saving $90,000 in processing costs for them as well as reducing cycle times over processing of 8,500 hours.
(00:16:19):
We additionally saw that underwriters were going from several hundred touch points to less than 100 per loan. So this is providing so many efficiency gains, allowing lenders to stay ahead of those rising origination costs, and ultimately helping them scale their business more effectively with technology when those interest rates go up and down, as we all know that they do. So once a decision has been made, once they choose an income calculation, they can of course import this back into Encompass and then it will write back to the WVOE where the line item was expected, whether it was for self-employed or the wage earner. So both of these products, classification and analyze, specifically integrated directly into the system of record, allow our lenders to make faster, more accurate decisions that are less focused on these remedial tasks that they need to do. They're spending more time building relationships with their borrowers, building relationships with their referral partners, and ultimately driving more accurate decisions. So if you guys are interested in learning more about this product or some of the other things that we're working on at Oculus, we'll be happy to speak with you at Booth number one.
(00:17:32):
Thank you.
Panel Member 1 (00:17:32):
Great job. I want to say that I like the exceptions. Obviously at the very top of every screen, it's like you get the immediate snapshot of what you need, and I also just want to highlight that you began with AI with Human Verifiers and you actually explained exactly how it works and being able to go into those docs, I know for sure that underwriters are not going to accept what's in the Acquilus or any other third party interface. So the ability to go in there and actually see it instantaneously is a really cool development. I would've liked to hear a little bit more about APIs and the way that people integrate this into their own UX and also other LOS integrations besides just Encompass and also speed of integrations. I think that stuff helps when you're out there selling. Thank you.
Robin Clayton (00:18:31):
Yeah, great job. The product names were a little confusing. I wasn't sure if it was actually comparing or that was the name of the tool or if they were different if I could just purchase the classify or just purchase the Analyze or if they were bundled together. The zooming in on the source document, absolutely brilliant, especially going to the line items, you're not going through hundreds of pages of a tax return. That's pretty exciting. You mentioned that the lender can change how aggressive they are. Very curious what that means and how they would actually do that. I'm sure all the compliance people were clutching their pearls, but I was intrigued by what that meant. Having the flexibility. I think that's really appreciated. The ability to put it in different folders or classify it the way that they want to, that's really, really important because every company has their own secret sauce and having the empathy with the underwriter, it's their name on it, so it means something to them. I think you really understand the client and what the problem is.
Christina Randolph (00:19:32):
Thanks. So really tough to go first. So I'll be quick here. I thought you did a great job. I love that you called out what was unique about the product. Of course you hit on right away the AI buzzword and trust. I mean, that's a big deal in our industry right now. I love that you hit on some of the KPIs. I think that's really huge when you talk about ROI and people spending money on technology these days. I do wish it was a little clearer sort of how this fits into the process. I think a lot of us who are veterans kind of get it, but I think you could have probably expanded on that a little bit more because ease of implementation and adoption is also a concern. I do like that the interface was clean, looking, pleasing to the eye. So I think once you do get a lender in there, it's probably looks pretty intuitive overall. I think you did a great job and I think you brought it home really nicely about talking about the difference of more complex loans versus easier to process loans. So good job.
Panel Member 2 (00:20:28):
Great job, Rebecca at Ocrolus. Thank you. And next we have Bart Bailey and Jennifer Johnson at Sagent.
Bart Bailey (00:20:45):
Good morning. I'm Bart Bailey, and this is Jennifer Johnson, but we're here to showcase our Dara loss mitigation solution by Sagent. Historically, there's been a lack of investment on the servicing side and innovation here at Sagent. We're here to reshape and think about the way we do servicing and technology in loss mitigation. It's a highly complex regulated environment full of manual processes as well as a lack of transparency for our homeowners. This has created additional risk for our servicing partners as well as inefficiencies in the process. What we're going to demonstrate today is how we can change that in our industry. Jen,
Jennifer Johnson (00:21:26):
I'm Jen, the struggling homeowner. So I'm going to log in right now to my Sky Stream Bank mortgage account. As you can see, I'm a few payments past due, so I want to figure out how I can work with my mortgage servicer to remedy that. I actually have already previously logged in and started the mortgage assistance application process. So I'm just going to hit continue and continue on that process. You can see it's a step-by-step process that I've completed. I'm going to jump back to the beginning of the mortgage assistance application and just verify the questions that I responded to that I don't need to make any updates. Everything looks accurate. And as I've gone through this process previously, this really has been a seamless intuitive process for me as a homeowner. It reminds me of a similar experience I went through applying for my mortgage loan. So I'm just going to jump through each section and now I'm going to move forward to my income section here. And what is my employment status? So I'm currently employed. So as I move forward in the process, it's asking me to upload two of my most recent pay stubs or two most recent bank statements showing income deposits. I'm going to go ahead and upload some pay stubs. So starting with the first pay stub,
Bart Bailey (00:22:48):
What we're doing here using our Dara AI solution is we're providing immediate feedback to that borrower who's uploading that pay stub. We've gone ahead and auto classified it. We've extracted the key data points in the event that they see something that's inaccurate, we give them the option to go ahead and edit the data if necessary.
Jennifer Johnson (00:23:06):
So just reviewing the document as well as the data that's been extracted. Everything looks great, so I'm going to go ahead and approve. Looks like it's been successfully uploaded, so I'm going to move to the next pay stub. Whoops.
Bart Bailey (00:23:21):
Whoops, Jen, hang in there. You'll get it right this time. Not only can we look at what was uploaded correctly, but we can also use our AI solution and look for things that are anomalies like Jen's cat. But if the homeowner thinks yes, this really is a pay stub or our bank statement, then need to upload, we do have human in the loop, right? They can route that to representative to review.
Jennifer Johnson (00:23:43):
So lemme try that one more time. I'm going to go ahead and upload hopefully the correct pay stub this time. This looks accurate. All the data looks correct, so I'm going to go ahead and approve this document. I get immediate feedback that the documents that I've uploaded, that I've satisfied the DOC requirements, so I'm going to move forward in the process. Now, if I needed to go back and edit any of my application, I can jump to any of these sections, but everything looks great. So I'm going to move forward to the dashboard here where I get the thank you for completing the mortgage assistance questionnaire. Looks like the next steps are for me to sign the mortgage assistance application. So I'm going to go ahead and click on sign.
Bart Bailey (00:24:30):
So what we've done here right is typically on the loss mitigation side, there's a mortgage assistance application. Servicers will send out a PDF document, right? We've digitized this whole application process collecting the pertinent information both from the borrower Jen, as well as documents that she's uploaded.
Jennifer Johnson (00:24:48):
So I'm just going to quickly review this before I sign it to make sure all the documentation, everything that I responded to as far as the questions go are accurate. Everything looks good. I'm going to jump down here and sign and submit.
Bart Bailey (00:25:09):
Now what's happening in the background is we have a rules engine that go ahead and decision Jen's loan for the data that we've received. In addition for investor integrations like with SMDU resolve that we'll make go ahead and make those calls and present back. What are the workout options to Jen help resolve her delinquency?
Jennifer Johnson (00:25:27):
So it looks like I've been presented with a few options. Here I get the option for a repayment plan, a forbearance plan, and a loan modification with a trial payment plan. Now, as a homeowner, I might not necessarily know what those means, so there's context here. Under each of these help explain to me what these different options are. I'm going to start by exploring the repayment plan, which shows me the number of months that I'd have to make my repayment plan payment over six months. Now I know knowing my budget, this is going to stretch me a bit thin financially, so I'm going to go back and explore my other options. I'm going to check this loan modification with a trial payment plan and just reviewing this here. Now this looks like something I can afford. It's actually decreasing my monthly mortgage payment and this is something that I can sustain for the long term. So I'm going to go ahead and accept this plan.
Bart Bailey (00:26:25):
As you can see that mortgage modification at trial plan. So let's fast forward. Jen's made her three trial payments. Now the system is automatically decisioning that loan with the final terms, notifying Jen to come back into the portal to review and sign her modification agreement.
Jennifer Johnson (00:26:42):
So I'm going to go ahead and request my appointment and then fast forward here, my loan has been successfully modified. It shows me my new payment amount as well as my first payment due date. I can say as a homeowner experiencing a hardship, this process couldn't have been more seamless and intuitive.
Bart Bailey (00:27:01):
What we've taken is a highly friction process, streamlined it both for the homeowner and the servicer to change the way we think about loss mitigation all while focusing of keeping borrowers in their homes, and that is how you win $10,000. Woo.
Panel Member 1 (00:27:26):
Great stuff. Bart and Jen, I have a couple of remarks. One pre-populated data for a hardship takes all of the stress that the borrower has out of it right at the starting line, which I think is incredible and it's something that servicers getting their data house in order using something like this can now do, which is great. Few of us like functionality is also great on the servicing side. It's a long time coming AI detecting the data and seeing it out. I do like the fact that you did cover that SMDU or resolved decisioning is happening on the backend. I would like to know if there's also proprietary decision on the backend. I'm sure it probably is, and the context for the three options to bring it all the way home at the end of the line and let them make a decision without tipping up. Call center volumes is also strong marks for that too. Great job,
Robin Clayton (00:28:19):
This is what AI was made for. You need speed and getting it with a choke point. Oh, she's on vacation or the computer's lagging. You have people who are in a lot of pain, they need a decision right away. That's what that's amazing. I absolutely love that. The UI itself though seemed, I do wonder if you've actually tested this with actual consumers. The empathy just right on the screen, the first thing it says is hardship right next to borrower. There might be other ways to structure that that just add a little bit more empathy into it. And there was also a lot of language and text on there for someone who might be in a little bit of brain fog or there's lots of numbers and calculations. They're already in a pretty high stress state. That's a lot of text to throw at them, so it might benefit from some UX research or other stuff like that. The UI was clean. Other than that, the document preview was very cool. I always appreciate a cat in a demo. There's nothing on my score sheet for that though. Turn it over to you.
Christina Randolph (00:29:19):
You took the words right out of my mouth, Robin. I think the cat part. Yeah, the cat completely. The cat part I would say I would have loved to see more of or hear more about the market opportunity and then more of the background of how the calculation impacts the solution. But overall, great showmanship, I mean the cat part was you showed the happy path and the not so happy path in the actual process and that's what a consumer would see, and I think that's something that is important when you see live demos. I love that you mentioned resolve, so that was always good. And overall, I loved that you, it's a live demo, right? And you launched right into the demo. So that was showmanship wise, that was awesome. So
Panel Member 2 (00:29:59):
Jeff, thank you. Let's hear it again for Bart and Jennifer at se. Thank. Thank you. Next steps, we have Joey Revere and Jason Smith at Mortgage365.
Jason Smith (00:30:26):
I Can hear it.
Panel Member 2 (00:30:26):
Good morning.
Jason Smith (00:30:27):
I can hear it. Good morning. San Diego and Digital Mortgage. Thank you for giving us a few minutes of your time today. We greatly appreciate that. Joey, did you happen to get by the ammonia conference that's here?
Joey Revere (00:30:41):
I didn't.
Jason Smith (00:30:42):
Oh, you missed it. Their presentations were spotless, right? Alright, with that we're going to move on. So there are gaps in our industry. There are gaps between top performers and everyone else. There are gaps between one borrower's experience and everyone else. Freddie Mac recently revealed an almost $10,000 difference in the cost of origination of a loan between the top 25% of performers and the bottom 25% of performers. In 2023, our very own Stratmore conducted a survey that showed that 55% of borrowers had some sort of issue or concern during the origination process that prevented them from going back to that particular lender or referring business to them. No wonder our retention rate stands at roughly one in five annually. We can do better than that.
Joey Revere (00:31:38):
Absolutely. Mortgage 365 is built for that better lending, and we can help you bridge those gaps by focusing on solving problems that both borrowers and lenders face. We've developed a comprehensive platform that creates a consistent, repeatable, scalable experience for your teams and borrowers. And today we'll show you how.
Jason Smith (00:31:59):
Perfect. Now imagine your team's starting out every day with real time view of their data pipeline. What we've done is we've taken the data, all the data, we've centralized it, we've made it actionable. So your team becomes the master of the journey for their borrowers. And that all starts, as you can see up here in our activity center, which has been designed around tiles that are configured for your organization and the various roles.
Joey Revere (00:32:29):
Yeah, so with features like real-time, data insights, customizable workflows, and then integrated communication tools, you can personalize the mortgage experience for each borrower. Our platform also offers advanced pipeline data management features to help you prioritize your workload and forecast your closings accurately. Now we're going to enter into a loan opportunity that was created via the POS and brought into Mortgage365 via our real-time bi-directional integration. Yes. That means blend simple. Nexus Consumer Connect. We're looking at you.
Jason Smith (00:33:03):
Yeah, a little info nugget on that as well. Once we receive or you receive the borrower's name and email address, a record is automatically created within the Mortgage 365 platform, making sure that no opportunity is left behind. For the case of our demo today, we're going to go over a full application where they're looking at three different models of homes in a new construction subdivision.
Joey Revere (00:33:29):
Absolutely. So automated workflows and tasks can be tailored to meet your specific needs so that each of your teams can seize an advantage. This includes retail, consumer, direct and retention. For today's eight minute demo, we're simulating a situation where a task has been automatically generated to send the borrower some loan options for them to review and select. Before we jump into that, I'll just review some small details about our loan. Things are looking good. I can also validate that. Yep, our buyer's agent came in that referred the loan and now we're going to jump back over to our task that tells us to send some borrower loan scenario options to review and select. Before we do that, you want to tell 'em about why cloud tags Jason?
Jason Smith (00:34:15):
Yeah. Our Why cloud tag, excuse me. Our intelligent dynamic module that allows us to capture real-time data and intent about the borrower to not only make sure that communication is consistent and clear across the entire pipeline, but also it's meaningful because that is the key.
Joey Revere (00:34:35):
Absolutely. Now we're going to complete our task and send our borrower our multiple loan options. So we're going to leverage one of our most beloved features, the ability to quickly create several different relevant loan options that give the borrower really an unparalleled ability to compare different options and pick the one that's best for them. So in a matter of moments, originators can generate meaningful, accurate scenarios that show the borrower all the information they need. We've got real-time accurate pricing via the PPE fees mi if needed. And this can be done across multiple properties.
Jason Smith (00:35:07):
Yes. It's one of the things I absolutely love about this and what's really cool, and it's a key differentiator of us, is that not only can we create scenarios for four different scenarios, we can also deal with four different properties. So in today's market, obviously, especially with purchases, it's rare that the first one they look at is the one that they end up with, but you want to be able to give them options. Now what we've done here for the sake of time as well is that we've prebuilt the first three loan scenarios. In this case you have the cello in my best Phil Dumpy. There you have the cello, the first option, the initial one they're looking at with a 20% down and a 5% down option because that's obviously something that we struggle with is that knowledge the consumers. The third one is going to be a slightly bigger, slightly more expensive house, and the fourth is their dream house that they don't think they can afford, but they absolutely love.
Joey Revere (00:35:57):
Yeah. Now while Jason was talking, which he does a lot,
Jason Smith (00:36:01):
Hey,
Joey Revere (00:36:01):
I created a fourth scenario and I have already updated the property details, the purchase price, I've run fees and now I've run some live pricing via our integration with ob. This is our full rate sheet complete with eligible ineligible products. And now I'm going to select a product and let's just review, here's our prepaids and escrows, here's our fees, and now we are going to send it to the borrower to see what she thinks. So we can do that via email or text. I'm going to go ahead and send our presentation via SMS and it is sent, I got the text. Alright, real time. Everything's live here. Let's take a preview of what our borrower Mary sees. So this is it. So this is our presentation. It can be tailored to meet your branding and your configuration needs. It's easy to digest, easy to view, easy to compare all these different loan options, both cash to close as well as monthly payments. And it looks great on both desktop and mobile. It also does not require any login or a download to view. It doesn't share any personally identifiable information. So it's real easy for the borrower to send it off to the people that matter to her so that they can share in her excitement. We now come back over here, see if she, oh, and she's already responded. We've got a live text integration says this is great. Let's go with the Acadia option. That's the more expensive one.
Jason Smith (00:37:26):
Did we just upsell her because she saw compared to the others that was extremely affordable, Joey? Absolutely. Or was that just this guy here?
Joey Revere (00:37:35):
So now you want to tell him about pre-approval letters?
Jason Smith (00:37:37):
Yeah, let's introduce our newest feature here. It's the ability to create a pre-approval letter based upon the scenario that the borrower chose. And it's something that we can as well as he discussed before, because of our existing integrations, we can send that directly to the borrower via text or email.
Joey Revere (00:37:55):
Yeah, so here we are. We've opened up our pre-approval letter modal. I've selected the scenario that the borrower wanted. Here's our templates. These can be pre-configured to auto fill any of the various fields from the loan automatically. This looks great. I'm now going to save the letter. This is generating A PDF in the background and here it is. Once again, I can send it either via email or SMS. I'll go ahead and fire it to Mary via SMS and there it goes.
Jason Smith (00:38:24):
Alright, well perfect. While we're waiting on that, the next step we would do is send it to the LOS.
Joey Revere (00:38:30):
Absolutely. I'll go ahead and select that. She's already responded live. Thanks. Thanks you so much. That's awesome. Perfect.
Jason Smith (00:38:38):
We are out of time. We are mortgage 365. We're built for better lending. Are you? Thank you. Nice job.
Panel Member 1 (00:38:50):
So my immediate interpretation is this is basically P-O-S-C-R. MPPE gets the lo out of the LOS. And if so, I think if I have that right, just nod you're nodding. I think you should hammer that. That's the punchline here. But it is key and it's something that with the data accessible much more so now this can be done now and this product is an early look at that and I like it. For that reason, I would highlight more of your PPE integrations besides ob. But besides that, I thought you guys did really well. You clearly talked about how it goes back to the LOS, the very end there. So good job. Thanks. Thank you. Thank you.
Robin Clayton (00:39:30):
I kept thinking what would it be like to see this on a mobile device? There's a lot. It works. There's a lot, right? You've got navigation on the top, the left, the right. There's a lot to look at. I love the timeline and the activity, the text messaging demo first class, you could really see how they're chatting. But knowing loan officers and I know there's some out in the audience right now, that's a lot of stuff to look at. I love that the consumer didn't have to log in or download. They can just see it right away. That's really cool. Also, when the borrower gets it, always leave with payment. We don't need to stick that right up at the top. It's making all of our blood pressure go up. But job well done.
Jason Smith (00:40:06):
Thank you. Give us a call. We can show you the mobile version as well.
Joey Revere (00:40:10):
Yeah, works on mobile.
Jason Smith (00:40:11):
Yeah,
Christina Randolph (00:40:13):
I think what you lacked in the dad joke falling flat you totally made up for in your presentation.
(00:40:18):
So great job. You got this blues brothers,
Jason Smith (00:40:20):
They're not going to be home runs going
Christina Randolph (00:40:22):
On and it was very entertaining. I love this being a former lo growing up in that industry, I would've killed for a sandboxing type of capability and the fact that you were able to show that view from an LO and then live with the borrower interaction of what they see, that's always critical because I think a lot of times we tend to complicate things with technology and we don't remember that there's a consumer on the other end that has no idea what we're talking about. So great job there. I would've loved to see maybe some functionality around maybe near misses that the LO could potentially select or not select or explore further. But otherwise I think that's a great tool and I think that helps really lenders help find more and more opportunity, especially in a market like this. So great job.
Jason Smith (00:41:10):
Perfect. Thank you. Appreciate the feedback. Good job, sir.
Panel Member 2 (00:41:18):
Great job. Mortgage365. Next up we have Sandeep Gupta and Jamie Mottern at Docutech.
Jamie Mottern (00:41:25):
Good afternoon. We've crossed the 12 o'clock threshold so I can be the first to welcome you to the afternoon. I'm Jamie Mottern, Head of Docutech Operations and with me is Sandeep Gupta, our Head of Product for Docutech as well as all other First American Mortgage Solutions. Now you know about Docutech. We've been around for 30 years providing industry leading SaaS technologies for document generation, e-sign eClose and more. You may not know that Docutech also can serve your needs for servicing loss mid and post-closing. So if you want anything to know about that, come see us afterwards because today's demo is going to be about eClose. I didn't hear one groan because I really thought I would. We've been talking about eClose for what, seven or eight years. How E can we be? Well it's worked for the majority of Docutech clients that are using eClose.
(00:42:20):
Over 80% adoption of all of their closings are hybrid. That's amazing. So they are also taking E note into mainstream adoption. But is that as easy as we can get and how E do home buyers want to be? We know that there's a ton of sources out there around the value and the return on your investment for becoming fully digital. We have an ROI calculator on our website. Many of our partners and even lenders have one as well. So how ready are home buyers? New stats from a R recently said that the average first time home buyer is mid thirties, whereas the repeat home buyer, their average age is mid fifties. That's a big gap in the technology comfort level for something as big as buying a house and their savviness. So how do we get fully, fully digitized for a lender but also be very high touch for that human experience of buying a home? Enter in-person electronic notarization. More specifically today, Solex Ipen. Now we are going to be switching through personas. We're going to be both settlement agent and notary and borrower today. So pay attention and keep up. You never know who Sandeep is going to be right now he's our settlement agent. So Sandeep, how'd you get here?
Sandeep Gupta (00:43:43):
So there are multiple ways to get into the system. I will get an email from the lender as a settlement agent to join the signing closing. I can create a profile for myself, which I have done for interest of time, but I can actually log in by clicking the email and just going in as a guest and that's what I am. It shows me all the loans that are for me as a settlement agent, what their status is, key information about these loans, and that's what I see on the dashboard.
Jamie Mottern (00:44:13):
Wonderful. So you're going to go ahead and get started as a settlement agent and click on Jamie Modern. Wow, I thought I had a unique name, but I have a lot of loans in here. You can tell that we are still in stage. This is not in production. You guys are seeing it before it goes to market. So there's a lot of Jamie Modern and demo borrower on this list. As Sandeep moves forward through the settlement agent dashboard, what you'll see is a very intuitive, he's going to click and start the process for that loan.
Sandeep Gupta (00:44:46):
I clicked a loan that I wanted to start assigning, checking the key parameters of the loan and then assigning a notary. So on the left side of the screen I see some of the key things that a settlement agent would do in this situation. I would review the key information about the loan, who the property address is, who the borrower is, everything is good. I can say, yeah, I've reviewed it. Then I can move on to the next line or next thing. As you noticed, some of these blue things will pop up on the side. It is basically saying that I'm moving on to the next step and it's letting the settlement agent know that yes, the transaction was successful in the previous step and it's actually also sending notification to your LOS to the lender of what's happening on their closing.
Jamie Mottern (00:45:37):
So as he continues to click through this, all of these transactional check boxes are being transmitted back to your LOS through our Solex APIs. So we also know that settlement agents and notaries have a multitude of platforms that they interact with every day. We wanted to give a quick start tutorial as they move through the process should they need it so that they can build their confidence in the user interface to know they are doing everything they need to do to have a successful digital closing. So you're going to go ahead and skip through that for purposes today.
Sandeep Gupta (00:46:12):
So now I'm presented with a screen as a settlement agent to review the documents. I get a consent and then I can upload a new document like for a settlement agent. The typical document would be a title related document. So I'm going to pick a sample document
Jamie Mottern (00:46:29):
For demo purposes. We know that the closing package is much more complex and there are many more documents, but for the two minutes and 51 seconds we have remaining, we didn't want to bother with all of that. So now that we've done that, the last step is to assign the notary. I do like the intuitive nature of this UI. It grays out what you don't need to pay attention to and highlights what's important while giving you those blue notification boxes all along the way.
Sandeep Gupta (00:46:57):
So now this will send an email notification to the notary to join and it's the same concept for the notary. Also, they can create a profile for themselves or just use the email and a guest login to connect to the session.
Jamie Mottern (00:47:10):
And you're now switching to be Sandeep the notary.
Sandeep Gupta (00:47:13):
Yep, I am as acting as a notary.
Jamie Mottern (00:47:16):
So now within the Solex connect platform, the notary, we'll see their landing page and begin. Yeah,
Sandeep Gupta (00:47:24):
So this is again the similar UX experience for the notary. They see all the orders they have in their profile. I'm going to pick an order, same sort of experience. They will review the loan information and the party information. I've reviewed it, review any document package and again, same thing. Events are popping up on the site to let the notary know that yes, the previous action was done, it's sending information back to LOS and the settlement agent. Click, click.
Jamie Mottern (00:48:03):
So now that's a very zoomed in. I like that. And here you have another tutorial. If you can zoom, skip through that tutorial for the notary as well. Now comes the fun part, which is interacting with the borrower. All of this is happening in a traditional closing setting and when you've confirmed your information, hopefully it goes back to the night. Great size, who loves the technology? Dead spot, anyone?
(00:48:40):
Always the favorite part of a tech demo. So while this is happening, not only will all of the information get pushed back into your LOS for our select APIs, at the end of it, all of the data, all of the documents are digitally transitioned right back through our pushback sessions and now we have the ability for the borrower to interact. Now I'm going to play the borrower and I'm going to be able to do this amazing QR code. All I get is to put in my last name and how is it that that works? Sandeep, that's all I have to do. Yes.
Sandeep Gupta (00:49:20):
So this is generating a unique QR code based on the individual Solex session and it's only active during the time the session is active.
Jamie Mottern (00:49:30):
I get a customized note from my loan officer congratulating me on this milestone. I then sign my documents, hit apply, hit submit, and all of that is coming in real time back to the settlement agent and into our system for Solex Ipen. We are out of time, but you can see everything has been completed and is back in. We have digitized the data and humanized the experience with Solex Ipen.
Panel Member 1 (00:50:04):
All right, thank you. I did want to see the end of that, but I'm going to comment on a couple of other things. I do quite like the very, very simple preview details, preview order invite notary into the process. I like how any notary can come in and get their little tutorial and do what they're doing because it is a very distributed ecosystem that way. I am curious what does happen in the end. And I realize that we got hung up there and you ran out of time for a moment and I can see that you're signing it as you're going through that. The only other comment I want to make is that you did mention the ROI calculator in the beginning and I do, I just want to maybe help you underline that for this audience of the ROI calculator is something I think that is of incredible value that you guys put out there.
Jamie Mottern (00:50:53):
You go to our website.
Panel Member 1 (00:50:54):
Yep. Robin.
Robin Clayton (00:50:55):
Yeah, the UX is, I mean it's so seamless. There's so much stuff going behind the scenes, but it's really, you only see what you're supposed to see. So I can tell you put a lot of work in that well done on that. The QR code is really cool. The guest login is really cool. Thinking about, I think we're all sick to death of multifactor authentication and what's my gosh darn password. So I'm always appreciative of that. Yeah, just really, really clean. Well done.
Christina Randolph (00:51:21):
I saw that you were having some difficulties. Yeah, the areas I think it's really hard because I am a big fan of Docutech, the firsthand family, so it's very hard to get up on stage and really narrow the focus of a demo. So completely understand the difficulties with that. I would've liked to have heard a little bit more about your integration distribution strategy. I know you're part of a larger organization that leverages settlement services and distribution, so would've loved to hear more about that. Let's see. And I know it's really hard to switch between the personas, but I think you did a really good job in being clear about what view we were looking at. But I know that was difficult and I will echo the sentiments that the demo, like the UX is very clean and pleasing. It looks like it would be easy to use once somebody gets integrated to it. So good job.
Jamie Mottern (00:52:20):
Thank you.
Panel Member 2 (00:52:21):
Cheer again for Docutech. Thank you. And next we have Amit Ghole and George Milian with Inflooens.
George Milian (00:52:35):
Thank you so much. My name's George Milian. I previously worked at Rocket Mortgage for almost 19 years and I led a thousand plus LOs, hundreds of leaders. And there's three things that I always heard and I'd like a little crowd participation. It's noon you probably want to get out here. If you ever heard somebody say, I want more compensation, can I get a little hand raise? I want to get paid a little bit more. I want better technology. And by the way, rocket has great technology. Anybody ever hear that? And I want a little bit more time back in my life to be able to do other things. Anybody ever hear these things? Okay. That's what we're here to show you today. Behind me is a QR code. Take out your cell phones. I know your texting, I know you your email. It's all good. Take it out. Schedule a demo after this because we're going to blow your minds and there's some great competition here, but we're going to show you a few things. Amit.
(00:53:27):
This is the MBA projections. They're not perfect. They're exactly projections. But what influence can do over the next few years in your business in particular is I believe we can help a 20 to 30% increase in your business. And I'm going to show you a very small sliver today on how we can do that. Specifically, we are a next gen twist on old school mortgage lending. I lent mortgages for nine years before I went into leadership. P-O-S-C-R-M and an LOS overlay. We're an end to end business. We're going to show you sales in a box. We have operations in a box, we've got the whole thing, but I can't show you all in six and a half minutes.
(00:54:12):
So what you're seeing right now for very clear and clarity, this is an FHA streamlined retention. And as we heard the gentleman on here earlier talking, this going to be a feeding frenzy, there's going to be a feeding frenzy on the retention business. And right now this is FHA. We can do va, we can do anything that you want. But what I'm going to show you left to right is clients that start to become in the money that are using a marketing campaign that will show you right behind me in particular using the marketing cloud that you get with influence. You get an OEM license that we have through Salesforce. You have the influence, you have API and you also have the Marketing Cloud journey that comes with us. You don't have to try to mix and match a whole bunch of things. What we're going to do right now is we're going to select all these clients.
(00:55:03):
I'm going to put them into a dialing campaign and if I want to call every single one of 'em, awesome. If they don't answer, I'm going to move into an email campaign that is going to be a one-to-one BCC'd email with direct savings that's teed up at day 190 because I want to get to them before they're in the money. Not when they're in the money, they don't email back. They can go into the point of sale link. They can click out a link, fill it out for the loan officer when they come in the next morning to have a client ready to go. They don't respond to that. No big deal. Everybody's texting in here right now. It's no big deal. We'll send a text to 'em, one-to-one with savings showing what their approximate savings are. I can throw a little gif in there if I want to.
(00:55:48):
Alright. They don't do that. I can put 'em into a campaign. I can show tasks no matter what you want to do. This is a fully customizable product for you and your business. And as we look at these clients, we're going to select one. Aaron Lowell. Aaron was an FHA purchase client and Aaron was served up as an FHA streamline. But what you're seeing is a timeline of every single interaction that we've had with Aaron every single time. You're not limited. I also have all the notes so I can have a relationship based business. These aren't clients. This is a one client interaction. So you're not getting multiple different leads. This client is Aaron Lowell and I want to be able to have that conversation. I don't want to have an interrogation. I want to be able to say, Aaron, are you still working at X Bank?
(00:56:41):
Are you still earning $200,000 a year? And as I'm doing that and I'm having that conversation, what happens next is I can go to pull credit, single click, and when I pull that credit, you're going to see we're going to aggregate all of the debts. And when I aggregate all of those debts, what's going to happen is there's going to see something that says you have new opportunities. I was calling Aaron for an FHA streamline opportunity. I am now looking at doing a cash out opportunity with a full debt consolidation package. So now I've aggregated all of that, showing the estimated interest rates of what they're doing. So now I can say, Erin, let's have a conversation about a debt package. We pay off all of Erin's debts. I have a question about her interest rate. I might not know it because p and i versus tax and insurance, we click product pricing.
(00:57:38):
As that's happening, I now see that Erin's going to save $395 a month on a 30 year, or I can shorten her term payment's going to go up $211 a month, but she qualifies 47, 49, she's right on the edge. I can now run product pricing and as I do that, what's going to happen next as I'm making a real real-time call to OB, 15 year, 30 year options show up. Awesome. Now I can select and lock an interest rate. If I choose to do so, 30, 45 or 60 days, I can send a real-time quote just as a lot of other competition here can send a real-time quote weekend to. But I was a loan officer and the biggest thing that I always did is I sold principal and interest. I did sell tax and insurance because everybody always wanted to tax and insurance. I'm not doing that. I can show it, but I'm also giving the glossary because that glossary gives confidence to the client, gives confidence to the loan officer that I can deliver that to them in a real time. As I do that, we've sent that email.
(00:58:43):
Erin has a question and she says something like this, can I get a lower interest rate? And the answer usually is yes, as long as it's not points and fees. But we're going to run that and we're going to generate pricing scenarios with a cost breakdown analysis. And right here you can see four different solutions showing the breakdown. So instead of taking my calculator and saying, your savings are $395 a month and I divide it into your closing costs, I have a real-time breakdown. Now what you've seen is a sliver. There's also another piece, this is the operations package, but I'd also like to show you and talk to you about the nurturing package because we talked about that earlier was said, there's a lot of clients that were not in the money lately that didn't qualify. Guess what? The nurturing package and the nurturing marketing campaign.
(00:59:41):
We can do all of those things. We can tee up those clients real time when they qualify based upon real time calls. And I'm showing you right behind you, docs package, everything that is needed for an LO to be the most efficient. You don't have to waste more time pulling reports. You don't have to waste more time telling somebody to get on the phone. You don't have to waste time saying, Hey, did you call this client? I can show you all of that right behind me. We've got 40 seconds left. In closing, I'd like to say thank you. This is an incredible opportunity and we appreciate it. What you've seen is a small chunk of what we can deliver to you and make a major impact for every one of you. Thank you so much.
Panel Member 1 (01:00:27):
If you would just nod your head on the POS functionality that you said you didn't have time to show. I saw conditions on there. Do you handle conditions? Okay, thank you. So then it really is P-O-S-C-R-M. Again, this concept of using data to get LOS out of the LOS and even the POS and even certain CRM functionalities that don't have the rest of the POS functionality. I like that. I also quite like the presentation of the debt consolidation. Haven't quite seen it, that organized of just checking the boxes and actually being able to quote it on it and action on it. And then lastly on mobile, I didn't see a mobile view. I also saw that there was a PDF in an email, which wouldn't necessarily go great with mobile, but that would be the thing that I would want to hear more about. But great stuff. Thank you.
Robin Clayton (01:01:13):
Yeah, I mean I can really tell that you have that loan officer background. That's exactly how a loan officer thinks. The navigation, the way that you choose to structure it, the focused view. When I'm in a loan, I'm just thinking about that one person. I don't need to see my entire pipeline. Really just really understanding who this is for. I think it's brilliant. Wow. In capital letters, the text messaging, the compliance part, a little concerned about the opt-in. It looked like maybe there was some bulk test messaging in there. Being able to preview the email when you're about to see it. Loan officers are very visual, so instead of send an email that has this title, being able to see it there with the graphics loaded. Brilliant. Absolutely. Think about mobile first, especially when you're presenting to clients. PDs are also pretty scary. And then assigning tasks. I think a lot of folks are working in a team setting now, so being able to have many members of their team go in and play with it. Very cool. Yeah,
Christina Randolph (01:02:06):
I did have the same note about mobile capabilities. I like how you launched right into the demo and got to the point. Same as Julian. I like that. It seemed like it's all encompassing. C-R-M-P-O-S. I know a lot of those technologists are sold separately and lenders are kind of forced to have to figure how to stitch those things together. So from a sales perspective, I think that's really convenient. Love that you showed sort of the soft credit versus the hard credit. I would've liked to see sort of some of the other integrations, maybe like an LPA and sort of some of the condition management just from an LO perspective. But overall I thought the UI was busy, but I think as an lo, they want a lot of those tools at their fingertips.
George Milian (01:02:52):
Absolutely. Thank you.
Panel Member 2 (01:02:54):
Great job Amit and George at Inflooens. Thank you.
Demos: Ocrolus | Sagent | Mortgage365 | Docutech | Inflooens
September 27, 2024 11:52 AM
1:03:04 Sponsored by
