55% QoQ Growth in a Down Market
Since joining MOZAIQ in early 2022, I have written multiple blog posts discussing the benefits of automation and have showcased our own customers as successful adopters of automation.
I first mentioned The Loan Store in a blog in October 2022, almost two years ago. I wrote about how they built their business with the objectives of always delivering exceptional customer service—to brokers and to customers—and that to win in a commoditized market (newsflash: mortgages are commodity products) they needed to streamline efficiencies so they could also compete on price. To achieve these goals, they embraced automation and outsourced some of their back-office services from day one.
I then wrote about them here, in April 2023, when the MBA released their annual report on the state of the market in 2022 (lenders on average had negative loan origination margins). I explained how The Loan Store was able to absorb the assets of another mortgage lender and not break stride in their delivery of high-quality mortgage services, keeping the goals of customer service and competitive pricing intact.
I mentioned them in a talk I gave at the World AI Cannes Festival in February 2024, as an example of a lender that was primed and positioned to take advantage of lower interest rates and higher loan volumes when the day arrived.
That day is today.
I’ll let the numbers do the talking. In the first six months of 2024, The Loan Store funded $1.9 BILLION worth of wholesale loans (Source: Inside Mortgage Finance estimates). In the first half of 2022, they had funded approximately $120 MILLION worth of loans.
You do the math on their growth rate. They’re not stopping.
Yes, they have a talented CEO with a talented team, and they picked the right strategy. But the key is execution. The key is efficiency. The key is scale. The key is to remain price competitive. The key is to deliver exceptional customer service to brokers and consumers. They’ve done all that. Could they have done all that without investing in automation since the beginning?
You can contemplate all you want.
We know that without automation they would not have been able to take advantage of the growth in demand (spearheaded by an exceptional sales strategy), they would not have been able to scale on demand, they would not have been able to maintain and surpass quality and accuracy thresholds, they would not have been able to absorb volume growth without an increase in costs, and they would not have been able to keep their costs in line with their needs to remain price competitive.
If you read the blogs I mention in this post, you’ll know that we told you that the time to automate was when the mortgage market was down and in a lull. We also said, “don’t get left behind.”
If you’re interested in implementing a winning automation strategy contact MOZAIQ today and find out how AI-Integrated Intelligent Mortgage Automation can help you win.
Note: This blog post was written by a human and does not contain content generated by ChatGPT or any other Generative-AI platform.
