Case Study: Dominion Financial
Dominion Financial Services is a nationally recognized private lender in 49 states that originated over $180 million in loans in calendar year 2019 to experienced real estate investors through four lending products: Fix and Flip loans, 30 year Rental loans, Ground Up Construction loans, and Small Multi-Family loans.
The Challenge
Dominion’s legacy system had been cobbled together over a number of years to power their interest based loan business.
Relying on systems like Excel, One-Drive, Office, and other platforms, they built a system that suited their needs at the time.
However, as they grew, the system was getting stretched. They foresaw the need to upgrade early to enable a digital transformation and get ahead of the competition while setting themselves up for continued long term success.
The Solution
Dominion began the search to find a partner who could to help them transition to a fully digital, streamlined, and integrated Loan Management System (LMS).
The FUNDINGO LMS platform had one significant advantage over the competitors: FUNDINGO could be configured to Dominion’s specific lending process while the competition’s software would have required Dominion to change their process and potentially lose that special sauce they had already developed over years of hard work.
The Result
CloudMyBiz/FUNDINGO evaluated Dominion’s process, and prepared a solution that would meet their needs and deliver immediately improved functionality and tools.
The new system created a transparent feedback loop between origination and servicing, letting Dominion have better control of their data and easily find the lifetime history of a borrower.
With FUNDINGO, Dominion kept their current process, and via the integrative power of Salesforce, are now set up to take advantage of the cutting edge of technology whenever it hits the market.