Archive for the 'Mortgage technology' Category
Ellie Mae Refocuses on Mortgage Lenders
June 23rd, 2011
Written by Frost Mortgage
The decline of mortgage brokers has had a profound affect on loan origination system provider Ellie Mae. As indicated by the Pleasanton, Calif.-based company’s disclosures to the Securities and Exchange Commission, its customer base has shifted dramatically from broker to lender since 2008.
There were 41,351 lender mortgage professionals who used Ellie Mae’s Encompass origination system at least once during the quarter, up 18% from the first quarter of 2010 and up 4.2% from the fourth quarter of 2010.
Active broker mortgage professionals using the software stood at 11,014 at the end of 2010—down 49% from the same period of 2009—but Ellie Mae did not disclose the number of active brokers during the first quarter of 2011.
In a recent call with analysts, Sig Anderman, the president and chief executive of Ellie Mae, said the number of broker users dropped below 10,000 in first quarter, the result of declining number of mortgage brokers in the industry.
“The broker market is being pretty much decimated out there,” Anderman said. “We’re not focusing at all on brokers. Our entire focus is on lenders because that’s where the future is in this business; it’s pretty clear from virtually every perspective.”
“When I say the brokers are gone, it doesn’t mean the individual who was a broker is gone. The successful guys morphed [into] bankers. So it’s not like if you had a 100-person brokerage shop, they didn’t disappear and turn into book sellers, they became bankers.”
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What’s the “brick” that could catapult you to success?
June 28th, 2010
Written by Greg Frost
The "brick." I bought the 2nd one sold in New Mexico, in 1985.
Technology is one of a very few places to look for a competitive edge. I embraced it early in my career and found that it helped set me apart.
A couple of Twitter connections (Jwean and Andrewtberman) reminded me the other day of my very first cell phone, a Motorola “brick”, like the one pictured here. It was only the second one in New Mexico and yes, it was expensive. All it did was make and receive calls, the battery only lasted about 40 minutes, and it weighed about two pounds.
My Realtor referral partner, Neal Goldblatt, had the first one sold in our state. He came by my office, showed it to me and told me I needed to get one. I asked why. He responded … “so I can call you any time of the day or night.” Neal ran an office with 10 agents. I was getting 12-14 referrals a month from him, so I went out and bought one. They were $3000.
This was 1985, and I went out and spent 3% of my annual income on that cell phone. I carried it to every breakfast and lunch that I shared with my Realtor prospects and referral partners to demonstrate how “in touch” and efficient I was……..worked like a charm.
The lesson here for any business professional is to consider technology early and never hesitate to invest in your success. That’s why we are now embracing social media. My mantra has always been that “Communication is the lubrication in every well-run organization.” I believe that you get ahead by recognizing how it is that your constituency is communicating and then get on board.
I’m 61 years old. I began honing my business building communication skills before there were fax machines. Back then I used a courier service to get my flyers delivered to my prospects. Now I use e-mail, Twitter, LinkedIn, Facebook, YouTube, and an interactive Website.
If this old dog can learn these new tricks, so can you. Give them a try.
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Frost: At the forefront again (National Mortgage Professional Magazine)
June 17th, 2010
Written by Frost Mortgage
We saw more evidence today of Frost Mortgage’s growing leadership in its industry in the field of social media. Our social media manager’s article is included in this month’s National Mortgage Professional Magazine as part of its special social media section.
Frost Mortgage is using these new tools to their maximum to help you. Whether you’re looking for a loan or looking to be more effective as one of our branch partners, our social media efforts will help you better connect with Frost Mortgage. We’ve always prided ourselves on the best service around, and we’re excited about these new ways to better serve you. To get involved today, please investigate the following:
Please visit our Facebook page at http://www.facebook.com/FrostMortgage . Please, become a fan. From there, you can also find Greg Frost Sr.’s personal page.
We’re also growing our Twitter presence. You can find the company at http://twitter.com/FrostMtgGroup, and Greg Frost Sr.’s account at http://twitter.com/GregFrostSr. You’ll see news on both of those accounts, so we encourage you to follow them and share the links. We’ll follow you back, too.
We are on YouTube at http://www.youtube.com/user/FrostMortgage, so please subscribe.
Greg Frost Sr. is also on LinkedIn. Please find him at http://www.linkedin.com/in/GregFrostSr.
To make this even easier, we’ve included a “Follow us online” section in the column at the right of our home page.
And as always, if you’re looking for the best mortgage in the business or a great professional opportunity in the mortgage industry, please contact a member of our team today–either through one of our social media channels or by traditional means like the telephone. Either way, we look forward to helping you. Thank you for your interest!
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