LEHI, Utah, Aug. 19, 2020 (SEND2PRESS NEWSWIRE) — SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers, real estate agents and settlement agents, today released key findings from an independent, third-party analysis quantifying mortgage lenders’ monetary return on investment (ROI) in SimpleNexus. The findings validate that lenders using SimpleNexus consistently produce more loans and spend less in per-loan operational expenses thanks to the platform’s built-in efficiencies.
PHOTO CAPTION: Lenders using SimpleNexus compressed loan processing time by an average of 1.49 days.
Methodology
The ROI study was conducted by Jacksonville, Florida-based MarketWise Advisors (MWA), an independent consulting and advisory firm that assists banks, credit unions and independent mortgage companies across North America with system selection, due diligence, data/analytics and benchmarking. MWA developed a survey and analyzed responses from 40 SimpleNexus customers. The sample set had used SimpleNexus for an average of over two years at the time of the study and reported using SimpleNexus for an average of 80.3% of total loan originations.
Key Findings
- Participants reported an average ROI of 9.31, meaning that SimpleNexus’ positive impact on lender revenues outweighed the cost of using the platform by more than nine times.
- Lenders reported an average 12.85% increase in inbound leads/referrals as a result of using SimpleNexus tools that help originators build stronger relationships and larger pipelines with referral partners.
- Loan officers’ average application conversion rate improved by 13.16% as a result of using SimpleNexus, allowing those loan officers to close an average of 6.32 additional loans per year.
- The additional loan closings created an average of $3,159 per loan officer per year for the organization in additional net income.
- Lenders using SimpleNexus compressed loan processing time by an average of 1.49 days.
- Overall, lenders saved an average of $258.36 per loan in operational costs by spending fewer hours originating and processing mortgage loans thanks to SimpleNexus’ ability to keep borrowers, real estate agents and loan originators connected throughout the loan process.
“From day one, SimpleNexus has focused on providing intuitive technology that enhances efficiency, profitability and the borrower experience. Now we can quantify those benefits,” said SimpleNexus Co-founder Ben Miller. “In a bold act of transparency, we invited a third-party firm to quantify the ROI leading lenders across the industry have experienced firsthand. Our current customers and prospects deserve to know the value of investing in SimpleNexus.”
To learn more or request a customized ROI projection, visit https://simplenexus.com/roi/.
About SimpleNexus, LLC:
SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company’s best-in-class, easy-to-use app connects loan officers to their borrowers, real estate agents and settlement service providers to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures — all on the go.
Twitter: @SimpleNexus #digitalmortgage #mortgagelending #domore #fintech #mortgagetech @MWA_Consulting
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News Source: SimpleNexus
