Envoy Mortgage Nov 2019

Envoy Mortgage RIDING THE DISRUPTIVE WAVE OF MODERNIZATION

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NOVEMBER 2019

Envoy Mortgage RIDING THE DISRUPTIVE WAVE OF MODERNIZATION

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ENVOY MORTGAGE

Business Chief USA speaks to Dan Mulberry (CIO, Envoy Mortgage) to discuss riding the disruptive wave of modernization

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ounded in 1997, Envoy Mortgage is a national retail mortgage lender, operating in 49 states and originating

approximately $3bn annually. Envoy Mortgage 04

focuses their efforts in the distributed retail sector in order to best serve customer and referral partner needs.

Two years ago, Envoy Mortgage was bought by a private equity investment firm. Envoy CIO, Dan Mulberry, describes the firm as a “very committed partner.” The company provides a strong capital base for Envoy and maintains a forward-thinking vision as it embraces change in order to remain viable in present and future markets.

Mulberry ensures that Envoy also adapts to a forward-thinking mindset when it comes to their technology ventures. He is the key component to Envoy’s shift from older core technology to defining a transformative path for the company, integrating processes and updating

NOVEMBER 2019

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cybersecurity. These technological

couple of years these regulations

advancements have allowed Envoy to

have loosened and were replaced by

adapt for the future.

increased scrutiny from state regula-

“Culturally the mortgage industry has a history of being very slow to make changes. This was partially

tors,” says Dan Mulberry, Envoy’s chief operation officer.

Envoy Mortgage currently operates

driven by the financial crash as new

in 49 states across the United States,

regulations came into place and took

resulting in strict mortgage require-

precedent to ensure compliance

ments from each of those states.

with federal, state and local govern-

Therefore, it is imperative that Envoy

ments. After the Financial Crisis,

remains at the forefront of evolving

the Consumer Financial Protection

technology in order to diminish the

Bureau (CFPB) really stepped up and

ongoing challenge of catering to mul-

added new regulations and increased

tiple complex regulations.

enforcement. However, in the last NOVEMBER 2019

“Over the years, when businesses

CLICK TO WATCH : ‘LOVE YOUR MORTGAGE EXPERIENCE WITH ENVOY’ 07

“ Our vision is to be a leader, we want to be sure we are offering loan officers the best industry tools” — Dan Mulberry, CIO, Envoy Mortgage

invest in modernization, it is usually for front-end developments. This advancement gives consumers the ability to complete business online,” adds Mulberry.

With continuous entrants into the market space, Mulberry believes it is crucial to remain ahead of the curve when it comes to any modernization.

“We haven’t been disrupted yet, but it is only a matter of time. Because of this, we need to be at the forefront of technology. Improving our tools and processes makes it easier for our loan originators to improve w w w.e nvoy mo r tgag e. com

“We haven’t been disrupted yet but it’s only a matter of time” — Dan Mulberry, CIO, Envoy Mortgage

NOVEMBER 2019

efficiency,” says Mulberry.

automation,” explains Mulberry.

Currently, machine learning, arti-

In recent years, Envoy focused

ficial intelligence (AI) and OCR for

on RPA to integrate its front and

data conversion are being used for

back-end systems, which was a “very

front-end services. However, Envoy’s

beneficial, quick win” that eliminated

goal is to also utilize these applica-

manual processes. Since then,

tions for back-end processes.

Mulberry and Kim Hoffman, Envoy

“One of the main issues faced

COO, have implemented Cloudvirga,

within the mortgage industry is the

an advanced point of sales system,

manual processing of multiple state-

as part of a two-fold modernization

ments and third-party data, opening

process of integration and automa-

up the possibility for human error.

tion. Once fully operational, the

We want to eliminate glitches to

system will give customers a powerful

increase the integrity of data with

self-service option, allowing Envoy to

Dan Mulberry

E XE CU T I VE PRO FI LE

Having worked in the mortgage industry for over 35 years, Dan specializes in leveraging technology to maximize efficiency and profitability, while improving customer experience.

His expertise extends to technology discovery, process improvement and digital adaptation, while consulting executive leadership teams on industry-leading and forward-thinking initiatives.

Dan began his tech career in the finance and capital markets sector and his experience has included running secondary marketing for a top lender, as well as holding various SVP roles strategizing and managing all B2B technology and implementation. w w w.e nvoy mo r tgag e. com

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ENVOY MORTGAGE

1997

Year founded

$20.mn+ Approximate revenue

1,300

Approximate number of employees 10

NOVEMBER 2019

automate pricing, rate locks, generate disclosures and payment of appraisal fees, removing these manual tasks from loan originators and making it easier for them to conduct business.

Additionally, Cloudvirga will give loan originators a simple platform to view all applications and uploaded documents in one central location, with clear indication of any outstanding documentation needed to increase submission efficiency to underwriters. “Ultimately, Envoy’s shift towards modernization is about helping loan originators conduct business efficiently in the way that best fits their marketplace and the product mix they are going after, while ensuring its processes are standardized and automated where possible,� explains Mulberry.

Mulberry believes that human interaction will never cease but is continuously evolving. With the use of automation, the way loan originators, assistants and processors interact will change to become more consumer focused. Eventually, in the next three to five years, Mulberry wants to see a process where AI pulls most data required and consumers provide w w w.e nvoy mo r tgag e. com

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ENVOY MORTGAGE

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“ We want to be at the forefront of technology improving our tools and processes making it easier for people in the field to do their job” — Dan Mulberry, CIO, Envoy Mortgage

minimal information.

“The mortgage process will never be like an auto dealership where you walk in, apply for the loan and sign the papers within an hour, because compliance does not work like that, but we do believe that the process can be automated for the bulk of loans where consumers are only required to schedule the closing within the compliance time period,” says Mulberry.

Looking to the future, Mulberry’s vision for Envoy is that the company

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becomes a leader in adopting new

intelligent workflow, real-time data

technologies as they become read-

analytics, predictive analytics, block

ily available. “We want to be sure we

chain and automation for its underwrit-

offer our loan originators the best

ing processes. Simultaneously, Envoy

tools in the industry, so we are focus-

remains hyper focused on stimulating

ing on ensuring we have a core open

innovation by identifying pain points

architecture platform that allows the

within the business to improve its

integration of tools and capabilities we

offerings to the mortgage industry and

need to achieve our journey towards

ensure precise time management.

automation, transformation and modernization,� notes Mulberry.

In addition, Envoy is planning out modern capabilities, such as, w w w.e nvoy mo r tgag e. com

Envoy Mortgage, Ltd. 10496 Katy Freeway Suite 250 Houston Texas 77043 www.envoymortgage.com