Log in     Support     Status

Seven Companies Changing the Mortgage Industry

by | Jan 28, 2021

The mortgage industry is one that continues to flourish, even if still needing better technology to keep up with demands. Capacity, a mortgage automation platform, is leading the way in providing that technology.

Last year, we compiled a list of the 25 top mortgage tech companies changing the industry through technology innovation. Now that it’s 2021, it’s time to update our list and give you seven more.

Some of these mortgage companies also attended the Mortgage Tech Virtual Demo Day on January 7, 2021.

1. Sales Boomerang

A top leader in the mortgage industry is Sales Boomerang, a company offering automation for alert systems related to loans. Their system is one that alerts lenders when a borrower really needs a mortgage.

They recently demonstrated their new suite of alert products at the HousingWire’s Mortgage Tech Demo Day in January. Along with this, they demonstrated their Prescriptive Scenarios feature where loan officers are connected with borrowers based on more targeted qualifications. The feature offers lenders a chance to provide loans to borrowers at the right times based on their particular financial needs.

Much of this is done through their tracking features, which include monitoring the credit of potential borrowers. Now those needing a loan can be contacted by lenders once their credit improves to avoid the disappointment of being turned down due to bad credit.

2. Homebot

Another top-tier technology company for the mortgage industry is Homebot. The company’s app is designed to help homeowners track and build equity wealth within their homes.

It’s a unique automation platform in that it works almost like an investment tool in realizing the value of home equity. There isn’t any one-and-done process behind their app either. This works long-term in the app providing continual market data and tips to help further build your equity.

Many success stories have already come out of Homebot’s app. Through the use of two fictional scenarios on their main page, you can see how the app works. Homebot mentions many of the automated tips they send are very actionable. These include tips on how to refinance, plus general ways to save money to invest in one’s home.

3. Balto

A good example of how artificial intelligence applies to the mortgage industry is through the tech company Balto. Through Balto’s use of advanced AI, companies can now do real-time coaching with artificial intelligence, and mortgage companies are especially finding it useful.

Lending agents on the phone can now be trained live while talking with borrowers. As a major training time-saver, this is further evidence of how AI is changing the way mortgage companies operate.

Most important here is the use of machine learning and the platform becoming smarter as it carefully listens to both sides of a conversation. Future prompts change how mortgage lenders communicate with borrowers going forward.

Of course, machine learning is also one of our strong technological processes here at Capacity.

4. Insellerate

At Insellerate, technology plays a big part in helping the customer experience. Thanks to their Customer Experience Platform, borrower engagement is far more targeted than ever.

The company’s platform focuses on two key areas: Engagement and lead management. From the engagement side, they help lenders with automated multi-channel marketing, leverage pre-built content, engage with past prospects, and focus attention on keeping customers for life.

On the lead management side, their technologies help manage leads, streamline workflows, bring in detailed financial reports for mortgage lenders, plus use text/voice communications.

Like us, Insellerate is a leader in mortgage technology, working with clients from Mutual of Omaha to High Tech Lending. All of it is due to the use of automation, not including being secure and scalable. Also, like us, their platform integrates well with other lending software.

5. Finance of America Mortgage

Perhaps you’ve heard of Finance of America Mortgage for one good reason: They’ve been around for years. Nowadays, they’re bringing some new technologies to the fore to help their lending expertise grow further.

Experience is already a major factor in why they continue to be a leader. More recently though, they have adopted automation techniques to help them find more personalized data for better borrower targeting.

Now their lenders can learn the nuances of local markets, not including bringing a more personal way to interact with those wanting to buy homes. While technology is important to FAM, they also believe in the importance of human connections. Working with real lenders is still an essential element of their business.

The company is also making the actual lending process easier through the process of digitization and automation.

6. Teraverde

Automation plays a big part at Teraverde as well, something consistent with all leading mortgage companies these days. In addition to automation, they utilize a knowledge base, something Capacity brings as an essential feature for future training.

They also use AI bots to help with productivity issues via their Encompass Services. At play here are comparison and computation bots to help speed up the mortgage origination process.

Teraverde has also moved into the realm of data science, including Business Intelligence. Lending companies can use this technology on-demand to help bring more granular analytics to their companies.

Data analytics is a key way to help speed up the underwriting process, as well as the other steps of the mortgage process.

7. iEmergent

Analytical and visual tools are the soul of iEmergent where they continually market themselves as knowing what’s next in mortgage markets. Their MarketSmart and DIVERSIFi solutions are their branded analytics brand names. Through their analytics processes, mortgage companies can finally see important details they may have missed for years.

Being able to look at competitor data is another top-tier feature they utilize, something essential in the competitive mortgage landscape. For optimizing and sustaining profitability, though, granular analytics is now a core technology to consider.

Much of this works through automation as well, something Capacity is a leader in.