E-Close Hub | TL;DR
I led the design and strategy to integrate with 8 document providers, 5 eNotary providers, 2 loan origination systems, and 2 point-of-sale providers, to create a disruptive open ecosystem for mortgage E-Closing.
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The E-Close Hub created a swarm of joint-marketing activities with our newly established partners and increased our ability to acquire business from an expanded attainable market.
The flagship accomplishment of the open ecosystem was landing the #1 mortgage lender in the United States as a direct result of this strategy.
The Challenge
Most companies in the eClose space protected their solutions with a walled-garden approach, requiring that customers used E-Docs, E-Close, and E-Notary from a single vendor (and acquiring companies with these capabilities to fill the gaps.) Many mortgage lenders preferred a best-of-breed approach, but were being locked in to limited ecosystems by these vendors.
The Theory
Instead of following suit (acquiring E-Close-adjacent companies & capabilities), our company could disrupt the market by inviting everyone to the table and adopting an open-integration approach. By integrating with a variety of document & eNotary providers, we could expand our attainable market, deliver a best-of-breed solution, and increase revenue.
The Results
The eClose Hub created a swarm of joint-marketing activities with our newly established partners and did successfully increase our ability to acquire business from an expanded attainable market. The flagship accomplishment of the open ecosystem was landing the #1 mortgage lender in the United States as a direct result of this strategy.