by Mike Walsh | Sep 21, 2020 | Success Stories
Optimizing With an Eye on the Future
Dominion Financial Services is a nationally recognized private lender in 49 states that originated over $180 million in loans in calendar year 2019 to experienced real estate investors through four lending products: Fix and Flip loans, 30 year Rental loans, Ground Up Construction loans, and Small Multi-Family loans.
The Challenge
Dominion’s legacy system had been cobbled together over a number of years to power their interest based loan business. Relying on systems like Excel, One-Drive, Office and other platforms, they built a system that suited their needs at the time, however, as they grew, the system was getting stretched and they foresaw the need to upgrade early. to enable a digital transformation and get ahead of the competition and set themselves up for continued long term success
The Solution
Dominion began the search to find a partner who could to help them transition to a fully digital, streamlined and integrated Loan Management System (LMS). The FUNDINGO LMS platform had one significant advantage over the competitors: FUNDINGO could be configured to Dominion’s specific lending process while the competition’s software would have required Dominion to change their process and potentially lose that special sauce they had already developed over years of hard work.
The Result
CloudMyBiz/FUNDINGO evaluated Dominion’s process, and prepared a solution that would meet their needs and deliver immediately improved functionality and tools. The new system created a transparent feedback loop between origination and servicing, letting Dominion have better control of their data and easily find the lifetime history of a borrower. With FUNDINGO, Dominion kept their current process, and via the integrative power of Salesforce, are now set up to take advantage of the cutting edge of technology whenever it hits the market.
“The FUNDINGO team was a pleasure to work with throughout the design & build out. To ensure buy-in from our team, we had to coordinate with 6+ stakeholders on our side. FUNDINGO’s project management approach kept us organized and ensured that each of those stakeholders had input and feedback into the design. This helped tremendously with the adoption process.“
- Jack BeVier – Partner – The Dominion Group
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Interested in learning more?
Have specific questions or want to talk to a FUNDINGO consulting expert?
Contact us at info@cloudmybiz.com
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Sep 3, 2020 | Blog, From Around the Web
Photo by Andrea Piacquadio from Pexels
By this point, you know your business should be propelled by the need to get ahead, not just the need to keep up. For many lenders, this means integrating technology into your business’s operations. Using a CRM to unify your processes and data can help you achieve just that.
While the benefits of better data are clear, it is not uncommon for apprehension to sneak into the conversation. Especially when migrating from paper and spreadsheets, the task seems overwhelming to some lenders. If you fall into this group, fear not. There are steps that can make setting up Salesforce for lenders a smooth and easy process.
If you have used Salesforce before, you may have noticed that they avoid using jargon. This coupled with their quick search tool makes it simple to find what you need without the learning curve. Once you can find the options you need, customizing the platform around your business becomes easier.
Even if you think you can hit the ground running, spending a few minutes to go through the tutorial is well worth the time. It provides surprisingly detailed insights on how to configure Salesforce to manage your deals and pipeline.
Another feature worth noting is Salesforce’s customizable alerts. You can choose alerts to notify your team when it’s time to take an action, like following up on a lead or sending out information. You can also toggle them on or off to determine who sees them or what information you want displayed.
There are also a plethora of apps that you can install to manage specific functions in Salesforce. Some organize and track deals for syndication and others provide detailed information to decide on applicant risk. Others integrate Salesforce with other programs your organization already uses.
While you can set up Salesforce to manage your lending, it never hurts to consult a professional to find out where you can benefit the most from using a CRM. If you want to find out who can best help your business, take these steps when finding a Salesforce consultant.
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Sep 3, 2020 | News
In times of change, those who stand out are those who adapt. This statement is what guides CloudMyBiz’s vision. We are proud to announce that Inc. magazine has named CloudMyBiz on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies.
The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Specializing in Alternative Lending solutions with its Fundingo Loan Management Software, CloudMyBiz helps businesses grow through Salesforce implementation, development and consulting.
“We are honored to once again appear on this list,” said Henry Abenaim, CEO of CloudMyBiz. “Our team has continued to excel at bringing the cutting edge CRM features and functionality of Salesforce to clients, helping them grow and navigate obstacles. We are proud to provide exceptional cloud-based consulting services and software, especially as digital and remote work becomes more and more essential to doing business.”
Not only have the companies on the 2020 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists as well. The 2020 Inc. 5000 achieved an incredible three-year average growth of over 500 percent, and a median rate of 165 percent. The Inc. 5000’s aggregate revenue was $209 billion in 2019, accounting for over 1 million jobs over the past three years.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.
“The companies on this year’s Inc. 5000 come from nearly every realm of business,” says Inc. editor-in-chief Scott Omelianuk. “From health and software to media and hospitality, the 2020 list proves that no matter the sector, incredible growth is based on the foundations of tenacity and opportunism.”
About CloudMyBiz
The CloudMyBiz team empowers business through the Cloud and encourages streamlined collaboration between departments, clients, customers and partners. CloudMyBiz specializes in Salesforce Implementation, Migration, Integration and Development, in addition to working with Third Party Applications and Custom App Development.
About the FUNDINGO Loan Management Solution
FUNDINGO is a loan management solution designed specifically for alternative lenders. It streamlines the entire process of originating, underwriting, and servicing loans.
Unlike a hodge-podge of outdated and unconnected systems, each handling only a single element in the lending process, the FUNDINGO solution helps alternative lenders attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency. These lenders also earn a more professional reputation among borrowers, brokers, and syndication partners.
The FUNDINGO solution is built on the Salesforce.com platform and can be closely integrated with a company’s CRM, finance, document management and other systems. The solution is supported by experts in alternative lending loan management and has been successfully implemented in leading firms across the U.S.
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Aug 7, 2020 | Blog, From Around the Web
Following the vague terms of bill A10118A/S5470B, which would require New York lenders to provide certain uniform disclosures, it’s no surprise that industry leaders are reacting with frustration. Steve Denis, Executive Director of the Small Business Finance Association, remarked, “It’s actually shocking to me how tone deaf those who claim to represent our industry are when it comes to policy.
Photo by Andrea Piacquadio from Pexels
The APR disclosure bill has so far been passed through New York State’s legislature, and if signed by Governor Cuomo, would mandate that lenders disclose terms such as their APR even if the funding itself does not involve one. A similar law in California and the confusion that followed its implementation left lenders seeking advice from equally baffled lawyers. The state itself failed to provide guidance on how to calculate the terms if the loan itself did not include them.
Without major problems regarding disclosure of these terms, the bill complicates lending in a time when small businesses are trying desperately to find options to remain open. Feedback from borrowers and a lack of complaints to regulators do not indicate that this bill will solve any major existing problems. Find out more about the bill here.
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Aug 6, 2020 | Blog, From Around the Web
Changing times result in changing industries. With stiff competition among businesses, the new standards for success are being set by customer expectations. Industries from education to lending are learning fast that to stay in business, they must remain highly competitive and in-tune with their customers.
Photo by David McBee from Pexels
J.D. Power’s 2020 U.S. Primary Mortgage Servicer Satisfaction Study announced this week that while inquiries from borrowers are rising given the current financial turmoil, the general sentiment regarding borrowing is sour. Customers are frustrated with long wait times on the phone, poor communication, and confusing website layouts. Ultimately, who they choose will be whoever provides them not only the best rates, but the best experience.
The report does, however, note that customers rated their general experiences with the industry higher than they did last year. This includes their overall experience as well as the financial aspects. Quicken Loans came in first among mortgage lenders for the seventh year straight, showing that alternative lenders have a competitive edge even in our current financial landscape.
How else is consumer behavior driving the recovery? As it turns out, though what they’re spending money on may be different, the reasons why have remained the same.
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
