How Scarlett's data mining capabilities are helping agents generate new business

The platform is proving an invaluable tool for mortgage professionals in the current market

How Scarlett's data mining capabilities are helping agents generate new business

This article has been produced in partnership with Axiom Innovations.

Fergal McAlinden, of Canadian Mortgage Professional, spoke with Joe Fakhri and Andrew Schultz, of Axiom Innovations, to discuss how filters and data mining are helping Scarlett’s users find new sources of revenue.

With the recent cooldown of the mortgage market, agents and brokers increasingly have to find new ways to source business and generate leads in an ever-shifting environment.

Axiom Innovations’ Scarlett brand is playing an industry-leading role in helping mortgage professionals adapt to that landscape.

The ability to filter and mine data allows agents and brokers to comb through their databases using a wide range of criteria and specifically identify clients that may soon require assistance. 

Andrew Schultz, Axiom’s business development manager, told Canadian Mortgage Professional that the company’s state-of-the-art software allows agents and brokers to pinpoint specific deal types and narrow down the range of customers suited for those solutions.

“We all know that the market is shifting – for instance, people on variable rates are hearing about their trigger rate, and others have a term that’s coming due,” Schultz explained. “There is an opportunity for a mortgage broker to reach out to those people within their database proactively.

“How do I find those people within my database? That’s where our filters come in: brokers can set up a very accurate, pinpointed set of rules where they can identify the exact type of borrower with the specific profile I want to identify and contact.”

When an agent moves over to Scarlett’s Deal Origination System (DOS), there is no requirement for them to go through any lengthy data migration process – it’s available from day one. Even brand-new DOS users with a lower volume of deal data on their current platform can tap into their previous deals and filter from both data sources.

The benefits of the data-mining capabilities are apparent for agents who very well may be seeing a dip in mortgage volume for home purchases. Scarlett filters can identify other opportunities in their database, such as upcoming renewals for subject and other properties within a file, generating a valuable list of leads that can help them capture new business.

Those seemingly complex filters are easy to apply and allow users to layer filter upon filter to refine the mining process. That means they can precisely identify individuals for specific product offerings, such as clients with a particular credit score, who also have an asset valued above a specific number.

Filters can be shared easily between team members while allowing broker-owners and owner-operators to control and view their organization in the same way: identifying opportunities and filtering or mining the data across the entire company.

“It gives the owner-operator the ability to work more collaboratively with their agents and help with business planning for the coming year,” Schultz said. “Principal brokers or managers can now sit with a team member and help them understand and mine their data.”

The ability to build customized reports based on any data points within the system is truly unique to Scarlett’s platform, Schultz said.

The growth and earnings potential offered are “unsurpassed,” according to Axiom president and CEO Joe Fakhri. “It’s all about revenue opportunities: How can I take a previously declined applicant and convert them into a client, or identify a lead within my database and convert them to a client? How can I take an existing client close to maturity and retain them at or prior to renewal?” Fakhri said. 

He added that the platform also allows businesses to understand their pipeline, flow and conversion rate, giving them a clear and holistic picture of what’s going on in their organization. Data can be viewed in an easily digestible form across multiple business streams, which is crucial to most of the leading brokerages that use the platform to manage their work and deal flow.

“Brokerages need a holistic view to manage their process from start to finish,” Fakhri said. “If I have 20 deals that are still pending document collection, I want the ability to see all of those 20 deals right away and understand what is pending versus in-progress and complete. Pipelines are primarily built for these types of processes. You can run multiple processes simultaneously in any organization because they’re mutually exclusive.” 

The ability for mortgage professionals to mine their data on Scarlett and gain a clear picture of current business across the organization clearly reflects the platform’s goal for its users, Schultz and Fakhri said: “They don’t let their business run them; they run their business.”

“It’s really up to the agent to determine how they want to mine their data,” Schultz added. “We’ve given them access to every data point within the file to accurately pinpoint what they want to find.”

Axiom Innovations is the developer of the white-labelled Scarlett brand, which provides technology solutions for mortgage brokers and lenders in Canada.