- 3 hours ago
OneHomeowner
Client retention is one of the biggest challenges in the mortgage industry. OneHomeowner keeps you connected with your clients well beyond closing by offering a personalized homeowner portal that delivers insights on home values, savings opportunities, and trusted home services. Rather than a one-time transaction, OneHomeowner helps you build lasting loyalty.
Cotality
Cotality accelerates data, insights, and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of real-time data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, carriers, and innovators. Get to know us at www.cotality.com.
Client retention is one of the biggest challenges in the mortgage industry. OneHomeowner keeps you connected with your clients well beyond closing by offering a personalized homeowner portal that delivers insights on home values, savings opportunities, and trusted home services. Rather than a one-time transaction, OneHomeowner helps you build lasting loyalty.
Cotality
Cotality accelerates data, insights, and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of real-time data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, carriers, and innovators. Get to know us at www.cotality.com.
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TechTranscript
00:05Welcome to HousingWire Demo Day On Demand. I'm Alison LaForgia and HousingWire Demo Days
00:10spotlight the most innovative technology companies in mortgage. Giving HousingWire
00:15audiences a front row seat to real product demos from teams building the tools that move our
00:20industry forward. In this session, we're featuring Cotality's One Homeowner. Client retention is one
00:26of the biggest challenges in the mortgage industry. One Homeowner keeps you connected with
00:31your clients well beyond closing by offering a personalized homeowner portal that delivers
00:36insights on home values, savings opportunities, and trusted home services. Rather than a one-time
00:43transaction, One Homeowner helps you build lasting loyalty. Dustin, take us through the demo of One
00:49Homeowner. Great. So One Homeowner was built to help lenders get the next loan. Obviously easier
00:56said than done when you've got people who might be in a home for several years before they're ready
01:01to borrow again. So I thought what I would start out is to just talk for a second about what
01:06the
01:06problems are. If you think about this from the homeowner's perspective, they get a loan and then
01:13they pretty quickly put their home on autopilot and they kind of forget about who got them the home,
01:18who got them the loan, right? And they just go about their life. So a lot of lenders, if you're
01:23say
01:23a correspondent lender, you might not have had a relationship with a homeowner to begin with.
01:27You didn't originate their mortgage, you bought their mortgage. But even if you didn't, even if
01:32you originated the loan and kept servicing it, there's an old saying that I say, you know, what
01:38have you done for me lately? And if you're the homeowner and too much time elapses between that
01:43question, you're very quickly forgotten. So we're going to talk about how One Homeowner helps that and
01:48really puts homeowners first and keeps that lender relevant throughout the journey.
01:55So what does this look like in practicality? Well, you get the home and you're really excited,
01:59right? So everybody's excited to get the home and move in. But people make pretty lousy property
02:05managers and pretty lousy asset managers. These are not jobs that you typically sign up for as a
02:10homeowner. And so you close on the loan and you get these jobs that as a homeowner, you're really not
02:15qualified for. So there's a mismatch right out of the gate. And if you think about what homeowners
02:20want to do, and most of us watching this are homeowners, you have a whole bunch of things
02:25you want to do, but mostly you just want to go about your life and not think too much about
02:29your
02:29home. The paradox here is your home is your biggest asset and it's your biggest expense as well.
02:36But you just kind of want to put it to the back of your mind and you don't want to
02:40deal with
02:41maintenance or repairs or improvements until you have to. So this is where I think one homeowner
02:46really comes in and is a great resource for lenders who want to recapture more loans with
02:54their servicing portfolio, who want to provide a closing gift for somebody who's got a loan,
03:00who have past clients that they've worked with that they want to work with a second time,
03:04or even have prospects that maybe aren't ready to borrow right now, but already own a home and
03:10eventually are going to need to refinance, get a home equity line of credit or home equity loan,
03:16or ultimately get another home. So that's what we're going to show you today with one homeowner
03:21is how lenders can really make themselves the resource for everything home. The way we do this
03:27is we create what we refer to as a hub. You could think of a hub as a patient portal
03:32for a home
03:33given to the lender by the homeowner. And that can happen in an automated way through a loan
03:39origination system, through a servicing platform, or through a CRM. But the homeowner ends up with
03:45this resource that helps them really do three things, manage their home, save money, and build
03:51wealth. So think of this as the Everything Home app as given to the homeowner by their lender
03:57to help them navigate that journey of homeownership through all the things they've got to deal with,
04:01but probably don't want to, until it's time to borrow again, because everything's ultimately going
04:07to acquire money in the end. So a couple things are going on here. First, you'll notice that there's
04:14not one, but three casts of characters here. There's Larry Lender in insurance and Amy Agent.
04:22These three entities, and even a fourth, a sixth, and a seventh, these are all professionals that can
04:27work in tandem on one homeowner to serve the homeowner in a compliant manner. Also, you'll notice
04:35we scroll here, there's a homeowner feed, kind of like a LinkedIn feed on this dashboard. This is
04:40deliberate. The feed adjusts to the homeowner and is personalized to the homeowner. Just like if you
04:45were to look at your LinkedIn feed versus somebody else's, they'd be a little bit different based on
04:49your interest in your network. And the third thing I'll point out about one homeowner, just as we start
04:54to get into it, is it's really designed to run on any device. So we're looking at it right now
05:01on a phone.
05:02We could just as easily look at this in a demo on a desktop. So one homeowner runs across
05:07multiple platforms. 70% of the traffic to one homeowner, not surprising, is mobile.
05:12And the last thing I'll call out here is that you don't see one homeowner at all.
05:18If you're a lender, this is your customers, your brand, your data, your next loan. It's not one
05:25homeowner. It's whatever brand you want to put on it and weave it into your existing tech stack.
05:30So let's unpack one homeowner a little bit more to see what the everything app for the home really
05:36looks like. We start by building a profile of the home and we really get into what's under the roof.
05:46So the first thing we do at one homeowner is we take every recorded event on a home, every building
05:52permit, every deed transfer, every lien, every tax assessment, every publicly recorded event when
06:00a homeowner goes to one homeowner, all of that history is already organized for them. Now they can
06:06add to that history. And if we are working with servicers, you want to log a payment that was made
06:12or an event that happened, you can add to your timeline. But your timeline, you kind of think of it
06:16as like your Carfax for the home. Also resident in one homeowner is a digital twin of everything
06:23in the home. So think about all the stuff in your home is really what makes it run, right? This
06:29is
06:30your hot water heater, your refrigerator, your dishwasher, washer, dryer, roof, you name it.
06:35All of these things in your home require you to do things to keep them going.
06:40They require repairs when they break because inevitably they will. And ultimately you're
06:46going to replace them. And if you're anything like me, you tend to go through the home every
06:52say decade or so and you do a renovation. And so all these things are basically feature business
06:59for a lender who wants to fund this home as it ages. So by snapping a picture of everything in
07:07the home,
07:08we are immediately given a picture of everything inside, when it was installed, how it was maintained,
07:15what's its risk of failing in the next 12 months, and what would it cost to replace and how do
07:20I
07:20take care of everything under the roof? And you do it just by taking photos. If you as a homeowner
07:26don't want to take photos, we come and take the photos for you to set it up. We do that
07:30in all 50
07:31states. All of this leads us to being able to show homeowners what do they need to do to take
07:38care of their home. And when they want to make their home nicer, one homeowner helps make your
07:43home nicer by showing you the home improvement projects that will add the most value to your
07:51specific home. Again, think if you are a lender, you want the next loan. Somebody's locked into their
07:58interest rate. Maybe they got that rate in 2022. They're probably not going to give it up unless
08:02they have to. So what can you do if you want to loan the money? It may be to make
08:08their home nicer
08:08to live in. So not only do we go through the home and every home is different. We do this
08:14for almost
08:1490 million homes. We show you what you can do to make your home nicer. We will also tell you
08:20down to
08:21the studs what it should cost in your local market to do these kinds of home improvement projects.
08:29So we're saying here's the upside for you. Here's what it'll cost. And oh, by the way,
08:37here's your conduit straight back to the lender. Or here's the lender's network of contractors that
08:44they recommend to do this particular kind of work near you. So now you're kind of going through the
08:49consumer's mind and saying, what value does this add? What's this going to cost? Who's going to do
08:57the work? How am I going to get the money? And how do I put that in context to what
09:04is my home value?
09:05What's my home equity? How can I put these to work? And oh, look, it's my real estate agent and
09:13my
09:13lender right here ready to have a conversation with me when the time comes. So if you're gathering
09:19something about one homeowner right out of the gate, it's pretty rich in terms of putting your
09:27home in context of you, your mortgage, your life, and your neighborhood. So we didn't just stop with
09:34what would make your home nicer to live in or what's your home worth. We also said, what are other
09:38homes
09:39near you doing? Who pulled the building permit down the street? Who listed their home? Who sold their home?
09:45How long would it take to sell a home? How much more money could I borrow if I wanted to
09:51trade up and get a different home? So all the wonderful cotality data, which is resident for every
09:58home, is right here to be able to put these decisions in context of your home, your mortgage,
10:07and your neighborhood. So we kind of joke, all roads lead to Rome. Eventually, when you're ready to take
10:14an action, you're going to need to have money to do it. And this is where the lender has the
10:20best shot
10:21at recapturing you. Lenders are going to be present in your daily life with one homeowner. You might not
10:29be ready to borrow right now, but you may have things that you need done around the home. And so
10:35if we think
10:36about this, these are all the things that we kind of want to push to the back of our mind.
10:41What we do with
10:42one homeowner is we build the home management plan for the home. And then not only that, but all of
10:48the
10:48lenders partners to be able to take care of that home can be right here at the push of a
10:52button like
10:53ordering an Uber to do these jobs that frankly, we as homeowners don't really want to do. So it's a
10:58great
10:59way of being the one-stop shop for everything home. And that comes in multiple flavors.
11:06Real estate agent, protection with insurance and home warranty, plumbers, painters, roofers,
11:15landscapers, everything in one place. Why? Because you want a homeowner to think about you
11:21and think about one place, make it simple, take care of your home. It's all right here.
11:29All the people that you trust, the team to take care of your home as curated by your real estate
11:34agent
11:34and your lender are there in one spot. And you might say, okay, well, wait a minute. It's a Tuesday.
11:40Is a homeowner really going to come back and remember to log into their home app? This is an Instagram
11:46or TikTok. We're not like habitually going there once a day just to sort of check in. So what we
11:52do,
11:52and we've studied this for three years to come up with the right formula and then test it, test it,
11:59and test it again is we say, okay, we're going to send the homeowner a little nudge
12:05on average once a week. We're going to personalize those nudges. We're going to programmatically make
12:11the content interesting for you. And as a homeowner, you get that nudge in the form of a text message
12:17or an email. All TCPA and CanSpam compliant, you as a homeowner can decide what kinds of topics you
12:24want to get, but you'll get a little nudge. And in that little nudge, which we call a touch point,
12:29it has a magic link to bring you back into the homeowner portal, drop you right on a specific page,
12:37and then we track where you go and what you do and how you engage. And by the way, if
12:46you don't want
12:46to have somebody have to click around, we built an AI assistant that's been trained on the entire data
12:52side for totality for every home in the world right here. So you can just talk to it and tell
12:58you what
12:59you want to do. It knows your mortgage. It knows your microwave. If you've taken a picture of your
13:04microwave, it knows everything about your home and your neighborhood, and you can literally engage
13:08with it that way. For the lender, we combine this with all the amazing data that we already have.
13:16Your propensity to borrow, get a HELOC, sell your home, refinance. How long have you lived there?
13:24What's your mortgage balance? How much did your taxes go up in the last few years? So all of the
13:31data
13:31data, we track and we overlay it on what exactly homeowners are doing to give you a picture of
13:41what this looks like. So you'll see, we just looked at a kitchen remodel estimate. We track that as a
13:46signal, and immediately when that happens, we send it back to the lender and whatever CRM they use.
13:53So if you use Total Expert or Velocify or Salesforce or HubSpot or HighLevel, the list goes on.
14:03We don't think anybody's going to come here as a loan officer to look at all the click patterns in
14:09every text and email site. So instead, what we do is we take the body of this data and we
14:17plug it right
14:17back into where you already work. So as a lender, you don't have to do anything other than have this
14:24run in the background with the tech you already use and give you the signals about who's most likely
14:29to borrow again when the time comes. So to the homeowner, you want to make their life easier.
14:36Give them resources to manage their home, save money, build wealth, and be able to tap their equity
14:43or make their next move. To the professional, you want a way to reach as many homeowners as you can,
14:50work with your partners, to be the one-stop shop for everything home, and play that long game of
14:57engagement week after week so that you're always useful and you're never forgotten. That's really
15:02the point of One Homeward is to put the breadth and depth around something that's really useful to
15:08their daily lives and can help them solve problems all in one place.
15:11Justin, that was fantastic. Thank you so much for taking us through One Homeowner.
15:18I want to jump into a couple of questions. Across the board, lenders struggle with borrower loyalty.
15:24In fact, industry data shows that fewer than one in five refinancing mortgage borrowers stay with
15:31their original lender or servicer. How exactly does One Homeowner bridge that post-close gap
15:37and ensure a lender stays top of mind and not stray away from a competitor for their next HELOC or
15:43refi?
15:46I think it goes back to the, what have you done for me lately? So if you're not present in
15:51somebody's
15:52daily life, you're very quickly forgotten. If you're not useful in helping them solve problems,
15:58you're very quickly discounted. So if we think about the problems homeowners have,
16:05it's keeping their home running. It's fixing something when it breaks. It's making good decisions
16:11when you want to improve your home, but you're not quite sure what to do, who to hire, or how
16:16to fund
16:16it. And it's knowing the right time, frankly, to sell the home and move on to a different home.
16:22If you're not present throughout those life events, if you're just kind of dark and hoping somebody's
16:29going to come back to you when it's time, which might be several years down the road,
16:33retention's not going to be very good. But if you're actively part of a conversation with a client
16:38and you're actively helping them navigate this journey, then I think you've got a much better
16:42shot and the numbers bear it out. One big challenge lenders have is strengthening their realtor
16:51relationships while remaining strictly compliant. How does One Homeowner's co-marketing framework
16:57allow loan officers and real estate agents to joint venture on these homeowner hubs to drive
17:03mutual repeat business?
17:09Well, you can see this in action right in front of you. We've got Larry Lender and we've got Amy
17:15the agent. Real estate agents and lenders are peanut butter and jelly. We all know this.
17:19What we did was build a compliant framework where multiple professionals can go together to serve
17:29the same homeowner. This is important. Larry Lender might know 500 people. An Amy agent might know
17:361,000 people. And there might be a little bit of overlap between the two. But in effect, what they
17:42can do
17:42is take their collective group of people they know and create this home ownership experience
17:48powered by one homeowner that allows them both to be the recipient of the hand raises or questions.
17:56So if I click sell my home, I'm going to go over to the real estate agent. If I click
18:01get a home,
18:02I'm going to go over to the lender. So they have visibility into what's happening within each one of
18:07these hubs and can serve the same homeowner together. Now, logical question, what happens
18:13if Amy the agent decides she's no longer going to be in the real estate industry or she moves or
18:17retires? Larry Lender can pull Amy the agent out and slide a different real estate agent in.
18:23So there's a lot of reporting and administrative tools built behind the scenes at one homeowner to
18:29make sure that these relationships with the homeowners are never interrupted, even if professionals
18:33come and go or make changes to their professional careers. And one last question for you, Dustin,
18:42getting consumers to adopt another app or log into a new portal is notoriously difficult. You touched on
18:49this a little bit, but I want to make sure that we highlight this. How does one homeowner solve the
18:56adoption and engagement hurdles for lenders? Well, first of all, let's assume
19:03that homeowners place their home fourth or fifth on their list of priorities. And there's nothing
19:08we're going to do about that. We call this the homeownership paradox, right? It's your biggest
19:12expense in your wallet. For most Americans, it's their largest asset, but they want to put it as far
19:19from their mind as possible. Well, that creates kind of a challenge. If you think about it, how do you
19:23actually break through all that noise and get people back here? You'd probably be surprised that the
19:29average user comes back here every quarter and sticks around for over three minutes. We do this
19:35by personalizing the experience about everything that we know about the home and the homeowner in
19:41whatever situation they're in and adapting it. So number one, personalization and making this feel
19:47timeline relevant. Here's an easy example. Don't talk to somebody about remodeling their kitchen if they have a
19:54home that they bought a year ago that was brand new. It doesn't make any sense for them. So place
19:59the
19:59kinds of content that you put in front of people in context of where they are. If somebody just moved
20:05in or has
20:06lived there for 15 years, you're going to have a different conversation with them about what their needs
20:10are. The second thing we did, and this is a long road and we've invested a lot and it will
20:14continue, is we want to
20:16personalize this experience based on your interests. I'm a do-it-yourselfer. My wife is what we would call an
20:23aesthetic curator. We have different things that draw our attention. And so if you want to hold people and engage
20:29them, you need to be relevant and know your audience. And that really means adapting based on the data that
20:35you have
20:36to pull them in. The third thing, practically speaking, is you need to make it really easy for them to
20:41come back. So I
20:42mentioned earlier, every touchpoint that we send has a magic link. That magic link logs you in and drops you
20:49in a very
20:50specific place. We don't think that people are necessarily going to rush to download, you know,
20:56download a native mobile app or give it permission to do push notifications. The more friction there is
21:03to getting somebody back here, the lower the likelihood that you're actually going to get
21:07repeat engagement. So personalized, timely, relevant content that make it really easy for somebody to get
21:14back and then bring them to a place that is relevant to them to take an action. If you add
21:20all that up, that's
21:21ultimately what drives repeat engagement is relevancy and personalization.
21:26Dustin, thank you so much for taking us through One Homeowner. For our audience, for more information about One Homeowner,
21:33click the link below.
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