Zillow Mortgage 🦍
Zillow’s Quarterly Shareholder Letter gives some great insight into what the 800-pound gorilla is up to. Here’s an excerpt from their most recent release:
This strategy of shifting our focus down-funnel to the transaction is manifested in our vision for what we call a housing super app — an integrated experience to help our customers move. Our goal is to increase engagement, customer transactions, and revenue per customer transaction by investing across five growth pillars: touring, financing, seller solutions, enhancing our partner network, and integrating our services. The expected output of this strategy is to grow our share of customer transactions from 3% to 6% by the end of 2025.
You can read the entire letter here… mortgage folks should find the statements under FINANCING to be of particular interest.
- Patrick O'Brien, CEO at LenderLogix
The Latest from Our Blog 🖊️
LenderLogix Enhances LiteSpeed POS | Learn about the newest feature update to our point-of-sale (POS), LiteSpeed.
Employee Spotlight: Jeff Kopra | Meet Jeff Korpa, Senior Software Engineer. He shares his favorite moments, his passion for developing software, and his favorite ice cream spot!
Genetically Edited Mustard Greens? 🥬
If you were enjoying a nice salad at the Memorial Day party this weekend, there’s a small chance you were eating genetically edited mustard greens. The milder mustard greens from agriculture startup Pairwise will be the first food on the US market to have been tweaked using the gene-editing tool CRISPR. These modified greens are being served in a few restaurants and will start appearing on grocery store shelves this summer.
Surprisingly, the package won’t need to look much different than the lettuce you’re used to. Unlike GMO foods that incorporate genes from other species, gene-edited foods contain modified versions of their own genes, so the USDA doesn’t require the “bioengineered” label it slaps on GMOs.
It’s only a matter of time until scientists start working on recreating the killer plant from Little Shop of Horrors! 👀
- Scott Falbo, CTO at LenderLogix
From The Team's Bookmarks đź“Ś
Some links shared around the office this month:
How to pick a perfect watermelon this summer
When will housing inventory turn the corner?
Younger LOs crave technology 👩🏻‍💻
64% of Mortgage Loan Originators are over the age of 40. The average age of an LO is shifting younger (currently the average age is 44, while in 2014 it was 54 years old). That trend is continuing. What’s more, is that the average LO is much more mobile than in the past. With the post-pandemic shift away from the office, most LOs use home offices as their hub rather than a traditional office at work… and the work/life balance translates into fewer hours in any office at all. So the question you have to ask yourself is - do you feel prepared? Well, do ya? (said in my best Dirty Harry voice)
Let’s reflect on your current tech stack a bit, shall we? Do your LOs still issue static PDF Pre-Qualification and Pre-Approval letters (you know, the ones where the agents and clients have to track down their LO every time they have a new scenario)? Is your point-of-sale (POS) modern and easy to use? Or does it require borrowers to create an account before they can provide any of their information to the LO? Seriously, ask your LOs how often they get calls from clients that are having trouble logging back into their online application. Having tech that creates friction points for the agents and borrowers interacting is not great for generating business, but it also can impede your ability to recruit and maintain quality salespeople that rely on technology that is more in line with their mobile lifestyle.
As a Fintech company founded by Loan Officers, we have been laser-focused on improving the mortgage origination process and have spent countless hours analyzing these processes and looking for a better approach. Feel free to check out our Google Reviews to see what our clients are saying about our solutions. We’re happy to schedule a demo with you to show you what our tools can do for your LOs, clients, and referral partners too!
- Derrick Enderby, Director of Customer Success at LenderLogix
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