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15 Journal HOW CLOSE ARE WE TO A SINGLE CUSTOMER EXPERIENCE ACROSS ORIGINATIONS & SERVICING? By Dan Sogorka We're closer than you might think to achieving our industry's "customer for life" vision. I believe delivering this vision requires a singular experience from push-button originations to always-engaged servicing and back to new push-button originations. Getting this right will lower origination costs, increase MSR values, and, most importantly, transform "customer for life" from tagline to reality. Let's look at three key areas that will make this work. 1. How to Triple Retention and Drive Homeowner Engagement Customers spend just months in the origination process—one to three months on refis, and three to 12 months on purchases when 68% of deals have bidding wars, which prolongs the homebuyer journey. But customers can spend decades in servicing—if servicers engage them properly. Servicers must keep getting better at three key customer retention challenges: 1. Data and communication gaps erode customer trust when they first go from originations into servicing. 2. Until now, originators have been better than servicers at offering new rate/term, debt consolidation cash-out, home improvement cash-out, and home purchase loans to consumers at the right times. 3. Customers can also stray when they're offered non-mortgage products by other depositories or challenger banks. For servicers, the key is using real-time data about borrowers and their homes to engage them and ensure they're on your platform when they're ready to act on new options and opportunities. From letting customers start new home searches on your platform to staying ahead of borrower needs with pre-approvals and home- improvement loan offers based on their activity, fully real-time data makes it easier to provide them with offers that matter to them in the moment. is is how you lower origination costs (by not reacquiring lost customers) and increase MSR values (by having less runoff ). 2. Let's Cut Weeks Off the Originations- to-Servicing Transition e transition from originations to servicing is a significant point of friction for homeowners, and must be a primary focus of servicing modernization. And it's critical to note that borrowers don't even know what "transition from originations to servicing" means. ey just know it's confusing and frustrating if their experience changes from the time they got their loan to the time they're making their first payments. One key way servicers can solve this is by automating onboarding. It's all about streamlining the originations-to-servicing transition. Sagent's LoanBoard is starting to solve this for servicers. LoanBoard can cut up to 18 days from originations-to-servicing onboarding by automating all LOS-to- servicing system processes like loading, mapping, converting, and testing. is enables real-time compliance when onboarding new servicing at any scale—and does so with today's most-used LOS. And critically, it accelerates error identification/fixes which eliminates customer service gaps for borrowers. 3. How to Deliver a Singular Originations & Servicing Experience We're seeing the end of this idea of one monolithic, end-to-end platform because we've seen how difficult it is to maintain things like that. e tech developments, in terms of APIs and leveraging data and cloud, enable people to be smarter and work together more effectively. is industry is an ecosystem with lots of moving parts, and it works best when we can integrate together, working collectively to provide best-in-breed services to homeowners so the experience is seamless. Sagent is best-in-breed across the performing and nonperforming servicing spectrum. And our partnerships with best-in- breed LOS platforms are starting to deliver this singular originations and servicing experience. Making "customer for life" a reality is about industry leaders collaborating and integrating rather than keeping this a closed ecosystem. Another key example of this is Sagent and Mr. Cooper's landmark fintech partnership where two of the servicing modernization leaders have teamed up to accelerate the building of homeowner-first servicing platforms to serve the whole industry. Servicing Fintech and the New Status Quo In the last eight years, our industry made a lot of progress on push-button originations, and I can say that Sagent is resolute in leading similar modernization in servicing. As we get faster each month and quarter on homeowner- first modernization, we can close the loop on going from push-button originations to always- engaged servicing and back to new push-button originations. To learn how Sagent is building the future for our customers, visit Sagent.com or email me directly at daniel.sogorka@sagent.com. Dan Sogorka is President & CEO of Sagent. He leads Sagent's consumer-first servicing modernization vision. Previously, he was CEO of Cloudvirga, a top POS that brought a bank-on-your-phone experience to mortgage originations. Prior to that, he led a $1B division of Black Knight. He has 20+ years of experience leading mortgage technology companies. SPONSORED CONTENT