A powerhouse marriage has been formed between 2 of NFM’s top tech partners, Sales Boomerang and Mortgage Coach. In their first public appearance together since the merger was announced, NFM TV’s Greg Sher sat down with Mark Cunningham, Co-Founder of Sales Boomerang, and Dave Savage, Co-Founder of Mortgage Coach, to hear their plans to dominate mortgage tech.

Full Transcript is Below:

– Well, we knew there would be consolidation in the mortgage space, but I’m not sure how many of us saw this one coming. Two FinTech giants in the mortgage space have joined forces. It was made official June 28th. And this is the first time you two gentlemen have sat down with anyone to talk about it. First of all, congratulations, Mark Cunningham from Sales Boomerang, Dave Savage from Mortgage Coach. Wow. Tell us what this means for the consumer, tell us what this means for the lender. Dave.

– It’s a revolution with how consumers get into debt. We believe there’s a financial literacy crisis in America and we believe the lending industry can change that. If loan officers help families make informed decisions, provide a little financial education, it’s a competitive advantage for the lender, and it’s a better decision for the consumer.

– Sales Boomerang, what’s in it for you?

– Our goal is to further align the consumer’s benefit with their lender and what they can offer in today’s market. So by bringing both technologies together, not only can we accomplish that, but we can also move the loan process even faster.

– What a ride you’ve been on, right?

– Yeah.

– 2017, you formed this company, as recently as last year, you were 2021, 101st company out of 5,000.

– I think 5,000, yeah.

– Yeah. And then also sixth fastest growing software company in the United States, not even talking about mortgage. So this is certainly not something either one of you take lightly. What about this moment in time Dave made you feel like this was it, you needed to flick the switch?

– Well, there’s two exciting things happening, one, the acceleration of the digital transformation by COVID. So let’s face it, grandma loves Zoom. Who’s using cash to buy anything anymore? So it’s time to put the gas on the acceleration of what we’ve tried to do. And data, every lender in the country at some point has to have borrow intelligence. Right now, less than 5% have. So we just felt what a great time to bring the advice base digital presentation with borrow intelligence, this is just the perfect time to accelerate this.

– And you’ve got the automated borrower intelligence piece, right?

– Mm-hmm.

– Tells you what the borrower’s doing at all times. And of course, you’ve got the world famous TCA, the total cost analysis. So what do you envision for the borrower and for the loan officer to be able to put a more complete package together? I know that’s like one of the main things that you’re focused on.

– Well, our first integration is taking the alert when there is an alert, let’s just say cash out alert or.

– Mm-hmm.

– And a lot of things in today’s purchase market, that cash out alert is a move up alert. Like, hey, this is a family that has equity that could qualify to move up or move down. So take that alert. And now let’s give the consumer some education on how they could move up. How moving up in some cases actually keeps your payment the same, could even lower it and actually increase net worth. So putting the integration together, so every time an alert is created, a total cost analysis is created.

– And you’re gonna have the same names for now, right? So Sales Boomerang is Sales Boomerang, Mortgage Coach is Mortgage Coach. When might that change?

– I don’t think you’ll ever see a change in the name of our, you know, call it product set.

– Uh-huh.

– But it’s one company, and we will have a name for that company at some point. So there’s a company that us as founders, we rolled our equity into, let’s just call it orbit holdings for now. We will come up with a name for the company that will continue to disrupt the industry in a way that helps put the borrower first, we are a consumer first company. We wanna help consumers make better decisions, but we wanna make loan officers and lenders the hero, like we think they can be the most valuable advisors in America.

– Well, a lot of companies depend on you guys to deliver your incredible solutions. So for those people watching, going, oh my goodness, how is this gonna impact me if I’m a part of Mortgage Coach, if I’m using all the great tools that Sales Boomerang has to offer? Is that gonna change all of the sudden, like in the immediate term and the longer term, how is this gonna impact your lender customers, Mark?

– The best impact that we hope to accomplish is increased ROI, increased speed to lead, increased speed to close. Right now when you generate a TCA, which is an awesome product, been around for a long time, it’s proven traction. That’s done at the application stage, nothing wrong with that, But now with Sales Boomerang, we combine those, we can give you those pricing options, we can eventually bring in all the PPE pricing engines and give that to the loan officer before they even have to approach their customer. And so they’re much more relevant in that moment to the consumer, brings a whole new confidence to the LO to be able to talk to somebody that’s maybe worked with them in the past, or they’ve tried to help in the past. And their timing relevance and value is what we want to continuously focus on so that that loan officer can bring that to their customer.

– I want to help loan officers build a residual income business.

– Hmm.

– Their databases have a predictable amount of loans that come out of it. And loan officers don’t know it. I mean, even the best loan officers in America, they’re great hunters. Like I wanna do realtor, I want to do lead, but your database should be your number one priority. And so our mission is to help you be the lender for life. Like that’s a quote that gets thrown out, client for life.

– Yeah.

– But you can be the lender for life if you are monitoring your database, if you’re using your CRM and if you’re delivering value. So like Mortgage Coach turns selling into a value to the consumer. So really the mission when we look two, three years from now, I want a loan officer who’s got 500, 1,000, some loan officers have 1000s of customers in their database. I want ’em to have a predictable amount of income, regardless of what’s happening with interest rates, regardless of their realtor relationships, they can be like a 1000 loans under management. I’ve got a 100 loans a year, oh, I’ve got 2000, I’ve got 200.

– Hmm.

– And so I think we will provide that predictability and we’ll make it so that, yeah, we are a for-profit business. We will be sending an invoice, but that invoice will come with an ROI. Like here’s how many loans you closed as a result of borrow intelligence, digital presentation.

– I’ve had personal experience from, we have a CRM, I’m not gonna mention any names but this CRM has been traded multiple times, started out small company like yours with an individual or two, grew it, took on an equity partner, that got sold, then it got sold again. And it has been nothing short of a train wreck.

– Hmm.

– So how do you make sure that’s not gonna happen here? And is that a concern of yours? Is that something that you’re gonna be guarded about?

– So first of all, it’s absolutely a concern. And both companies, when we made the transaction that we both did, we’re a purpose first company. So it’s one of the things that makes us different than any technology company I’m familiar with in the mortgage space is that we’re trying to change how people get into debt. Like we were trying to change how people get debt through presentation. And Boomerang was trying to say, hey, we’re consumer first, no borrower left behind. So I think, yes, we’re a for profit business, but we’re always gonna go what’s in the best interest of changing how people get into debt. And I think that will be a guiding light to not be doing, again, not saying we’re any better than any other technology company.

– Mm-hmm.

– But we are a purpose first, no borrower left behind company, and I think that will guide us to making good decision for the lender and the loan officer, as well as the consumer.

– So it’s extremely exciting for us to be in this business. And we could have left the business and exited intentional purpose that who we chose as an investor would believe in the vision, would not roll us up under something else and would allow us to bring other potentially great tech along the way in our journey to maximize the value we can give back to the lenders. And we’re still here, we’re actually running the business, we didn’t exit, we rolled a lot back in.

– Well, that was my question because.

– Yeah, for me, I use Sales Boomerang because of you Mark, we’ve had a relationship for a long time. Dave, originators everywhere know who you are, we’re with Mortgage Coach because of you.

– Thank you.

– So are you gonna be around.

– Yes.

– I am.

– For a while now?

– Also I think the other thing, and I think it’d be that watches what I’ve done on YouTube for over a decade, I like loan officers, you know, like those are my best friends. I mean, I am the purest form of mortgage professional.

– You weer loan officer.

– Yeah, I was a loan officer and all of my best friends are loan officers or CEOs or leaders or regionals. So I mean like, this is my life, these are my people and I love what I do. So I love that. So I think that’s another factor. I’m not gonna be doing anything with this business that doesn’t serve, one, the mission and two, loan officers. Like I want my legacy in the mortgage industry to be, we turned loan officers into the most valuable advisors in America, more valuable than CPAs, more valuable than financial planners and really help families build wealth through mortgage decisions. And until that legacy is done, I’m not going anywhere.

– Really appreciate you guys taking time out of your busy day. Obviously you have a lot going on to sit here with us in our studio. You could have gone anywhere for this first sit down, but you came to us and we can’t thank you enough, really appreciate it. Congratulations.

– Thank you.

– Thank you.

– And we look forward to seeing where this goes.

– Appreciate it, good to see you.

– All right, great to see you. It seems like you wanna do a fist bump. Is that right? Did you know that?

– I saw the arm.

– He can read my mind?

– I saw the arm go up.

– Way to go guys.

– Right here, right over here.

– Wonder twin powers activate.

– Let’s go.

– Yes, I’m old. I’m Greg Sher from NFM TV, we’ll see you again next time.