Context
Moby Capital (MobyCap) helps businesses find financing that fits their needs. As a broker, their team identifies prospective borrowers' goals, collects the required data to assess the loan opportunities, and connects each deal to suitable lenders.
That means the process involves more than just filling out a loan application. The team manages everything, right from the first conversation with a prospect through to application, document collection, lender selection, submission, offers, closing, funding and commission tracking. As the business continued to grow, MobyCap wanted to give the sales team a better way to manage those steps without spending so much time on administrative work.
Problem
One of the main challenges was the amount of work required to get a deal prepared and submitted to potential lenders.
Information collected by the sales team had to move through several stages before a deal was even ready for submission. The team also needed to verify borrower information, collect documents, perform risk checks, and identify suitable lenders for each opportunity.
Some of the key challenges included:
- Moving borrower information from the initial lead into the financing application
- Requesting information from borrowers that may already have been collected earlier in the sales process
- Collecting signatures, approvals and supporting documentation
- Reviewing borrower's credit, risk information and financial documents before submission
- Comparing a deal against different lender requirements
- Preparing and sending applications to the selected lenders and tracking any subsequent communication or decisions made by those lenders
- Tracking commissions earned after each successful deal
When the team spent more time performing these tasks, they had significantly less time available to work directly with borrowers and generate new business.
Solution
Moby Capital implemented cmLending from Cloud Maven, Inc. to create a connected journey from lead to funding. A lead becomes a financing deal with existing information carried forward, the borrower completes a pre-filled application and uploads documents, and MobyCap reviews the deal before using Lender Match to identify suitable lenders. The team can then submit the application, track offers, and manage the deal through closing and funding, all within the same workflow.
Another important part of the workflow is the Lender Match that connects deal readiness directly to lender submission. Once MobyCap has reviewed the Deal, cmLending evaluates it against defined lender criteria to identify potential matches. The team can then move from a qualified deal to the appropriate lenders and submit it without breaking the workflow or manually comparing lender guidelines.
Within the connected workflow, Moby Capital can:
- Convert leads into financing deals while carrying forward existing information
- Collect borrower applications, signatures and supporting documents
- Parse and review submitted documents, and complete credit and risk checks for the applicant
- Match deals with potential lenders based on lender criteria
- Submit applications to chosen lender(s) via API integrations or email
- Track lender responses and financing offers
- Manage the loan throughout the closing and disbursement process
- Monitor commissions on closed and funded loans
Implementation
Cloud Maven, Inc worked closely with MobyCap to adapt cmLending around the way their team actually operates, rather than applying a standard workflow. This included a custom Lead-to-Deal conversion process that carried existing prospect information into the financing workflow and reduced duplicate data entry.
Particular attention was also given to lender submission. We configured the workflow and integrations needed to move qualified deals from Lender Match directly into lender submission, while keeping the team working from the same deal record through offers, closing, and funding.
Results
After implementing cmLending, Moby Capital saw a clear improvement in the speed and efficiency of their sales and submission process. The team now spends less time on admin work and focuses more on borrowers, follow-ups, and new sales opportunities.
Key outcomes included:
- Faster preparation and submission of financial applications to lenders
- Increased sales productivity by reducing manual effort required to move each deal forward
- Quicker identification of suitable lenders through lender matching based on defined criteria
- Easier tracking of lender responses, offers and the status of each financing opportunity
- Improved visibility into funded deals and the commissions associated with them
- Highly satisfied with the platform and Cloud Maven, Inc’s support, giving the overall experience a 5-star rating
By implementing Lending Manager, especially the lender submission portion, we have been able to increase sales productivity and speed up the process and submissions.
Moby Capital
