Mortgage industry ‘ripe for personalization’

by Kim Burgess22 Feb 2018

Over the past few years, the mortgage industry has seen a rush of new technologies, but how much of that software is actually improving the bottom line or customer experience? Alex Kutsishin, founder and chief ROI booster for Sales Boomerang, says not enough.

The key is finding systems that provide critical information for originators and create a more personal experience for clients, Kutsishin says. Sales Boomerang is designed to do both. It connects directly into any existing CRM or lead management system like Velocify, Insellerate or Lead Mailbox and tracks metrics like credit scores and neighborhood property values, allowing originators to anticipate clients’ needs. 

For instance, a young couple may not be able to get a mortgage the first time they apply, but could qualify later after boosting their credit scores. Thanks to a credit change alert from Sales Boomerang, the originator knows it’s time to get back in touch and help the couple purchase their first home.

Another client might be waiting to hit 35% equity in her home to help fund a child’s college education. Sales Boomerang can set up an alert for that too.

“Our goal is to create a one-to-one relationship between lenders and borrowers,” Kutsishin says. “If I did a loan for you before, I should be the first to tell you when you can benefit from a new loan product. Sometimes you are there before the borrowers even know they needed you. It’s all about building alignment. You are giving the borrower intelligence they otherwise didn’t know about themselves.”

That intelligence translates into more deals.

After roughly a year in business, Sales Boomerang is delivering a 10-20% loan volume boost for its lenders. About 30 lenders have signed up for the system, and another 16 are on-boarding within the next 60 days.

Kutsishin says mortgage professionals are enthusiastic because the industry is “ripe for more personalization.”

“A flaw has been that you close a deal, and then your clients all get the same emails from you,” he says. “It makes no sense for everyone to get the same message. Amazon, Google, Facebook – they say everyone should get a custom message. If you don’t, people can look at your emails and say, ‘This isn’t relevant to me.’ This industry is so behind on that. Like you might send statewide property values to customers every week and some say, ‘I don’t care. It’s not relevant to me. I just bought my home.’”

A serial entrepreneur, Kutsishin started his first business at age 20 and worked in a variety of industries before turning his attention to mortgages. Kutsishin evaluated mortgage professionals’ sales systems with fresh eyes and saw an opportunity to introduce the kind of personalization and follow-through pioneered by top tech companies.

“We need to take from Facebook, from Amazon, from Tesla, from Nest,” Kutsishin says. “Tesla can fix my car while it sits in my garage, so why can’t we say that our software needs to do more? There has been a lot of technology pumped into this industry over the last few years. Over the next five years, there will be a refining of the technology.”

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