Live Event: How Revolution Mortgage Streamlined Operations with Truv + nCino

Welcome everybody. Hello. Hello. All right, let's see how many people do we have? Some people are joining. I guess we will. Okay, there we go. All right. Welcome to and I'm going to share my screen for a second to get us introduced. Welcome to the Truth webinar together with Encino and Revolution Mortgage. Thanks for joining guys. I'm really excited about having you here. I think the webinar is called is how Revolution Mortgage streamlined operations with Truvin and Cino. And we'll start with quick introductions. Femi, in case you're here with me, Femi, introduce yourself. And I think that as a warmer warm up question would be what's your hobby and what's the fun fact that people don't know about you?

Okay. I am Femi Ie. I'm executive vice president of operations, intelligence and solutions at Revolution Mortgage. Which really just means we, we spend our days trying to, trying to solve industry problems and really move the needle on, on how we manufacture loans. My hobbies are cooking and playing magic. The Gathering. They're both my like all day, every day. I'm super do it. When I, when I leave the mortgage world, I'm, I'm in my kitchen and having a ton of fun. Yeah, that's, that's what, that's what I want to.

You know what else you great at talking about how you cook because in the, in the, while we were preparing for this webinar, you started talking about it and I have not had my breakfast and I'm just, I'm just so hungry right now.

I will share my exact carbonara recipe at some point during this. I don't know how many get it in there, but I will get the carbonara recipe.

I love it. All right, welcome Femi and Casey.

Yeah, thanks for having me. Yeah, as mentioned, I'm Casey Williams. I'm the general manager of Encino Mortgage. Some of you may know us as Simple, Nexus or Encino. I've been with the company for about seven years through that transition and played a number of different roles but excited to be in the general manager role of making sure that we're continuing the innovation and delivering the best tools in the market in the point of sale space. So. And then on the, on the hobbies and fun fact about me, my hobbies, if I'm being honest, most of my hobbies are spending time with my one and three year old. They take up the majority of my time. But if I do have time, I like to find myself out on a bike, whether that's a mountain bike. I live five, 10 minutes from some world class mountain biking or a road bike of just getting out and getting on the streets. A fun fact. It's a fun fact that I used to be able to share and have really great bragging rights to it. But I'm now in second place. But I'll still share it anyways that until about six, nine months ago, I was the world record holder, the Guinness World record holder for the fastest three legged mile in the world. It was kind of a bit of a party trick. It's not actually something that I practice or enjoy doing all that much. It was just a record that me and a friend thought hey, we should try and break this and get into the Guinness World Record books of kind of a lifelong dream. And so we went out and did it and it's now been shattered. So kind of a fun fact.

But yeah, records are made to be broken. That's exactly right.

I asked for the audience, what is a three legged mile?

Yeah, three legged mile. Not a very known fact which might be one of the reasons why we were able to break it because not everybody's trying to attempt that all that often. But a three legged mile is you tie your ankles and your arms together and you then run a mile together. Right. So in the same cadence, in the same, the same, same flow. Every one of my steps is the same as every one of the human. My, my friend who I was tied to at the time. But yeah, okay, awesome.

I couldn't run a mile to begin with, let alone a three legged mile.

All right, I asked my fun fact. While I'm sharing my fun fact for everybody who is in the audience, please do share your fun fact and where you're joining from just to. We have a small group here. I guess it's holiday season so we'll post the recording after this for everybody else who was not able to attend but registered. So post where you're from, which company and a fun fact about yourself. All right. And I'm Kril, I'm CEO and co founder here at Truth. The fun fact about me is I'm traveling to see my parents in a week from now and I think I have some old Magic the Gathering cards which I need to find out. I hope they're not thrown away. And I was looking yesterday with ChatGPT like what it might be worth. I guess it could be a fortune. It's crazy. I did not realize. Okay, okay. I don't need them so it doesn't matter. And my hobby is building truth. Unfortunately, as A founder, you do it every day, all day long. And that's been really the dream when I moved to US and I think that's been, I've been living the dream for the last five years. We just turned five. It's been a lot of fun building Truth. And finally we are here where we can show a demo in one of the best and largest platforms on the market. And I guess I'll pass along to Casey to walk us through the Live in Cino demo and I guess make the small announcement that we're finally live.

Yeah, thanks Kirill. Let me go ahead and share my screen sharing. Oh, thank you, Krill. Can I just get confirmation really quick that you can see my screen?

Thumbs up. We got it.

Thumbs up. All right. So yeah, I want to go through and just demo really quick. The, the true of experience directly within our loan application. Some of you might be familiar with our consumer facing product. For those that aren't, we'll give just a brief tour of this, but Encino Mortgage has the ability to be able to take a full 1003 or a customizable loan application for, for you as a lender. In our demonstration today, I've, I've pre populated most of that information so that you don't have to go in and, or you don't have to watch me go in and do any of this. But you can see I've been able to input my, my name, Social Security number, date of birth. Right. All that's fake so no PII really being shared here but. Right. All the questions around marital status, dependence, current living situation, how long you've been there. You will notice that our loan application is dynamic that if I put I've only been here for one year, then it's going to ask for additional years. But for the sake of our demo today we're going to go directly to the employment records. Right. Verifications are, are very, are very important part of the loan application or the loan process. And so the ability to link your employment records directly within the loan application. I'm going to come in here and I'm going to search for.

While Casey is searching for, for those who are not familiar with truth. Casey, if you don't mind, just go back one step for a second.

Yeah, yeah, yeah.

I'll just, I'll just tell what truth does. Truth is an open finance platform. We do income and deployment and asset verification and we can do it through two way. So what Casey is showing now we can connect to payroll accounts. We support about 350,000 employers, which we map to the payroll provider. We have 2.3 million employers in the database. And what you see here is our interface that is very straightforward, neat, you type in for your employer. So in this case, we're going to, because we're in production, we're going to enter truth payroll provider. But overall, it could be anything. It could be ADP, it could be one of the 350,000 employers that are mapped to the payroll provider. But we always optimize for the same thing where you enter your login and password and in about 30 seconds you will be able to get the data back. So, boom, verification is done. All right. And you can add multiple data sources if you want to.

Yeah, that's a great call out. One of the powers of being able to do this within the loan application or within the Encino mortgage system is we know as a consumer, we're, we're asking consumers to fill out a loan application connect verifications, whether it be payroll and what we'll show here in a minute. If we skip forward to assets as well. Whoops, I skipped too far forward. If we connect assets, we'll do the same thing, but it's the same look and feel, right? It's. It's the feel that they have of starting a loan application. Sorry, let me go. Starting a loan application, doing verifications. Maybe in the future we're asking them for payment from a borrower. Maybe we are asking them to do a credit check. Right. That same experience that a consumer is having should look and feel the same rather than asking them to, hey, now that you've created an accountant and seen a mortgage, you now need to go out, create an account for your asset provider. You now need to go out and create an account to, to pay for some services. Right. We've brought all of that into one ecosystem for a very easy consumer experience that the look, the feel, the transaction is very smooth to be able to get that pull through. So very similar to what we did for the voie or the income and employment side of things, we have the ability to do for the asset side of things as well.

And so if you don't mind, I'll just, I'll just have a quick jump in. So we do, we discussed income. Income is we're logging into your payroll provider. We find pay stubs, W2s and we're also, we're certified by both Finney and Freddie for income and employment verification. And this is our newest addition, which is bank. So we are certified for assets and we cover roughly the same like 95% as everybody else on kind of all the institutions in the United States. The only difference between us and other vendors, I guess is it's one interface and we have slightly higher wealth coverage just because we were able to build this product over the last two and a half years. And we've been obsessing over how to make the login experience as straightforward as possible. So again, because this is in production, we have Truth Bank. So you can log into Truth Bank. It's not real obviously, but same you can log into another 10,000 various financial institutions. So let's just go through this.

Whoops. If I could type that I messed up again. So similar to the VOIE experience, the VOA experience is going to be connecting, as Kirill mentioned, to the asset accounts. I could add additional financial institutions. So if I bank with True bank and bank xyz, I could enter both of those. But for today's purpose we're just going to be connecting TrueBank here I can click Done, Finish and share and I can continue through the loan application process. Again, I've pre populated all of this and so I'm going to go ahead and hit submit and then I'm now going to pass this over to femi. To femi for Femi to show the lender experience of what takes place, what takes place behind the scenes now.

So I want to piggyback on something real quick right before you kill the screen. Because we're in the live production, you're really showing what the consumers see. And because Encino is really the, it's the consumer outreach arm on from a lender. From a lender. They're not interacting with my Revolution mortgage portal, they're interacting with this portal right here which is branded for Revolution, but it really is Encino's platform. So the ability to put this into the application just like you were saying. So it's the same look and feel, but we can collect the right data is super cool. So thank you very much, you can stop sharing. I will, I will stick up the the other screen and show you guys what we actually get.

Femi, there are a couple questions I guess we might want to answer now before we hop on to the next one. And Kisi, I guess we didn't talk about how, I mean we saw the borrower experience, which is supposed to be 32nd experience, when we were discussing yesterday. How long will the demo take? It should take 30 seconds because we want to remove all the friction for the borrower. I guess the question from folks is how do you get actually the access to this. Do you have to go through SOW process or you can enable self enable as a borrower. What's the process to go live with a assets and income vendor on NCLO looks like?

Yeah, absolutely. That's a great question. On the Encino side we recently launched the ability for customers to be able to self serve integrations and so while we would still want, we would want to be able to help you along the way if needed. But your ability as a lender to be able to go and plug a current verifications and whether it's moving verifications, CRMs, whether you're signing a new deal, right, your third party lenders that you're inserting, as Femi mentioned inserting into our platform to create that seamless consumer experience across the board. We no longer want to hold back behind the scenes and say hey, we have to help you with that. If it's a simple configuration, such as the TRUV configuration here, we'll give you that ability through a self service model to be able to plug that in and be able to go live in whatever timeframe you feel most comfortable with.

That's incredible. Actually DC4, I mean for mortgage being able to self service and go live, literally we've done that testing and it takes half an hour. That's the beauty of it, right? It's just you take API keys, plug in and you're live, which is quite cool. There are two more questions if you don't mind. I'll just answer. I think Paul is asking about what's the additional cost if any for asset verification for a client we have already done income verification for. That's a great question. That's one reasons why Truth Is actually was built is we have now the offering where we charge per close loan and we're migrating some of our customers to this model and Femi, we gotta talk about it before.

It's all about the money.

It's all about the money and I think this is where I generally believe that income and employment and assets, it's like utility, it's very much like you want to pay for electricity and you just want to do as simple of a model as possible and we align to your success. So we have an offering Paul, where you can be only for closed loan no matter how many borrowers you have, no meaning how many reports you ran and no matter which verification report was successful. If you use us for both income and asset, if you are using us for just one or the other, then I guess you have to figure out that with your other vendor. And Heidi asked about hit rates for employment and assets. And the hit rate ranges in POS. Usually it's anywhere from 35 to 45% for income and employment. Just because most people skip, as you saw, this is like a very straightforward application. Some people say, I don't want to do this. They can do manual later. But if as you add tasks, it goes from 45 to 55 or so or 50%. And if you do it out of Encompass or your los, then you can actually check if the payroll provider or employer is supported. So the hit rates there is more like 50 to 70%. So as it. As the borrower gets more serious about working with you, the conversion improves.

Awesome.

Does that sound directionally correct?

It sounds great. I actually put a little note because I'm going to piggyback onto that in just a second when I pull up that other screen.

Okay, that's awesome.

Awesome. All right, great. So let me share this sucker. And we all get to see everybody's favorite toy. Our LOS system. This is an actual LOS system. What you guys are seeing right now, you're seeing the file not that got pulled in that Casey just did three minutes ago. We're seeing one that we. That we did absolutely yesterday. But it was the exact same thing where it's. You can see the VOA that comes in and you can see the VOIE that comes in. I want to start with the VOIE here real quick to show you guys what you actually get from. From a lender standpoint. There was a question that Heidi asked from Guild asking about hit rates. And there's two parts to that hit rate. The hit rate is completion. But then the next part of that hit rate is where are you going to get reps and warrants? Kirill, you had mentioned that you guys were. Were Certified as Day 1 Certainty and AIM and AIM Certified with Fannie and Freddie. That's the big part that the, that the mortgage operations people really should be caring about, because that's how you're going to move the needle on your manufacturing volume and speed. So let's talk about what we get on the voie. You get your report date. It's got all the information. It's got the. It's got the report ID so that you can find out what's in your LOS system and what transmits to the. To the aus. It lists the employers that are on here. It lists the current status, job title, all the information that you would need to verify to actually to complete verifications of Employment, you've got your address, you've got your pay frequency, you've got your breakdowns, you've got how all the income comes over, shows the last earnings. Not only does it show the record of the last earnings, it actually produces pay stubs. So when you start talking about what's your hit rate, the question is, what's your adoption rate? And how are your loan officers and your people on the front end of the field really instructing their customers to this? If they come up and say, oh, you can skip it, we'll just talk to you later, you're going to have a lower hit rate. If they come up and say, by completing these 45 seconds digitally, I can eliminate asking you for 10 pieces of paper, you're going to get a higher hit rate. So when we start saying those, maybe, maybe it's not 10 pieces of paper, maybe it's 15, maybe it's two, maybe it's whatever. This is what we're looking at. We're looking at pay stubs for the last five pay stubs from each of these borrowers. All of them come over at the same time, and then their actual pay stubs. From the HR system, you get W2s for the previous year, all right, so that you can do government work, you can do Fannie, that requires two years. You can do Freddie, that requires one year, you'll be able to have all this information. So if you just take a look at the voie and you get a breakdown that the underwriter can review, you get all of the information in one spot with clearly. With clearly able to figure out income. And you can also get income reps and warrants from just the voie with all the other documentation. Now, the part that I'm more excited about and I get, I get dorky about this for a minute, is the verification of assets. So we have all had the same setup of, oh, I don't want to do this. Somebody's wearing a tinfoil hat. Somebody doesn't want to. Somebody doesn't trust the Internet for what's going on, but they're buying a mortgage online. We're going to figure this out. We go through the whole setup and you get something that is familiar to people. Everybody, their grandmother has a Venmo or a cash up. They set up the digital banking. They all know their online banking passwords. And you saw how long it took Casey to operate in the platform. 30, 40 seconds. Find the name of the bank, do your login, get your information. The part that's so cool about this is this verification of assets on roughly a little less than 30% but right around 30% of conventional files will actually pick up income rep and warrants. You'll see on this verification of assets that you have direct. You have direct direct deposits showing up from Chili's Bar and Grill. Chili's is still in existence and you'll start seeing hey, we've got direct deposits from CVS payroll, from Home Depot payroll. The AUS can actually pick up these numbers and can give you rep and warranted income to based on that. So when you're talking about hey, how does this improve the borrower experience from the borrower experience it's I don't have to chase down paper, I don't have to worry about redacting things, I don't have to worry about sending unsecure emails. I don't have to go find a printer and scanner. I can just find my way to do this. You do the information online and then you're in great shape. From a mortgage manufacturer standpoint, if you do it with just the verification of assets, you may have just saved yourself from pulling database database employment records. You may, you may save yourself from having to do re verifications over and over again. You can get the 10 day VOE on the verification of assets for your for your ability to close. So there's more than just the assets that limit the documentation. There's benefit to the company in really learning how to say I want to get away from documents and I want to get into the data and that's the reason that I'm still friends with you guys and is because you guys are about the data and I'm trying to get rid of the documents. How's that?

That is awesome.

Anymore from the screen? Anything else about what we actually get that comes in or is it really cool that it shows that it all populates in like 35 seconds?

I guess this is great. I think you mentioned something about how to adopt it with your team and the tinfoil hat problems and I don't trust the data. Can you talk about it? Because I know you've been working on it for.

We've been working on this for forever. It was great to hear that you guys have been around for five years. The time's flying. What's really going on? Our company in particular is taking a really aggressive approach to this. We've been validating this step by step, very slowly along the lines of how many polls do we have and what are we actually getting with the poll. So for me personally, it wasn't about the completion ratio, it was about the rapid warrant ratio. Because the rep and warrants are what actually speed up my manufacturing and can help my bottom line as a company. Eliminates repurchase risk, eliminates any kind of anything coming back after the loan is sold which is where we really get a big labor savings. So I'm a big fan of that. In doing that we had to work our way through how do we come, how do we come about this? We started with the verification of income and assets and as you were saying, 35 to, or sorry 45 to 55% completion ratios, they're not going to be as high as where you are with the verification of asset fees use. Because when you come up and say to somebody do you know your login for your, for your payroll provider? Some people know it, some people don't. Everybody in their grandmother knows their banking account information. Information. I'm addicted to it. I'm looking at it online, paying my credit cards non stop. Like I know exactly what I'm doing with my online bank. So it's a lot more comfortable, it's a lot more comfortable from the consumer in saying what are you doing? We're connecting this just so that we don't have to get the information and then you can say the consumer exactly how safe it is and how secure it is because nobody's getting account information, nobody's sending that, that information over the Internet. So on the adoption part, this is where I'm going to say it matters to each person individually what you're trying to do. Start with one item, figure out what you're trying to actually achieve. If you're trying to say I want to be the best loan officer possible so when I tell somebody yes, you're pre approved, I know that I'm exactly right, then you want to lean into making sure that your information that's going into your AUS is absolutely accurate. If you do this, it's 30 seconds, it's no documents, it's no reviewing. It's you're not manually calculating your income because the system's doing it for you and you're getting rep and warranted information. Once you can show that that's where the adoption comes in. Because you'll say hey, I don't have to have my LOA or my processor chase documents from a customer. I don't have to call a nurse that just got done third shift at 7:30 in the morning to say hey by the way, I need you to go find a scanner, find a printer, give me Your last statements. Go look through your tax records for W2 from 2023 because you worked for three different companies. Like, you can eliminate all of that stuff just by saying, I need you to log in here. So understanding the adoption piece is going to be custom to what you're comfortable with. If you're comfortable in saying let's go for it, then lean into it. Start with the verification of assets, start to figure out where you guys can get approval on your reps and warrants from there and then say, okay, how do I fill in my next gap? How do I fill in my next gap? Right, you don't want to, you don't want to try and, you know, eat the whole cow in one bite, right? Take yourself some little bites, understand what you're trying to achieve and then attack it. And then attack it that way. I think it's a, I think it's a good, strong strategy and I'm super excited for the Encino portion of this because it's going to make our company's adoption a lot better. I, we're going to be in a situation in the incredibly near future in which we're just going to mandate this all the way across the board at all of our apps. This is our setup, this is our pickup. I can show you guys internally when this works, we have three days less in our total life alone. I want three days less on every one of my life alone. I want to get less documents so I want them to use this.

I guess when it works it's great and it takes a bit of effort to get there.

It's going to be practice. It's going to be practice and understanding it. But like particularly the VOA piece, when I say start small, that's the easiest thing in the world. And I think it has a lot of the, a lot of the benefits because you can get the income rep and warrant benefits, you can get the large deposit identifiers, you can get all of the infra, you can get the 12 month bank history. That's something else that we should actually show. That's real quick. When this thing has the verification of assets on here, it has a 30 day balance in the 60 day balance and it's got all the transactions from those 60 days, but it doesn't carry all the transactions back like, you know, nine, 10 months away. So when your AUS is picking up, hey, do I have 12 months worth of rent history on here? The AUS can read that information from your key, but your underwriter is not going to question you about a Large deposit that happened 10 months ago. So there's more benefit even to what we've covered in here. It's just like it's, it's a rabbit hole. You just keep going down and down and down and down. Find the one piece that you're going to stick with, start there, start small and then use it. The more you use it, the more you'll see your benefits. The more you see your benefits, the more, the easier it is to push the adoption.

Awesome.

I feel like I'm a commercial right now.

I, I've just been listening. I, I laugh when you talk about this. This is. But I, I think that's a big difference for before and after. Look, I, if you guys can open the, the webinar chat, there's so many questions there.

Oh jeez.

Yes. So why don't we click through some of those. Let's go through top to bottom. So Heidi, do you have minimum fields that lender can set such as only show me records that isn't missing critical data field or minimum look back period? The answer is yes. We have a lot of bells and whistles to customize for both payroll and assets what you want to show on the report, not show to the report. And a lot of those items that FEMI was showing, it's his customization specifically for asset report. And if you don't want to show transactions you can remove it. There's a lot what you can do in terms of how it's presented but also in terms of we wouldn't return you the data if we're not successful. For example, if we found one pay stub then we would just return the data and not charge you for it. And that would be a way for us to, for you to not worry about the kind of the missing the critical data. Femi, which question do you want to.

I'm going to take the one from Grant Woodall right here. Have you noticed much any instances where duplicate borrower financial docs must be manually handled slash trashed when using true. So this is something that's a little. Or let me, let me get through the rest of the question there for our leadership believes showing true to any and all potential borrowers up front in the app will work because manual work with the duplicate docs down the line workflows. They want to manually trigger true in specific situations and not always live in the Encino app. All right. So I want to address both of those things as quickly as I can. It's customizable. You don't have to put IT in Encino, like Casey was saying, you can set it as a task that just says you meet these requirements. After you've done this, you've completed your intent, proceed. I want you to have that information and that's customizable to each company. So Revolution's needs are, I want the better data upfront because I know what our capture percentage is. Somebody else may be trying to control costs. So they're saying I only want to invoke the request so it doesn't have to be in the POS at every application. It can be later during your process so that you can limit that. And there's nothing wrong with it. It doesn't change the product, doesn't change what comes back, it's just when you do it. The next part of the question, which was duplicate financial documentation, I mean, here's the setup. You get what you need and you only use what you need, right? So with that VOA that I was showing, if you don't want, if you don't want that 12 month history, you can configure what's going on so that your VOA report only shows exactly what you need. I haven't had an issue where I have had multiple bank statements from the same statement come back. We either get them or we don't. And when we get them, they are spot on. The piece that I really, really, really want to want to focus in on here is don't think about so much about what's different. Think about what you don't have to do. Because if you go through any of your MPC scores and you go for asking a borrower for the same document that you've already asked them for, it's like immediate blow up and then like there's going to be complaints going on over. I just asked you for a piece of paper that I'm missing, right? It doesn't sound like that big of a deal, but it's like the number one annoyance to consumers while they're doing this. This is one of the things that can just eliminate that. You don't even have to ask for it the first time. So if you start thinking about, oh, maybe I've got to rid of this paste up because I don't want it, yes, that's a click. But you can configure your system to just not import it. So it's very configurable for what you got. You don't get a lot of duplicates, but you really do eliminate the asking over and over again. That's the part that's the important part.

Benny. I'm going to piggyback off that a little bit as well. Of the Encino mortgage loan application process has the ability to trigger specific items depending on what the consumer responds. So a very easy one, right. Would be if a, if a borrower responds and says that they serve in the active military, then you're going to ask for military documents and we can automate that so you don't have to manually go in and type that out to ask for those. Right. But we can do the same thing with verifications. So, for example, if somebody completes a VOA report, we can then hide the bank statements that need to be uploaded from the consumer. So essentially the duplication aspect of this can be configured within the Encino product as well to ensure that if a borrower goes down this route, then don't ask them this. But to Femi's point earlier of, hey, we are asking consumers to do things, we don't 100% control the consumer experience or, sorry, the consumer perception of things. I use my mom as an example. I promise I love my mom when I use this, but my mom is one that, she's very hesitant. She was buying a house about 18 months ago and it was kind of fun watching from the sidelines of that. But she told me that she wanted to drive into the lender's office to do the loan application. Right. Love my mom. And she was very successful in buying a home. Everything went smoothly, but. Right. So even getting her to input her information digitally is going to be a step. And then next saying, hey, now input your financial username and password is going to be in another step. So we can't 100% control those tinfoil hats that Femi is talking about. But what we can control is create a very smooth user experience that maybe leads me into what I want to show next as well. If you're okay with me transitioning. Curl. I know we started on a number of the questions and we'll come back to the questions, I promise. But the consumer experience is something that I, I feel like I obsess about, but even I obsess about the consumer experience and I also obsess about the loan efficiency aspect. And you have a lot of different consumers. You think of the consumer who, they feel very comfortable with digital technologies they're going to go through, and in a perfect world, they submit their application online, they submit part of that application has the, the assets, has voie included with that. But then you're going to have a different flavor as well, you're going to have somebody that says, hey, I want to just submit my application because I don't know 100% if I'm going to go with Femi yet. Maybe I'm, maybe I'm shopping Femi and Kirill. I'm trying to see who's going to win my business here. And so I don't want to give either of them. But now that I've decided I'm going with Femi, sorry, Kirill, I'm going with me here. And there are efficient platforms, there are efficient ways that we can continue the loan process. And so that's the next phase of which we're building out is the ability that, not just in the loan application, but being able to trigger that verification of assets again in the same user experience that the user has started with. Right. We're asking them, hey, upload your driver's license rather than saying, hey, go out to a Truv platform that, as you saw earlier, Truv is enabled in the loan application. But they may not recognize or they may have not caught that. And so giving that comfortability to the consumer in the same look and feel that they started with, but being able to use different technologies within the platform, they could very easily as a lender. Back to grants question as well. Maybe you still do want to trigger this manually. You can trigger it manually, ask them to do the verification of assets, or I don't have a, an example here, but also ask them to do verification of income and employment all by using the username password. It bypasses all of the, the workload that Femi was talking about earlier of a bank statement. Oh, and now it's a new month. Can you go get me those new bank statements? Right, that ability to refresh, to extend, to be able to have those rep and warrants rather than the, the manual laborious process of, hey, send me over your financial institution's bank statement and let me manually inspect that. Let's, let's let True take care of that for us.

So the, the thing that's on there, Casey, your screen, just to remind everybody, guys, that's our real app. That's, that's our real app. That's Revolution's front end portal for Encino. That's what it looks like for the customers. So again, for some of those folks that are change resistant, that are along the lines of this is going to be too much, this is. My borrowers don't want to do that. When you take a look at it, it really comes a lot of those fears because what you're saying is I've got embedded great technology in the familiar. They're familiar with the POs. Your loan officers are familiar with the POs. That's what really helps with that trust level of items. The. The piece that Casey was mentioning earlier about how it's really. Or it's really just them connecting with the customer at that point of sale. That's the whole point of that. That's their whole experience. He wants their experience to be as seamless as possible. So having the things dynamic, that says if you've been here for or if you're on your. Your fifth job in two years, maybe you don't have the voie because you know it's not going to be successful, right? If you're. If you're a military person, you're going to have the military questions. You've got dynamic information in that pos and that makes this really easy to configure for you. Only get it when you need it or you set up. Set it up as a task after. And it's just the request. It's just replacing the requesting paper. I. I love the pos.

That's a game changer, actually. The. A lot of I. Going back to Casey's example, it's a bit of work to connect your assets and payroll. And even though it takes 30 seconds, you need to remember your password and you're like, I just want to get going. You just go through this. You submit the application. That's why Most people, usually 30% of people skip this task. So as a result, what you would see is the success out of people, 100 people. You'd only get maybe 35 in the beginning. But as you add tasks, it will actually improve the conversion because you can come back and you have this task available that's really, really nice. That's a very neat functionality. All right. We jumped around a little bit and there's a million questions I guess we might want to answer. Actually going back to Femi and you talking about how your team kind of how you convince your team and how you made the rollout successful. What are the metrics you care about? So how do you tell your team that? Look, it's. You mentioned three days faster close loan, right? What else. What else do you want it or.

So I'm not speaking to los here. I'm speaking to the bosses that are in chairs that are stressed out. Like, I am just worried about their day. All day long, every one of us is saying, what on earth is going on with the cost to manufacture. Every one of us is saying, why am I getting repurchase requests about this? Why am I getting deficiency reports about this? Why am I getting. Technology has gotten so advanced that people can start flagging anything post closing with infinitely less resources. So that brings more stuff back to us up front. So the things that we're looking for from a company standpoint are things that improve efficiency. If you approve efficiency, you're going to improve your bottom line. So things that I'm working on for efficiency are number of touches by my underwriters for, for each file. How many times people are checking the checker, does it help us move from documents to data? For, I mean the last 50 years we've been doing mortgages and people said I need to have your W2. They've never actually needed your W2. Your W2 wasn't a requirement for the mortgage. It was the information on the W that's different now. In 1987 there was only the option to go get the W2 in 2025 there's an option to get the data that's verified from the W2 and you don't need that anymore. So it's a different thought process in saying, how can I get the data that helps me speed up my, my loan cycle. So if I can speed up the, the amount of time that it takes to manufacture the loan and move it from my pre approval through my underwriting decision, then I benefited the company. Another piece that we're really hyper focused on is rates of day one certainty, particularly at our company. We are trying to leverage the day one certainty and the aim for as much space as we can possibly get. We've invested a lot of money in technology, we've invested a lot of time in technology. And what we've seen that moves the needle is when you have reps and warrants, you can cross off all of the checking of the checker. So if you're in operations and you're saying I've got 17 people, how am I going to get through 860 loans? Right. The issue is to make those loans faster so each person can do more. Because then you can add to your efficiency, which is going to add to your company's bottom line, which is going to help your ability to scale. And you did it without really adding cost. You can eliminate cost because you can eliminate duplicate vendors. And even if you get into the, the physical cost for what's going on, you make that back in saying this was done three, three days faster. That means that I had Three days less work of people poking around in it for what's going on. So I'm really hyper focused on the efficiency, the amount of units per hour or the amount of closed loans per FTE that we have out of each branch, the amount of closed loans that we have for each of our individual underwriting pods and our closing pods trying to keep that number up. So what we've realized is that our way is to lean into the day one certainties for the, for the agency business and to try and maximize that. That's really where it comes down to.

Yeah. One thing I learned is LOS and processors, they have busy days, nobody wants to wait to do verification. That's why some instant databases that are incumbents have been very successful. Right. You click a button, you get the data back. The difference from a doc, I don't want to get you started, but I see it on your face. But the difference between the five star experience and the four star experience. And I would argue that the four star experience, you still have to click a button and get the data and it's very expensive. The five star experience is you do everything up front in point of sale system. So by the time it reaches your team, it's just everything is there. You can go into underwriting, you don't need to click any buttons and you don't need to wait for LOS to load.

And I mean, you're talking about that manufacturing process again, where most of us are in the setup and saying, hey, how can we optimize this process from 1997? That's not the process anymore. The process is to move away from documents and to move into your data and say, how do I get it? The reason you needed that W2 is you needed to put that number in. You needed to do an average. You needed to compare it to what their year to date was. You needed to do these steps. If the information does it for you and you get the reps and warrants, you don't need to do these steps. And then that can kind of put you into an exception handling mode. So in this case, the exception handling mode is when you have to go back to the old school way of doing it because you don't have reps and warrants. If you don't have reps and warrants. Okay, what's the next best thing? Complete data. Every operations person is sitting at their desk going, if I could only get my sales staff and my processing staff to do a better job, my underwriting staff would do a better job. My closing and post Closing staff will do a better job. This is it. If you can do it at the point where you say, I have all of my W2s, I have all of my pay stubs and I have all of my asset information upfront, what more do you need than a complete file? Right? Like that's, that's the greatest part about it. When we've been able to convince our originators, hey, listen, to get the complete file, you don't have to have 15 years worth of experience. What you have to be able to do is coach your borrowers to leverage this technology. And then you have a complete file. Now you've got to get a hazard insurance quote and a picture of their driver's license, right? And that's the missing information that you need for, for, for a mortgage application. Two seconds, it's done via text and you're done and you're off to the next one when you can start to show them we're really manufacturing the days in. Cutting down the manufacturing days allows them to prospect more. That's where you get to buy it. That's really where you get the buy.

I can piggyback off that. Femi mentioned the, your operating officers asking, hey, how do we get a complete file faster? How do we move faster on these things? Right? Certainly loan officers have those same ambitions. Loan officers want to be able to move faster as well. Sometimes it's a, it's a time, sometimes it's a, where am I? I got a loan file that came in and I'm at my kid's soccer game and now I've got to open up my los, which isn't soccer game friendly. And you're faced with these life decisions of do I continue investing in my family and my kids or do I try and rush back to a laptop somewhere that I can go out and win a business right Of a. To me, again, it's not a, it's not anybody trying to do anything bad. It's just we don't, we haven't had the systems to connect all of that together. Another area that I'm really excited about is the ability to not just have all of Our pay stubs, W2S bank statements all connected for that complete file. But then what we can do with that too, right? We think of what is needed for an approval, right? We need to understand what is somebody's credit score, what is all the information on bank statements, W2s pay stubs, and what is the AUS runs, whether it's DU or LPA. How do we make sure that we're getting that in a fast, easy manner.

Accurate data.

With accurate data. Yes. Probably the key of that I could very easily tell you that I make a million dollars in a year. But once you verify that, you're going to find out that I'm lying to you.

Well, based on your what we pulled in Encompass, seems like you're. You have million in the bank. You're doing just fine.

Yeah, I'm doing just fine and Chili's doing just fine. But being able to connect all of these workflows in a very efficient manner is one of the themes that we've talked about is efficiency. Right. One of the things that we've worked on the Encino mortgage side is from the second that a consumer hits submit on a loan application, if they have. So there's some conditions to this. Right. If they have connected their verification of assets and their income and unemployment and if they have given us credit authentic, then we can go and we can auto pull, auto run those services for you. Right. We're already auto running verifications as we showed earlier, but we can auto run credit and based off of the decisioning that we have from credit and verifications, we'll then auto run your approval services as well. Again, LPA du there. And then the very first time that a loan officer opens the file, they have a full picture and it's not a manual workflow of oh, I've now got to go run Femi's credit score and I have to wait the even if it's a minute, a minute is an awkward time because it's a long time to wait, but it's not enough time to go do another task. So I'm waiting for that. Right. If I have to go and run different services. But hey, let's just give all those services, let's give those fields to the loan officer so they can be more efficient, so they can operate and they can see the big picture of how to move forward and ultimately how to help the consumer get into their home faster.

Yeah. And get commission faster too. That's.

And one more point about that again, when you use these, you can eliminate the checking the checker. Nobody has to have a loan officer look at the pay stub and then have their loa look at the pay stub and then have their processor look at the pay stub and then have their underwriter look at the pay stub and then have their QC person look at the pay stub and then have the investor look at the pay stub. Like I feel like the Stop the insanity. I just, I want to get away from it. I so want to change the industry from going from this document method thought process to going to the data thought process. And as soon as people understand it's the data that makes the quality asset, when the, when the lender is selling it, that's what they care. We transmit the information to the investor. They're looking for high quality data. If we have high quality, accurate data, the end of the transaction, that's it. Ship it's bought, moved on and we're onto the business that we're actually doing. Instead of the check, the checker argue that this thing, explain the that thing. Let's get away from it, let's get to the data.

I love it. So in summary, it's like, it's like less checks, checks throughout the process, faster commission, faster close loan. I think that's what in the end the field teams care about. Right. It's like do I have to sit and wait for clicking buttons or can I just go do the job that.

I like doing the job that like really making people into a place where they're so efficient that they can do what they're best at. That's what I want. I want underwriters, underwriting files, I want processors processing files. I want los go capturing business. If you can just get the data right, everybody's happy along the way and there's way less back and forth and all that improves the borrower experience. All of it does. And that's really what matters.

Awesome. All right, we have 10 minutes. Why don't we move to the kind of the fun topic like what's next in mortgage tech? How does the future look? Casey, I'll actually pass to you since you're building a great platform in mortgage tech. What's coming up?

Yeah, I think some of the things that we're really excited about. Right. We've hit on a little bit already. The ability for, for you as lenders to self service and to do more with your own capabilities. The ability to my mind I think of kind of that waterfall effect. Right. We give, we present the consumer the opportunity in the loan application. If they don't feel comfortable there, when are we going to hit them next? We can do that as a task. Those are all consumer related items. Right. But when we talk about the loan officer, how do we create that efficiency of we already have that workflow, the workflow of credit verifications aus. How do we get your lenders or your loan officers to a faster approval, a pre approval status and how do we then surface that back to the consumer? And so again, being able to deliver speed, speed isn't necessarily a nice thing to have in today's day and age. It's if you don't have speed then you will be losing deals, especially with demographics and services that are out there today. So to me it's the faster time to speed and how do we connect it and then how do we continue to surface this so that lenders can do the things that they like? Because quite frankly they don't like clicking buttons. They like serving consumers to be able to put a smile on their face and hand over keys to their house or save them money and refinances if, if anybody can find refinances out there right now, hopefully soon.

But yeah, they exist.

I got an offer recently, I'm like at 315 and I got an offer. Do you want to refinance at 7%? It's like a mail in my mailbox. I guess they exist somewhere there but it's hard to come across.

Well fine, pre screened. You're in somebody's CRM system Kirill, you're in somebody's CRM.

That actually the craziest thing. It came from my loan servicer.

I mean that's it. This is one of the reasons servicing has value is because it's all potential captures and they know your activity and they're closer to you than anybody else is. I mean the servicers are making a big play because they believe that they have capture out of there and they need to make sure that they didn't pay a whole bunch more. So they need to get the next transaction. That's going to be a thing. So you know what I'm really excited about? I want you to answer what's next? You're in the mortgage business, you're in the technology business. You're five years into this. What's next for you guys?

Oh for us it's a good question. I think the answer to that FEMI is remember we were in like this customer advisory board in February and you told us like guys, figure out three things. I need you to figure out your payroll aggregation, make it smooth. And we're making progress. I need you to figure out the assets and you've been super helpful helping us figure the assets out and we're very grateful for that. And then documents, right? Is how do we actually make the documents reading more thorough, better and better quality, right? And that's what's next on the roadmap. So essentially we work I really like this quote by some folks from the Amazon. You work from the customer and you walk back to technology and the customer experience should be like you open the file and everything is ready to go. That's the vision that we're working towards for that. Sometimes you need payroll, sometimes you need banks, sometimes you need both. They have to overlap. So you need to be able to cross reference multiple systems and multiple data sources. And then if none of that works, then you can still go to Documents and get the documents processing done. This is the vision for Truth has been for the longest time is just how do I make it all the work go away at a very low cost. So the lenders as a result they benefit from the technology, they get comfortable with it and we benefit because it takes time to adopt. And for those who adopt, they see good results, but it's not instant. And so how do we make the adoption as seamless as possible? And what Casey was sharing today seems like pretty straightforward to explain and pretty straightforward to enable. So there's less and less excuse to use this, to not use this and keep paying 60, $70 per verification to the other guys.

I'm done with that. I'm done with the database that I have to say. What's in the database? Has it updated? I don't know. But you can pay me to check. I can pay you to check if it's updated. If it's not updated, do I get my money back? No. Do you tell me the next time? No. But you can pay again to check again. Done with that.

Well, you know, it's, that's there, it's there, it's there, it's, it's. I think that's the past, it's the future is much more customer and borrower friendly.

I, I'm, I'm seeing new things that are going on right now. There's a lot of talk about the Buy now pay later things like the Klarna's of the world, like you know, 70% of Coachella tickets were financed on Karna like, like this. There's all these kind of crazy stats where this is what the newer generation. So I'm interested in the updates to the FICO models that are going to include the Buy now pay here, the Buy now pay Laters. I'm interested in seeing how that works. I'm interested in seeing how the buy now pay Laters work with the VOA histories that we show what's going on there. I'm, I'm very interested on people. I'm very interested on the process in general, changing the responsibility of everything from the lender to some of it being on the consumer. Right. At some point a consumer's got to be responsible for their actions. If we have, if we have an item and we see a Venmo line on, on a bank statement, right now, as a lender, I've got to be worried. Do we, did we do enough due diligence? Did we make sure that this isn't a recurring debt? Did we look at what's going on? So I'm interested in really seeing how that's going to change where the responsibility is for, for little data like, like buy now, pay later loans. I think that's going to be something that's going to be a big hot topic for the next like year and a half or so.

BNPL is interesting. We actually detect bnpl we just haven't finished. Because Assets is so brand new, we can actually detect all there's recurring deposits or recurring outflow of money and we can estimate what the debt looks like.

So.

And I don't think it's going to make it to fico. That's very. The only one who would report is a firm everybody else doesn't want to report because it's their proprietary data. Like, and everybody else. So the only way to find it is in the bank.

Yeah. So I'm, I'm interested about this. Let's see how that's going to actually work and see how that's going to play out. Yeah. So I'm interested. FICO said that they've got a new model that's supposed to include it. I don't know. Let's see, let's see.

How about the crazy stuff? I saw a post yesterday that now assets, crypto assets should be accepted as assets. That's gonna be, that's gonna be fun. So how about my Dodge coins, like.

Into something that has like super crypto user boy as the username, like how can I tie that gorilla? Right? Like I'm gonna have digital wallets. I'm worried about the documentation set up for this. And this is why you guys will hear me say this. You know, for my 15th time today, I, I am off of documentation and I am on to data. So I'm interested about, hey, if you can provide the bitcoin asset, then you have access to the digital token. We'll take ownership for where that is. I'm, I'm really, I'm interested in seeing how that's going to work with, with the agencies, with the investors, how you Document something that doesn't have a person's name on it. It's going to be crazy.

Awesome. Awesome. We have a couple minutes left. Any final remarks from you guys?

I'm growing my hair. How's it look?

It's coming.

It's coming.

We're hopeful. We're hopeful.

Thank you for not lying to me. Oh, that's awesome.

Anything from you?

No, I mostly just wanted to say thanks. Thanks, everybody for joining. Spending the hour with us, been our pleasure of hosting, being a part of this. But yeah, ultimately, the ability that we're able to serve the lender community is where we're all about. And Femi, appreciate your time to make sure that, yeah, the what the Encino mortgage and Troo teams have been able to work on is resonating within the Leonard community. So appreciate you.

It's really great to see our platform in, in, in live space and show people how easy it is. Thank you guys for the technology that you guys provide. Thank you for being a vendor for us. Thank you for being a partner. Thank you guys for joining us. And let me, let me make jokes for half an hour.

This was fun. Okay. All right, guys, on that topic, I gotta go eat something. Like, I am still.

I'm still recipe. That's what I mean, the carbonara recipe. All right.

Okay, let's, let's do it. 30 seconds.

30 seconds. So we're starting with fresh made pasta. The fresh made pasta is going to be the equal parts semolina, flour and all purpose flour, a little bit of salt, pepper, olive oil and like two whole eggs. Mix them up, run them through. Run through a pasta maker in your, in your separate pan. You're going to use some guanciale if you can find it. If you can't use guanciale, find some pancetta. If you can't find pancetta, get some bacon. We're going to cut it up into little dices. We're going to saute it off till you get the pork fat rendered out of it and you get little crispy pieces. You boil your fresh pasta. I use bucatini personally. You boil fresh pasta and water. Pull your pasta out after about three minutes in water and let some of the water get into the pan with the pork fat. Add in some fresh parsley and pecorino Romano cheese and stir that thing like there's nothing else going on. Because the sauce that you're actually making is an emulsification of the pork fat, the water and the cheese. Toss that with a little bit of fresh cracked pepper and some fresh parsley on the end of it. And you have got carbonara. That's it. There's nothing. I'm sorry. There's. There's eggs mixed in the carbonara as well. You've got to, you've got to beat your eggs with your pecorino, with your pecorino and with your parsley. And that's what gets added into the. That's what gets added into the pork fat. It's a super easy dish. It's awesome. It's traditional. It's really delicious. And I will make it for you next time I'm in Miami.

Drop your address, family, and you might be getting a knock on your door. Sometimes there will be plenty of people.

To show up and eat.

I'm looking forward to making highlights from this webinar. And this would be the highlight of Femi giving his favorite recipe. I love it.

I love it, guys.

I'll see.

I'll talk to you.

All right, Later. Thank you all. Bye.