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SALES BOOMERANG: TIMELY INTELLIGENCE TO ENSURE NO BORROWER LEFT BEHIND




Alex Kutsishin Co-Founder & CEO and Mark Cunningham, Co-Founder & COO When Alex
Kutsishin and his cohorts walk the streets with their No Borrower Left Behind™
t-shirts, they are often met with the “what does this mean?” question from
curious pedestrians. Instead of handing out leaflets or reading memorized
phrases from a marketing handbook—like the average salesman—Kutsishin takes a
brief moment to explain the message behind the tagline before engaging in
sincere dialogue with people from all walks of life. To truly grasp the gist of
the phrase, one must travel back in time to 2015 when Kutsishin was a consultant
for a mortgage marketing company. Due to his technology background,
Kutsishin—still learning the ropes of the lending industry—was amazed to
discover that his ex-employer converted only 20,000 of 212,000 unique phone
calls into loans for the year 2015. “I wasn’t sure if a 10 percent conversion
rate is good, but was assured that it’s the industry norm,” recalls Kutsishin.
When informed that the remaining 192,000 leads were flushed out of the system,
Kutsishin was stunned. “Those 192,000 leads were asked to fix their credit score
and apply for a loan at a later date. I couldn’t believe they were being
discarded,” he says.



"Sales Boomerang’s solution is a gamechanger for us, because we’ve never had
access to such information. We truly believe Sales Boomerang has revolutionized
the lending industry"

The sheer number of unqualified borrowers led to Kutsishin prodding his former
employer with questions such as, “Why are we leaving them behind? Shouldn’t we
track their financial events and call them when they qualify? Why must they
endure the process of applying again?” He would persist on his path of seeking
answers. Upon digging into a client’s “turndown database” that listed 1,500
unqualified borrowers, Kutsishin discovered 1,300 of the turndowns fixed their
credit score and secured loans elsewhere. “That company lost $27Mn of business
because loan officers were instructed to ignore dead leads.” That wasn’t all.
When Kutsishin scanned a few more databases, he discovered that a third of the
unqualified borrowers had fixed their credit score but were yet to avail loans.
“The universe opened up for me when I realized that our clients were losing
billions of dollars in missed opportunities,” adds Kutsishin.

When an Outsider Challenged Conventions

Kutsishin deduced three gaping holes within the system. First off, mortgage
companies were unaware of unqualified leads turning qualified. The ineligible
borrowers had to repeatedly undergo the process of applying for a loan rather
than being intimated upon qualifying. Lastly, the existing borrowers were kept
in the dark about qualifying for better interest rate. Kutsishin’s third
observation was substantiated when a November 2018 report revealed 6.5 million
American homeowners missed their chance to be refinanced in the previous year.
“Those Americans are overpaying for mortgages to the tune of $1.5Bn per month
because loan officers didn’t do the needful. These flaws existed for years, it
took an outsider’s perspective to spot them,” stresses Kutsishin. Besides
identifying aforesaid blemishes, Kutsishin concluded that the lending industry
prevented one-on-one relations between lenders and borrowers. “I realized it’s a
cold industry that lacks a personal touch, and borrowers are treated like
customers at a fast food outlet.”

These eye-opening experiences sowed the seeds for the No Borrower Left Behind
philosophy and gave Sales Boomerang co-founders, Kutsishin and Arend de Jong,
ammunition to challenge long-standing industry conventions. It’s been three
years since they created a Borrower Intelligence System that notifies lenders
the moment an unqualified lead becomes eligible, or when existing borrowers
qualify for better interest rates or new loans. Kutsishin says, “For example,
our system will reveal when a borrower has equity to wipe out a $30,000 credit
card debt, so they can stop paying 17 percent interest. Also, if an existing
borrower becomes eligible for increased loan volume, our notification enables
lenders to strike while the iron is hot.”

Akin to the farming system intended to help the land and farmer, Sales
Boomerang’s solution is designed to equally aid borrowers and lenders. “We have
a commitment to delivering good news to borrowers. We’ve heard stories of
borrowers shedding tears when told, ‘you’ve just qualified for a new housing
loan because you improved your credit score,’” adds Kutsishin.



Real-Time Data Leads for Loan Officers

The Sales Boomerang Borrower Intelligence System offers products such as Market
Watch, Credit Watch, Equity Watch, New Listings Alerts, and Rate Watch. While
Market Watch notifies a loan officer when an existing or former client inquires
for a loan from elsewhere, New Listings Alerts notifies mortgage professionals
when a borrower places their house for sale. USA Mortgage, for example, has
benefitted significantly from the latter. “When we know a borrower is selling
their house, it gives us a golden ticket to offer them a new loan. Also, when a
client’s credit score isn’t satisfactory, we enroll them into the Credit Watch
program. It allows us to gradually monitor the improvement in their credit
score. The second they’re ready to buy, we receive a notification, and we’re
able to link the client to a real estate agent so they can purchase a house,”
explains Ron Mueller, Senior VP of Sales & Marketing at USA Mortgage.



Sales Boomerang’s various products, capable of syncing with most popular CRMs
including HubSpot and Velocify, are deployed in a client’s environment within 30
days. During the deployment process, Sales Boomerang does a deep-dive into a
client’s database before aligning the procured data with the data received from
national bureaus and data banks that have access to public records, mortgage,
property, and consumer data. The company can integrate the multiple streams of
data for a specific value proposition. For example, a borrower that lists their
home for sale, or improves their FICO score, or undergoes a divorce, becomes
eligible for a specific loan product. “Since all the data comes from vetted
places, we have a brand-new piece of data that when combined doesn’t exist
elsewhere. If the aggregated data reveals that a borrower has a certain freight
score, equity, credit score, and debt level, our system informs that they are a
match for a particular loan product,” says Kutsishin.

> BY TYING OUR INTELLIGENCE SYSTEM TO THEIR AUTOMATION SYSTEMS, WE FALL IN LINE
> WITH THEIR EXISTING WORKFLOWS. SO, WHEN A NEW ALERT IS SENT, THE CLIENT CRM
> CAN CREATE A TASK FOR A LOAN OFFICER TO FOLLOW UP ON A PARTICULAR BORROWER

After integrating the Borrower Intelligence System with a client CRM, Sales
Boomerang allows them to set parameters on the real-time alerts they wish to
receive. Once the automated alerts start trickling in, Sales Boomerang’s clients
can seamlessly remain compliant in the highly regulated lending industry.
According to Kutsishin, loan officers receive alerts on their CRM, e-mail, or
mobile devices, and aren’t required to log in to the Sales Boomerang interface.
“By tying our intelligence system to their automation systems, we fall in line
with their existing workflows. So, when a new alert is sent, the client CRM can
create a task for a loan officer to follow up on a particular borrower.” Sales
Boomerang also sends out content such as notes, videos, and scripts that clients
can refer to while communicating with borrowers.



Post deployment, Sales Boomerang encourages clients to use its trademarked No
Borrower Left Behind tagline in their communication with borrowers. As the fuel
that drives the Sales Boomerang machine, the phrase is meant to reassure
unqualified borrowers of brighter days. “By inserting the ‘We’re a No Borrower
Left Behind Company’ memo in their communication to customers, our clients are
looking past just transactions.

We are teaching our clients to put themselves in the shoes of the borrower and
choose those that don’t qualify for a loan,” says Kutsishin.



Turning the Lending Industry on its Head

In 2019 alone, Sales Boomerang’s clientele—comprising the who’s who of the
lending industry—has closed $700Mn worth of new loans that they would have
otherwise missed. Wallick & Volk, America’s oldest privately-owned mortgage
firm, has admittedly closed $21Mn of loans courtesy Sales Boomerang’s
notifications. “Since our partnership started in September 2018, we’ve seen a
significant uptake in retentions (of clients) because our loan officers have
access to so much more information. In this industry, your database is your key
strength, and Sales Boomerang has helped us realize that,” says Brian Rogerson,
president, Wallick & Volk.

Michael Guidotti, the Director of Integration and Branch Technology for American
Pacific Mortgage, is the first to admit that his company was struggling to
capitalize on refinancing opportunities. “Prior to Sales Boomerang, our loan
officers didn’t have an alert system to know when to reach out a past client, or
even when a client was shopping with another lender. Now, we don’t let
opportunities walk out the door thanks to timely notifications,” he says.

Meanwhile, Eustis Mortgage Corporation—a 65-year-old mortgage banker from New
Orleans— has witnessed an unprecedented 80 percent growth in its business since
adopting Sales Boomerang’s tracking tool. “From the onset, we have volunteered
to be a guinea pig for Sales Boomerang. Whenever they introduce a new product,
we want to be the first ones onboard. Thanks to their debt monitoring alerts
alone, we closed 17 loans. Sales Boomerang’s solution is a gamechanger for us,
because we’ve never had access to such information. We truly believe Sales
Boomerang has revolutionized the lending industry,” says Stephen Barton.

And finally, Bank of England (BOE) Mortgage has recovered $45Mn in closed loan
volume over the first 90 days of 2019. “Those are the loans that could have been
closed by a competitor but were saved thanks to Sales Boomerang’s timely data
intelligence,” admits a spokesperson. A division of Bank of England, BOE
Mortgage has benefitted the most from a refinancing perspective. “Monitoring our
existing client database was a manual and labor-intensive process that yielded
mediocre results at best. With Sales Boomerang, we are often the first to know
when it’s an ideal time for the consumer to enter the market, and because we
have a previous relationship, connecting with the consumer is much easier than a
typical lead,” adds the spokesperson.

Next Step in the Evolutionary System

Led by a former NASA engineer, Sales Boomerang will explore emerging
technologies and bolster its solution with new layers in the near future. On
track to secure 100 enterprise clients by the end of the year, Sales
Boomerang—the only machine learning and fully-automated service provider in the
mortgage industry— wants its roadmap to be defined by technological
advancements. Besides designing a new solution to help mortgage professionals
identify loan-eligible individuals from within a large LEAP, Sales Boomerang is
vying to eliminate the redundant process of loan officers contacting unqualified
borrowers. “When a lender purchases 10,000 leads and discovers only 2,000 are
loan-eligible, they are unnecessarily spamming 8,000 individuals. Through our
new solution, we will eradicate that by providing 100 percent accurate data to
lenders, saving everyone a ton of time and energy,” says Kutsishin.

The New York-based mortgage tech firm is also designing a preventive solution
designed to alert a lender of an impending financial transaction by a borrower
that could potentially jeopardize a loan. Consider a borrower purchases a new
automobile during the loan application phase and compromises their
debt-to-income ratio. Since Sales Boomerang vets multiple data sources, it can
provide the lender timely intelligence. “This solution will ensure borrowers
don’t make an uninformed decision and ruin their loan application,” informs
Kutsishin.

In driving the No Borrower Left Behind movement forward, Sales Boomerang will
conduct live events and conferences across the country with the goal to deliver
educational, hands-on workshops for leaders in the industry. Ultimately, Sales
Boomerang plans to modify its notification software to serve industries that are
linked with the mortgage industry—the likes of real estate and insurance. “We
believe we can apply the same philosophy and technology to help other
industries,” concludes Kutsishin.

- James Robertson
    July 11, 2019


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