Client profile

The client is a company in US mortgage market. The company is a startup which provides a customer relationship management (CRM) application for the Mortgage Sales Professionals (MSP). The company creates a stronger relationship between MSP and homeowners, increasing the frequency and likelihood of continued business. By identifying savings opportunities for homeowners the company helps MSPs to become a valuable and trusted advisor.

Business situation

US mortgage market after recovering from subprime mortgage crisis is now gradually picking up momentum. Homeowners are now looking for better rates and services. On the other hand loan officers want to meet the homeowner’s needs and increase sales. Traditionally, loan officers have a onetime interaction with their clients, and then lose contact with the client once the deal is closed. The need for continuously monitoring and assessing the loan scenarios and savings of customer is a must in this market and many companies are lagging behind in this regard.

Solution

The application Deerwalk has produced aims to reduce interaction gap by providing a persistent medium of communication for the Loan office and mortgage management companies with the client, thus creating opportunities to generate further referral based business. The application also helps users to maintain an active property portfolio to keep track of the trends and rates for a particular locale.The basic idea behind the application is to use the concepts of social networking and online community to foster a continuous relationship between loan officers and their customers. The application provides sticky features to end users, thus transforming what was traditionally a onetime interaction between a loan manager and her customer
to an ongoing interaction.

The application provides different views to different users:

• To the loan officer, the application provides a portal to manage current/prospective clients and his/her referral network.
• To existing clients, the application provides features to track their property values, to find refinance offers, to shop their preferred rate to the lending community and to be part of online community.
• To prospective clients, the application provides features to find customized offers, to shop their preferred rate to the lending community and to be part of online community.

Benefits

MSPs can manage their customers and prospects through a web-based dashboard. With built-in tools, the solution automatically markets to MSP’s customers, monitors their status and identifies savings opportunities based on current market conditions.

Some benefits that our client reaped were:

• Increase in sales.
• Time saving.
• Build online credibility among bunch of other mortgage applications

Products and services used:

• PHP ZEND Framework
• MySQL
• Zillow API to get the national average rates
• RSS feeds from www.bankrate.com

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