First Direct Lending is no stranger to the hustle of the mortgage industry. Since opening in 2014, they’ve had to be highly innovative and nimble in order to successfully differentiate themselves in such a competitive market. Luckily, Velocify has been by their side from day one. Read on to learn more about their story and check out our exclusive video interviews with Mike Eshelman, VP of Marketing at First Direct Lending.
Rapid Growth & System Integrations
Before opening, First Direct Lending had planned to use a proprietary lead management system, but from past experience, Mike knew that optimizing a homegrown solution would require extensive IT resources – something a new company simply couldn’t afford.
Having worked with Velocify in the past, Mike made the case that Velocify LeadManager® with Velocify Dial-IQ® would be a much better solution – one that could easily integrate with their other systems and help scale the business, while providing the strategic and technical support a new company needs to succeed. Mike proved his case, and with the new plan in place, First Direct Lending moved forward with Velocify right from the gate.
Integrations Automate Workflow
A critical factor in First Direct Lending’s decision to implement Velocify was its seamless integration with their loan production platform, Ellie Mae Encompass. According to Mike, with other lead management systems this type of integration could take months, but with Velocify’s unique API it was simple and fast.
Having the two systems work together is extremely beneficial, and allows First Direct Lending to instantly modify a borrower’s status in Ellie Mae Encompass, which automatically triggers different workflows and contact strategies in Velocify. From there, Mike can track data from the two systems simultaneously to measure performance and pinpoint areas for improvement.
Optimize Contact Strategy & Maximize ROI
Using Velocify LeadManager Mike can test different contact strategies and leverage the system’s advanced reporting capabilities to analyze the data and optimize accordingly. In fact, he recently modified their warm transfer strategy, which resulted in a 31% increase in transfers in just one week. Impressive!
The ROI benefits speak for themselves. First Direct Lending can now spend fewer marketing dollars and still achieve the same level of production, which has had a huge impact on their overall profits.
In the mortgage industry, a lender wins business based on how quickly they’re able to respond to a lead, online buyers expect a prompt response. For First Direct Lending, standing out in this area was a top priority from the very beginning. Mike said that their goal is to get that first dial out within seconds of a prospect hitting the “submit” button online.
With Velocify, First Direct Lending has been able to achieve this goal, with average speed-to-contact attempts coming in at around six seconds.
Business Growth Without Hurdles
Since opening in 2014, First Direct Lending has grown from five loan officers to well over 100 and counting – a 20x increase in their salesforce. Velocify is so commonly used across the mortgage industry, and so intuitive to adopt, that training and onboarding new consultants is quick and easy. In fact, two-thirds of First Direct Lending new hires come in already familiar with Velocify, which has helped them successfully scale and expand the business.
“Between Velocify’s management tools and lead delivery features, our loan consultants can sit down and start producing right away,” said Mike.
But perhaps the best part is that Velocify never gets in the way of their growth or any pivots they need to make with certain contact strategies. Velocify empowers First Direct Lending to easily adapt to market shifts and changing priorities so they can continue to differentiate themselves as a leader in the mortgage industry.
The Bottom Line
Despite operating in a highly competitive market with stiff competition, First Direct Lending has achieved impressive growth in a short amount of time, and continues to expand by leveraging Velocify to optimize their sales and marketing strategies.
If you’re interested in learning more, download our new e-book to discover how Velocify empowers First Direct Lending and other high velocity sales organizations to outperform the competition. Then check out the full First Direct Lending case study for more details on their success with Velocify LeadManager.
Want to be our next success story? Send an email to firstname.lastname@example.org.
About the Author: Rachel Lurie is the Customer Advocacy Marketing Manager at Velocify where she promotes and champions customer success through dedicated marketing and advocacy programs, and works closely with customers to develop and share their unique sales acceleration stories. Rachel has a B.A. in Communication from the University of California, Santa Barbara and 10 years of combined experience in marketing, advertising, and client services.