MortgageFlex knows that the best way to make your customer happy is to be first, be flexible, and be responsive.
It’s a suite of loan and originating software solutions that brings the relationship between lender, dealer, and customer to a new place, far beyond long-held approaches that reach back to fax machines and call lists.
“Everything is tied in together and everything is bi-lingual and mobile,” MortgageFlex’s John McCrae said. “The way to get to that potential borrower is to react quicker. That customer’s cell phone is going off within 10 minutes to offer them a conversation in Spanish or English.”
The company has about 40 employees and is based in Jacksonville, Fla., though its employees work remotely from many different locations. The offering is 100 percent Microsoft hosted and is used by 40 regular customers as well as about 35 credit union service organizations.
Competitive Analysis
Ice, formerly Ellie Mae, bought Black Night, which merged the two main competitors in the loan origination and servicing technology space
Mortgage Flex had been working with Credit Human at the time it realized the opportunity for its services in manufactured housing.
“We spent almost a year working with them on use cases just to figure out how they operate, and then we spent about eight months developing the product,” McCrae said. “We thought it was going to be a one-off and come to learn there are not a lot of active players with lending and servicing technology like this in the manufactured housing space.”
Eliminate Clunky, Duplicative Systems
In any form of lending, McCrae said, origination is the easier place to gain a foothold, but servicing is where you gain loyalty and grow your business. These are conversations that apply to all forms of products in the marketplace, including in technology.
“We set it up to where the user only sees what they need,” McCrae said. “If a client is only doing chattel loans, then they’re not going to have to look at any of the rules associated solely with conventional loans.
Integrations are made simple. For instance, Docuprep is a document provider that can seamlessly identify property and loan type, and will automatically grab and share a complete document package that aligns with state standards for the transaction.
“If you can assure the home seller that you will keep them informed, and provide transparent views into the pipeline… And we’re putting those tools into the hands of lenders, too, to put them on the same playing field.”
The product was designed for conventional mortgage lending, and that remains a major part of the business. The company has dipped into commercial lending, and handles the chattel process easily, even when dealers and in-community lenders are keeping those loans on the books.
“Servicing of chattel loans is pretty easy comparatively,” McCrae said. “Escrows are minimal and we’ve gained expertise in the whole customer service side, letting people do everything online.”
MortgageFlex continues to develop is set of services, including through artificial intelligence and optical character recognition, a tool to scan and digitize whole text for immediate be readability for machine editing, computing, and analysis.
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