Fintech group Effi announced that it is ready to roll out a new mortgage broking platform after the successful completion of a pilot program in partnership with RateCity.
In a statement, the firm said that it has completed months of testing and enhancements for its Smart Lead Management and Automation platform, which helps connect potential borrowers to brokers.
Effi partnered with RateCity during the testing phase to enable brokers to build a brand profile and take advantage of the latter’s high-traffic comparison site.
Vy Huynh, relationship manager at Effi, said partnering with RateCity has empowered brokers, allowing them to position themselves as a trusted resource for their local community and build a brand without a marketing agency or excessive and ongoing fees.
“Since offering brokers a profile on RateCity, Effi users have received a significant increase in traffic and reported double-digit conversion rates from lead to loan settlement – far above the industry standard," she said.
Azm Khan, a senior mortgage broker at Yellow Brick Road, said that using Effi's platform has transformed his business.
"It’s a go-to source for good quality leads that are already highly engaged and easy to convert. The leads are searching for home loans, they have a need to fulfil and they’re engaged from the very beginning," he said.
Khan said leads generated through the platform are more "valuable" than those generated from social media, which are not always active.
"The Effi portal makes it easy to manage customer contact and the whole loan process using automated and smart systems," he said.
Huynh said Effi will continue to upgrade and update its platform to address some of the most common issues in the mortgage broking process.
"Effi is constantly refreshing and investing to remain ahead of the market. We have released a public roadmap that brokers can follow and comment on with the updates and features they would like to see on the Effi platform,” she said.
The completion of the pilot program follows Effi’s recent integration with two leading mortgage aggregator software providers, SalesTrekker and Mercury. Last year, the group also launched SMSbot, which resulted to an 80% response rate from unresponsive leads for pilot brokers.