Warp Speed Mortgage is an online mortgage platform where refinance and home buying customers can easily complete an entire mortgage application online from the convenience of their home. It also provides an easy to use CRM for the Mortgage Loan Originator to receive the customer's application, provide pricing information based on the application, and run their credit report.
It's for the customer that believes in home ownership and is established in life. They're comfortable with completing tasks online, and value security when doing so. Most homeowners are couples, often with kids. Millennials are the next large home buyer segment as well.
Target audience of refinance homeowners:
James and Lisa have been married for 10 years, James is 59 and Lisa just turned 58. They’re been taking steps towards retirement, Lisa has been running her own crafting business since the economic downturn and James has been a Salesman for the past 40 years. Part of their step includes refinancing their home into a lower rate, especially since the market is prime for this. They’ve built a good amount of equity into their home, so they’re pretty confident, maybe they’ll also look into lowering their term.
Neither one of them are college educated, but in their age that didn’t matter. They’ve learned through life lessons.
Lisa buys products wholesale online for her business. They share an email account and check it daily as a way to correspond with family. They’re also on some email chains that go around amongst friends. They have facebook accounts, but just to see pictures of their grandchildren. They read news online, watch favorite tv shows and like to travel. They handle some banking online, but they also balance their check books the old school way. They both have smartphones – what brand? I don’t know I guess an iPhone? But they’ll charge it and walk away, missing calls and texts. They don’t sleep with it by their bed, and will occasionally turn it off just because.
James is a Salesman, when he calls to talk to a MLO, he doesn’t want any BS – he knows all the tricks in the book. He wants someone he likes and a good deal. Lisa will be involved to a certain extent, James will be the one hoping on the call with MLO.
Target audience of home purchasers:
Meet Mike and Ashley, both working professionals, no kids, and just got married, they’d like to have kids one day, but it’s also ok if they don’t. Before kids can come along, they need a home; they’re a little anxious about the down payment needed for a home, but since Mike just got a raise at work, they feel they finally might be able to. They have a dog, Ashley brought it into the marriage. They like to watch Scandal and the Big Bang Theory. They like to go out to dinner with friends, and will occasionally hit a club. They both have a smartphone, never leave home without it! Ashley has an iphone, Mike has a Samsung. They both have a Facebook, and use it to stay in contact with college friends. Ashley recently bought a car, Mike helped, and they spent a good amount of time researching online before making the purchase, they read a lot of articles online, looked at product reviews and blogs, before they even started talking to a car salesman. Mike voted in the last election, for Obama, Ashley did not but if she did she would have likely voted the same.
When they first started talking about buying a home, the idea of it was so stressful. Since Mike got the promotion, it’s been going better, although Ashley is still very anxious. They’re newlyweds and are still trying to figure out their finances as a team. They know they’ll likely need to cut back on going out to dinner as much. Mike has been leading the way on purchasing a home, although Ashley is very much on board. Mike will likely deal more closely with the realtor and mortgage lender but will always say “let me check with my wife first.”
They’ll likely start searching online for properties first, and then find out if either of them have relatives that are real estate agents. They’ve also started doing some initial research on the home buying process, because they were so concerned they might not be able to afford the down payment. Parents are going to help with the down payment.
The traditional mortgage process is paperwork intensive and long, requiring the collection of many financial documents. With Warp Speed Mortgage, clients can easily upload documents directly into the system making the process faster and easier. This is definitely more advanced technology for the mortgage industry. The look and feel needs to be modern and advanced.