Process Improvement Column: Think About Adding Value

In covering the mortgage space for many years, there are always partnerships to report on. That’s great, but when these companies join forces, I thin they should first think about how this partnership really benefits the lender.

For example, Floify, a mortgage point-of-sale solution, has joined forces with Plaid, the technology platform and data network powering many of the largest and fastest-growing applications and businesses in financial technology. The partnership enables lenders and loan originators to order and receive Plaid’s Asset Reports from the Floify point-of-sale solution, simply by having consumers connect their bank account through Plaid.

Once integrated with Floify, Plaid can be configured to automatically trigger a request for borrower asset reports upon the conversion of a prospect into a loan file, or manually trigger from an active loan file. After a Plaid request is initiated, borrowers are prompted to select their financial institution and enter their credentials via Plaid’s front-end module. Upon successful login, the borrower’s asset report is securely transmitted and synced to their corresponding loan file, which saves valuable time in the loan origination process.

“Floify is thrilled to partner with Plaid as we continue to use our automation technology to improve the mortgage process for loan originators and borrowers,” said Dave Sims, CEO of Floify. “Our integration with Plaid further simplifies and accelerates loan origination for mortgage professionals who combine the power of Floify point-of-sale system with Plaid’s Day 1 Certainty-approved digital asset verification functionality.”

Floify simplifies the way lenders collect, verify and manage loan documents; track loan progress; and communicate with borrowers and other loan stakeholders. With Floify, mortgage professionals have reported saving hours in the loan origination process, while increasing the profitability of their lending operation and improving borrower satisfaction.

Floify is a digital mortgage automation and point-of-sale solution that streamlines the loan origination process by providing a secure application, communication, and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Lenders use Floify to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents, and close loans faster. Floify is based in Boulder, Colorado. 

Plaid is the technology platform and data network providing the tools and access needed for the development of a digitally-enabled financial system. Plaid makes it easier and safer for developers—from the smallest startups to the largest financial institutions—to build innovative financial services and applications. Plaid’s infrastructure makes it possible for companies like Robinhood, Acorns, Betterment, Coinbase, Venmo and hundreds more to serve their customers, regardless of where they bank, allowing them more insight and control into their spending, investing, budgeting and their overall financial well-being. Today, one in four Americans with a US bank account use Plaid.

Similarly, Beta Music Group Inc. through its operating subsidiary Get Credit Healthy, Inc., afintech platform that provides independent mortgage originators with credit resources, education, data intelligence and lead recovery has partnered with ARIVE, a platform that offers the first of its kind mortgage marketplace designed to allow independent mortgage originators access to lenders, borrowers, and third-party vendors in a seamless ecosystem.

Through a partnership with AIME, the Association of Independent Mortgage Experts, ARIVE will provide independent originators with the connections and tools to both compete in a crowded marketplace and serve increasingly tech-savvy borrowers nationwide.  Lenders and third-party providers want to make it easy for their customers, and AIME is over 35,000 strong. 

ARIVE has multi-year contracts with a network of more than 20 wholesale lenders. That includes five of the top ten wholesale lenders in the country: United Wholesale Mortgage (#1), Caliber Home Loans (#2), Stearns Lending (#3), Flagstar Bank (#7) and Home Point Financial (#8). Combined, these lenders make up nearly half of wholesale market share. Top Renovation Lender AFR Wholesale, Reverse Lender Finance of America Mortgage, and Paramount Residential Mortgage Group (PRMG) are among the additional 20 wholesale lenders connecting to ARIVE.

Elizabeth Karwowski, CEO, stated: ” We are extremely excited to partner with ARIVE to deliver one-click access to a host of credit services and solutions to assist the ever growing number of Independent Mortgage Originators on the ARIVE platform.”

Today’s fiercely competitive financial services market challenges originators like never before. Heightened pressure to create new loan opportunities, reduce prospect lead fallout, and provide better pipeline visibility poses a significant burden on independent mortgage originators.

To thrive under these market conditions requires a revolutionary new solution that transforms a currently untapped market into a well-qualified, well-informed applicant pool. Get Credit Healthy converts fallout into funded, helping independent mortgage originators close more loans while providing them with a significant competitive advantage.

ARIVE, LLC., is a private technology company based in Philadelphia, Pennsylvania. Conceived as an engine to drive mortgage technology into the future, ARIVE offers the first of its kind mortgage marketplace designed to allow independent mortgage originators access to lenders, borrowers, and third-party vendors in a seamless ecosystem.

BEMG, through its operating subsidiary Get Credit Healthy, utilizes its proprietary processes, platform, and software to integrate with lenders to make it easier to recapture leads. Developed for and by those with extensive experience in the mortgage industry, Get Credit Healthy’s platform has already facilitated over $200 million in new loan opportunities.

Get Credit Healthy has showed sustained growth over the past three years and shows no signs of slowing down. Get Credit Healthy is working to increase its network of partners and is looking forward to a very promising future.Why do I bring up these partnerships? Because they make sense. Both are trying to help lenders solve real pain points. That’s what good partnership should do. As I continue to report on this industry, that’s what matters most. Doing something positive for lenders that matters is what makes for a good partnership.