Making origination software better with Geoff Willis we will discuss changes and innovations with Velocity a mortgage origination platform. Creating one system to create life and the mortgage business easier for brokers, lenders and most importantly the customer. We’re talking the future and new standard in the Canadian mortgage world. Building bridges through an easy to use customer interface. Embrace the new technology.
Timestamped Show Notes
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[1:16] What is the difference between Newton and Velocity?
- Newton is the company Velocity is the product that the broker uses; so, it is the more familiar name.
[1:50] What have you guys been working on that’s been exciting?
- Alternative to Expert; broker technology for another connection to lenders.
- More collaborative innovation in next 12-24 months.
- Connections to all lenders.
[4:38] What are some of the cool things you guys are working on now that you have full connectivity, and what tech are you guys excited about or working on?
- Lender portals can be a problem- making it so that lenders speak back to a broker’s dashboard with an update.
- Selling lenders on two-way communication and a better application upfront- so broker’s need the tools to get the information to a client.
- Validate property data better and get clients down payments faster and get documents more secure than email.
[6:12] How long do you think before that becomes more of a reality?
- It will be standard once brokers are on Velocity lenders that will want to connect.
- In 12-18 months no longer visiting multiple portals to get updates; push notifications as well.
- You and client will know the status of a deal at any given time.
[7:05] How do you provide a better lender experience?
- Setting up a “Velocity Prime” queue application- broker has validated the property data through third party, down-payment upfront, income verification- they are then flagged as a prime deal and in the front of the queue.
- One seamless approval from lender and broker.
- Making the application easy and real for customers and brokers to use.
- Mindset shift on the part of brokers; don’t want a quick approval, a solid real approval.
- Document portal.
[9:53] What stuff do you see coming in the next 90 days to your platform?
- Delivering previous data, submit to lenders, under the classic view it looks like Expert until you get used to it.
- Client portal.
- Partnered with Flinks for down payment scraping; download accounts for the past 90 days in financial institutions.
[14:06] When will that be available?
- In Beta- portal is live.
- Flinks available end of May 2018
- About 75% completed with templated e-sign for compliance and commitments; June 2018.
[14:55] What plan of attack do you see in the next year?
- Open the connection/collaboration to lenders and brokers.
- Not one size fits all. Good broker operating system. Smart conditions. Customer journey.
- More transparency to customers.
[17:43] Explain what that mean (connection of what people have already built)?
- Brokers may and their client experience, intake, get customer information however they get it.
- Plug the information in however you’d like to Velocity to make it work for you.
- Offer help but allow freedom for a personalized experience.
[18:42] Is there anything else that you would want to share with our community?
- Lean-in try Velocity it will help further and innovate our industry.
- Effect changes with lenders.
- There is competition now and we will see innovation helping the lenders, brokers, and customers.