Live from Las Vegas, HousingWire President Diego Sanchez sat down with Praveen Chandramohan, who leads CoreLogic’s origination solutions, to discuss the company’s latest innovations and how they are addressing key challenges in the mortgage industry.

Addressing cost and retention

When asked about the industry’s biggest challenges, Chandramohan pointed to two primary concerns among lenders:

1. Driving down the cost of loans – Technology has made it increasingly easier to lower costs, yet progress has been slower than expected.
2. Improving customer retention – Mortgage retention rates currently hover around 9-11%. “If you think about it, that’s unheard of compared to other industries,” Chandramohan said. “Borrowers only return to their original loan officers 18% of the time.” Given that acquiring new customers costs thousands of dollars, while retaining existing ones costs only hundreds, improving retention is an obvious area of focus.

Approach to retention

CoreLogic’s strategy to improve retention includes three core components:

• Customer segmentation: “Knowing your customer is key,” Chandramohan explained. CoreLogic taps into its data resources, including historical data and over 200 analytical models, to help lenders segment customers. CoreLogic is aiming for “a customer segment of one,” where every interaction is personalized.
• Event-based engagement: CoreLogic uses credit triggers and MLS triggers, among others, to help lenders reach borrowers at the right time. “If a borrower is attending open houses, we can provide that insight,” he said.
• Long-term customer engagement: The goal is to create a “customer for life” model.

Introducing Araya

Sanchez asked whether lenders need to use multiple CoreLogic platforms to access these tools. Chandramohan explained that the company has been working to centralize everything within Araya, its one-stop platform they launched last year.

“Araya provides seamless access to market intelligence, precision marketing, loss lead analysis, and property intelligence in one place,” he said. “This eliminates the need for multiple logins and fragmented workflows.”

Making data more accessible

CoreLogic offers multiple ways to integrate Araya into lenders’ workflows:

• E-commerce model: Individual loan officers or mortgage brokers can subscribe directly.
• Enterprise solutions: Lenders can integrate Araya into their CRM systems.
• Cloud-based data integrations: “For those investing in big data environments, we offer native cloud integrations with platforms like Snowflake, Databricks, and Google” said Chandramohan.

What’s next? One Homeowner

Looking ahead, CoreLogic is preparing to launch One Homeowner, a product designed to build long-term relationships between lenders and borrowers. “This is about engaging homeowners before they even enter the market,” Chandramohan said. “There are 85 million homeowners who aren’t transacting today. How do we engage with them to create value before they need a new loan?”

Chandramohan emphasized that One Homeowner will help lenders maintain strong connections with borrowers by offering valuable insights into home management, wealth-building, and maintenance.

Retention and engagement

“We’re excited about where Araya is going and how we can continue unlocking retention and growth opportunities for our clients,” Chandramohan concluded.