Kendall Raessler, CEO of Ownest, was always fifty steps ahead when it came to understanding the mortgage industry. He was a mortgage broker himself for about 25 years and came to realize first-hand that the model was broken. “A bank lends you money in order to make money and a client wants to save money. With both on opposite ends of the spectrum, in order for one to win, the other has to lose,” said Kendall.
The idea first came to him back in 2003, but the industry wasn’t ready yet and neither was the software, making it too expensive to build. The traditional ways of obtaining financing was very time consuming and there was a lack of transparency in choice. He knew there had to be a simpler way to create efficiencies for the lenders and still satisfy the end user.
As time evolved, Ownest designed a platform that is so complex and multi-layered, it gives clients choice and control over the application process. Their software is changing the way people borrow money by utilizing autonomous financing and automating the process from Point of Sale straight through. Think of it as the expedia for mortgages. “Our system runs your deal with all the lenders until we know we can save you money and then we send you a text or email right away. If you’re interested, you click yes and you lock-in that new rate. Plus your referral source that sent you in gets paid again, creating residual income for them again and again. That’s right, this software even pays you to use it,” shared Kendall.
Ownest significantly decreases customer credit risk with its revolutionary financing approval engine, Pront-O, resulting in pull-through rates of up to 90%. With just eight questions, a lead’s actual creditworthiness is instantly and intelligently screened with a soft credit check based on the 5 Cs of Credit, giving lenders upfront visibility like never before. The end-to-end autonomous financing platform combines the function of a CRM & LOS and is 70% faster than traditional loan application processes.
According to Audrey Wilson, VP of operations, “we’ve got not just automation, but also AI capabilities so the system is continuously learning. The business intelligence that the data provides when the client goes through the application process will give the affiliate partners and lending partners insights on their customers and provides them leads that they probably wouldn’t have gotten from other sources. It’s in-depth information can determine their ROI on their campaigns and its effectiveness, as well as increase customer loyalty for the long term.”
To learn more about Ownest, visit their website!