Interview with our CEO: Rocky Foroutan – The First “Broker-Centric” Mortgage POS

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This interview with LenderHomePage CEO, Rocky Foroutan, first appeared on Mortgage Professional America.

Everyone knows that the digital lending space is growing at breakneck speed, and on the face of it, LenderHomePage is faced with a dilemma: how to differentiate themselves from the increasing number of other companies that provide digital lending solutions. But in actuality, they’re veterans of the space, and have more than a decade’s worth of experience to draw upon.

“We have 3,000 companies as our customers, and some of our competitors are just now signing up their 15th customer, or their 17th customer. So that’s the major difference: our solution is a time-tested, robust solution that is being stitched together cohesively as a great POS solution,” said Rocky Foroutan, the CEO of LenderHomePage. “It’s very adaptable and expansible and it fits to your needs, rather than a ‘take it or leave it’ kind of solution.”

What does a ‘take it or leave it’ kind of solution look like? Well, some companies have a great app or a digital point of sale, but a company either has to use all of it or none of it. Foroutan said that LenderHomePage believes that no two companies have the same needs, and the point of sale system that they choose should reflect that.

“Our product is very modular, so if you only want the 1003 application from us, you could get that. If you want just the document upload and document workflow, you could get that. If you want a mobile app, you can have that . . . because our approach has been evolutionary over the last 15 years, we have a really, really adaptable and extensible solution for our clients.”

LenderHomePage launched in 2003 developing web origination tools for mortgage professionals. They offered a turnkey website and online application right off the bat. A few years later, they introduced Lender 411.com, a consumer rate comparison site. In 2014, they introduced the Loanzify mobile app, and in the years that followed, when the mortgage industry really started to engage in the digital revolution, they decided to bundle everything and keep the Loanzify brand.

“We already had all of the major pieces of a digital mortgage solution working, that is, the best in class application, the document upload into the cloud, and when the Day 1 Certainty stuff kicked in, we said, it’s time to put everything together in a cohesive solution,” Foroutan said.

They’re currently rolling out the complete Loanzify POS system to their existing clients, with a push for a broader rollout in Q1 of 2019.

Going hand in hand with the modular approach, every part of the borrower portal, from the look and feel to its branding, is configurable. While that’s a bonus from a marketing perspective, Foroutan said that he knows it can be a bit daunting for originators, sometimes even adding to the reluctance to adopt the technology.

But Loanzify’s got your back. Everything comes with a best practices template, and a “white glove” service exists to consult and provide additional help, from adding a few extra fields to a complete overhaul of the application.

Because ultimately, originators should spend their time on doing what they do best, and that’s originating loans and sourcing more business. When it comes to digital mortgage solutions, leave the heavy lifting to the experts.

“Our DNA is into branding and websites and basically content particular to a particular loan officer or mortgage company, because we built their website so they can add pages and blogs and reviews and interactions,” Foroutan said. “But even if they don’t do their website with us, they get a ton of content and configurability of enriching the consumer experience through all these other tools that we have:  calculators, how to brand, the mortgage guide, how to create some additional landing pages . . . that’s the big, big differentiating factor. None of our competitors have any of that going on; at best, they have some basic canned content that they can display on the borrower portal, but with us you get a bunch of engaging tools that we’ve used for many years.”

Original article: https://www.mpamag.com/poweroriginator/marketing-technology/a-pos-system-that-is-tailored-to-your-needs-113823.aspx
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