While studying Physics at the University of Utah … and running his own programming company … Louis Zitting, Founder and CEO of Lender Feed, LC dba MonitorBase, got introduced to mortgage origination. It was the early 2000s. Aligning with a national Correspondent lender, he launched his career selling direct-to-the-consumer debt consolidation loans. His success as an originator soon resulted in a promotion to Branch Manager. He led his team to consistently being in the “Top 10.”
In 2007, he left the company and mortgage origination to form MonitorBase. Here’s its story …
Anyone that has done direct-selling knows it’s a daunting process laced with intense rejection and high fallout. It requires constant lead generation. Louis found loan prospects by mining data from public sources, which was often out-dated and stale.
Through exhausting trial and error, he developed algorithms that extracted more accurate data from these resources … with far less labor and cost. He then learned how to pre-screen these databases for consumer intent. This produced originations!
Louis focused all of his professional energies on evolving the product, getting engagements to drive inbound calls to a small group of clients. Then the economic collapse of 2008 struck!
These were hard times for anyone in the mortgage business, including MonitorBase. Being a young, independent company … introducing a new concept to the broader marketplace … presented many teeth-grinding challenges, and sleepless nights. With the determination and dedication of a talented group of programmers, data analysts, and marketers, the company “survived and thrived.” From some skillful re-tooling, and falling interest rates, its core product became refinance leads for some gasping-for-air origination companies. It remains a highly demanded product to this day.
Fierce competition will forever result in massive assaults to strip borrowers from their current lender. To defend, post-close customer retention strategies and systems are essential. This demand birthed MonitorBase’s proprietary “Client Retention Alerts” product and API interface.
Knowing that the all-time low rates the market has enjoyed wouldn’t last forever, in about 2014 MonitorBase started developing algorithms for predicting home-buying and home-selling intent.
In the wake of the financial markets meltdown, many new Federal and State lending regulations erupted. They grow by the day. Compliance management is an on-going duty and stress for originators. In the arena of pre-screen marketing, it is very complicated. MonitorBase supports its clients with out-of-the-box compliance solutions.
MonitorBase embraces a vision and mission to …
..build on the vast amount of public and pre-screen data that is available on today’s consumer … coupled with internal data … to provide customized predictive algorithms tailored specifically for each of its mortgage clients;
..design interfaces that are user-friendly, adaptable, efficient, and supply timely alert signals;
..supply marinated solutions that have been submitted to many years of rigorous testing and de-bugging;
..drive valuable analytics to management, origination, and compliance teams without the cost of data-analyst employees; and,
..demonstrate measurable ROI.
Over the years, MonitorBase has helped generate billions in loan volume. It’s proud to serve many of the top 20 mortgage lenders in the industry.
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