CEO of leading edge vendor Sthenia Solutions scolds mortgage industry—tells them change is a must.  

 

Sthenia CEO Takes on Mortgage Industry

Strong words for loan pros who must ‘evolve or die’

Knoxville, Tenn., January 20, 2009 – Sthenia Solutions CEO Paul Piers unleashed a torrent of strong words for his colleagues in the mortgage industry who are unwilling to evolve to meet the needs of a changing market. In a statement available at www.loanmarq.com/benchmarq, Piers said the mortgage industry is “foundationally broken” and challenged professionals must “innovate or exit.”

“After the subprime mortgage debacle, mortgage people should have received a wake-up call,” said Piers. “Mortgage people need to tangibly raise customer service through education, over-disclosure and communication.”

Piers referenced a customer satisfaction survey conducted by J.D. Power and Associates that showed customers are more satisfied and more loyal to a lender when their loan officer provides status updates, communicates proactively and acts transparently and ethically.

“Mortgage people cannot continue status quo when their potential customers are screaming for change,” Piers said.

With the events of the past year people don’t have to search far to figure out that the mortgage industry is broken.  Every news publication runs stories almost daily to this affect.  There are many industry experts looking backward to see what went wrong and they all have well phrased opinions on who’s to blame.  

In today’s market the customer never knows who they can really trust.  It comes down to a leap of faith really, just based on price.  Mortgage people have struggled for years to find ways to differentiate themselves from a crowded market.  Still, with all their efforts, inevitably it has come down to price.  This is dangerous, because when it’s all about price, payment, or the amount of cash out a borrower can get, the predators sell loans to borrowers that aren’t in their best interests.  In fact, borrowers get loans that are harmful to their financial wellbeing as we have seen all too often.  Thus, the industry endures the subprime mortgage meltdown and a huge economic disaster. 

Good lenders that have their customers’ best interests in mind have a tough time setting themselves apart from the cons of the industry, because everyone says the same things when pitching their product to potential customers.  Until now, the business as usual sales pitch has prevailed.  LoanMarq is the solution that changes the focus from price to service.  Not just pithy words and clichés about service, but real tangible service based on education, disclosure, communication, accountability, transparency, and efficiency.  LoanMarq will rid the industry of the bad guys and allow the good guys to prosper due to the nature of the solution.  The revolution is here, mortgage predators take notice, and your days are numbered.

About LoanMarq
LoanMarq is a web-based loan processing and customer service application that enables collaboration among all participants in the mortgage loan transaction. LoanMarq decreases the expense involved in facilitating mortgage transactions and enables mortgage professionals to close more loans in the same or less time by automating the process with productivity-enhancing efficiency, improved accountability, and automatic loan status updates that eliminates document ordering and tracking via phone, email, or fax. LoanMarq takes customer service in the mortgage and real estate industry to a level once thought impossible to achieve and is poised to become the new industry benchmarq.

About Sthenia
Sthenia means “Unusually Powerful,” thus Sthenia Solutions is an unusually powerful software development firm making their clients more efficient and most profitable through streamlined processes and cutting edge software solutions. Their line of products drives industry to a new level of seamless operation. Sthenia is delivering innovative Web 2.0 service-oriented collaboration, workflow, productivity and process management tools. Sthenia was founded in 2008 and is headquartered in Knoxville, Tenn. For more information about LoanMarq visit www.sthenia.com or www.loanmarq.com.

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