FORT MILL, SOUTH CAROLINA — Movement Mortgage, a top 10 national retail mortgage lender, has launched its inaugural Movement Crowdsource Challenge, a competition to develop a new mobile operating system for loan officers.
The Movement Crowdsource Challenge is led by Movement Chief Information Officer Henry Santos, who joined the fast-growing mortgage firm in 2017 after stints at IBM, Accenture and other leading technology providers. Through the event, Movement will tap into the smartest, most creative and most disruptive talent to solve unique challenges facing mortgage originators. Competitors will be granted access to Movement’s proprietary data and use cases.
Participants include Fortune 100s, fintech startups
Ten technology firms — ranging from Fortune 100 firms to fintech startups — have been invited to participate in the Movement Crowdsource Challenge. They were given eight weeks to develop a technical prototype for how this new loan officer operating system would look, function and be architecturally engineered. The winning team will receive a $25,000 prize and be eligible to sign a contract to co-develop the solution into a full-scale commercial product, to be used by Movement Mortgage and the broader industry.
The Movement Crowdsource Challenge will culminate with a two-day event June 19-20, 2018, where competitors will present their prototypes to company executives. Movement aims to have a complete product available in 2018.
“Our goal is to tap into the Gig Economy by sourcing solutions and ideas from the vast global supply network of start-ups, incubators, fintechs, and open source collaborators who are willing to compete to build rapid solution prototypes without all the bureaucracy and inertia of traditional commercial, contractual constructs,” Santos says.
“It is our intention to leverage smart, creative, disruptive technologists to help Movement think, test and deploy disruptive digital products. We will give them unique access to our proprietary use cases and partner with them to develop new tools that will eventually be available to the entire marketplace,” he adds.
Mobile technology for the loan officer
The inaugural Movement Crowdsource Challenge is focused on serving Movement’s 1,800 loan officers who will serve more than 60,000 customers and originate more than $13 billion in residential mortgages in 2018. Research shows these loan officers need mobile technology that will help them stay organized, proactive and connected in a single user interface on all of their devices — phone, tablet and computer.
As the mortgage industry embraces digital solutions, these features will help loan officers more effectively streamline and manage their communication, marketing, lead generation and customer service from anywhere at anytime. In addition, loan officers will extend this same platform to borrowers and real estate agents who need to stay connected to the loan process.
“My goal is to see this become a way of life, not just for Movement, but for our entire industry,” Santos says. “By leveraging the Gig Economy, we can develop solutions that will make homeownership more accessible, equitable and achievable for all Americans.”
About Movement Mortgage
Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture and communities. Movement funded approximately $13 billion in residential mortgages in 2017 and is the seventh-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 750 branches in the U.S. and is licensed in 49 states. Its nonprofit organization, the Movement Foundation, has reinvested more than $37 million in communities to date. For more information, visit www.movement.com.