Mobile Comes to the Mortgage Market (Emerging Technologies)

Christine Press Release

15714_Tech16_Web_Header_FINALMBA's National Technology in Mortgage Banking Conference & Expo April 4, 2016

Millennials are early adopters of technology, but across generations, mobile technology usage has become an integral part of communication and business. According to Erin Vance, the Head of Mortgage for Zillow, at the MBA technology conference shared research that showed mobile usage has become critical to real estate agents, consumers, and ultimately, lenders. Real estate agents (who share an average age of 57) spend about 44% of their time doing business on a mobile app. Consumers have shifted from initially looking to their real estate agents for home buying advice to now starting that process online. Only 28% of Millennials look to real estate agents first, which creates a significant opportunity for lenders to reach consumers first in the process.

Real estate agents are moving faster to adopt technology than lenders, but moving forward, lenders must be able to communicate effectively with Realtors and consumers. While many Loan Officers do not or cannot (for compliance reasons) utilize text messaging. However, the reality is that consumers and Realtors are communicating on mobile. 98% of text messages are read and 93% of texts are read within 3 minutes.

One problem, moderator Garth Graham, brought to attention is the fact that many loan officers do not want or know how to effectively adopt mobile technology. Dave Savage, Founder/CEO of Mortgage Coach, shared on the panel, “To get people to act differently, we need to get them to think differently.” That fundamentally starts with LO’s seeing the immediate value to mobile adoption. Everyone needs to understand the way their consumers and Realtors communicate and perform business. Consumers want responsiveness on mobile, and if one loan officer is not as responsive as his competitor, he is at a significant disadvantage. “They expect to gain responses quickly and have education delivered to their phones,” says Vance.

Loan Officers must understand the value of customer loyalty in today’s market. Today’s consumers make decisions based on customer reviews and referrals. Dave Savage shares, “Customer loyalty doesn’t start after the loan closes, it starts with how the loan closed. Did they have trust in their provider? Were they “wow-ed” by their educational experience? These components of the consumer experience are what drive customer loyalty and referrals.”

Responsive communication and education is key to generating that customer loyalty. In sharing his mission behind Mortgage Coach, Savage says, “The most important thing is to give options. Borrowers want to self-educate and do research. Your job is to put those options in the hands of consumers in a way they can understand and share with others.”

“The lenders who are not responsive and engaged on mobile simply will not compete in our market,” says Vance.

For information on training your LO’s in the value of consumer communication and culture or referrals to communication partners, contact

Speakers on panel:

Garth Graham, Senior Partner, STRATMOR Group

Rajesh Bhat, Chief Executive Officer and Co-Founder, Roostify, Inc.

Erin Lantz, Vice President, Mortgages, Zillow Group

Dave Savage, Chief Executive Officer, Mortgage Coach

Steve Garrity, Chief Operating Officer and Co-founder, Hearsay Social

Technology developments continue to upset entire industries, quickly turning leaders into also-rans. Mobile technologies are already affecting real estate and finance by meeting the needs of consumers who want what they want, now. Listen to industry and mobile experts discuss how developments in mobile are already shaking the mortgage industry, and what you need to do to avoid being left behind.


garth grahamGarth Graham, Senior Partner, STRATMOR Group

Garth Graham heads STRATMOR Group’s marketing strategy and execution practice, which focuses on lead generation and lead management methods and practices primarily for the consumer direct and retail mortgage origination channels. Graham has over 25 years of experience in sales and marketing, ranging from Fortune 500 companies to successful startups. He was one of the founders of, and was an executive at ABN-AMRO Mortgage before it’s $9 billion sale to Citigroup in March of 2007 which closed before the market downturn.

Rajesh BhatRajesh Bhat, Chief Executive Officer and Co-Founder, Roostify, Inc.

Rajesh Bhat is the co-founder and CEO of Roostify, a San Francisco-based web and mobile technology company that accelerates and streamlines the home loan experience for consumers, lenders, and agents. He started Roostify after going through his own home purchase experience and determining that there had to be a better way for the consumer to go through the largest financial transaction in their life. Prior to starting Roostify, Rajesh spent 13 years as a management consultant, providing technology advisory services to Fortune 500 companies. Rajesh holds a degree in computer science from Washington University in St. Louis.

Erin LantzErin Lantz, Vice President, Mortgages, Zillow Group

Erin Lantz is the Vice President of Zillow Group Mortgages. As Zillow Group’s mortgage expert, Erin leads Zillow Group’s efforts to empower consumers with information and tools to make smart decisions about financing homes. Erin speaks with experience and knowledge about home loans, refinancing, mortgage rate trends, mortgage-related policy, and the different financing options for borrowers.

dave savage 2Dave Savage, Chief Executive Officer, Mortgage Coach

Dave Savage, Founder of Mortgage Coach, has over twenty-eight years of experience as a mortgage executive, business leader, and mobile technology pioneer. As founder of SmartReply, Dave established a leading presence in mobile marketing. By launching Mortgage Coach, Dave has helped tens of thousands of loan officers and millions of homeowners make confident, informed mortgage decisions. Dave is passionate about leveraging mobile technology to reinvent the home buying experience. Dave is a recognized leader in the mortgage industry for his contributions to improve the professionalism and quality of advice that originators provide homeowners. As a mortgage industry leader, Dave has been a speaker at many major industry events, and before Mortgage Coach, Dave was one of the nation’s top loan originators and President of a national mortgage company.

Steve Garrity

Steve Garrity, Chief Operating Officer and Co-founder, Hearsay Social

Steve Garrity is COO and Founder of Hearsay Social, and an expert in developing scalable enterprise software solutions. Hearsay Social’s predictive analytics technology helps financial relationship managers reach out to clients and prospects at the right time with the right message through the right communication channel, all while staying in compliance with industry regulations. He was featured in the best-selling book The Start-Up of You written by LinkedIn co-founder Reid Hoffman, and has presented at SXSW as well as countless industry events and conferences around the world. Before founding Hearsay Social, Steve was an engineer at Microsoft Corporation in Seattle where he worked on the services platform, as well as live mesh and mobile search technologies. He is a graduate of Stanford University with a BS and MS in computer science. While at Stanford, he was selected as a Mayfield Fellow in the Stanford Technology Ventures Program, during which he joined Fortify Software as a product manager.