8Twelve Mortgages with Gary Fooks | E326
Digitizing a collaborative mortgage experience.
In this episode of Fintech Impact, Jason interviews Gary Fooks, CEO and Co-Founder of 8Twelve Mortgages. They dive deep into how 8Twelve Mortgages is revolutionizing the mortgage broker industry by enhancing the collaboration experience among advisors, mortgage brokers, and consumers through digital reinvention. This discussion sheds light on the motivations behind the creation of 8Twelve Mortgages and how it's setting new standards for efficiency and customer satisfaction in the mortgage space.
Episode Highlights
00:10: Jason introduces the podcast and its focus on financial technology's influence on businesses, advisors, and consumers. He presents Gary Fooks, emphasizing 8Twelve Mortgages' digital transformation to improve interaction between mortgage brokers, advisors, and clients. This segment sets the stage for an in-depth exploration of changing dynamics in the mortgage industry driven by technology.
00:44: Gary expresses gratitude for the opportunity to discuss 8Twelve Mortgages on FinTech Impact. His enthusiastic participation hints at the innovative strides his company is making in digital mortgage brokering, reflecting an eagerness to share their achievements and insights with the wider FinTech community.
00:50: Gary delves into the inception story of 8Twelve Mortgages, painting a picture of a mortgage brokerage envisioned as a one-stop digital shop. He draws comparisons to Amazon's disruption in retail, aiming to mirror such efficiency within the mortgage sector. This innovative ambition underlines 8Twelve's foundational goal: to streamline and modernize the often cumbersome process of mortgage transactions for all parties involved.
01:08: In recounting 8Twelve's origins, Gary shares his shock at the antiquated state of the mortgage industry upon his arrival in 2014. His background in sales, global outsourcing, and technology equipped him uniquely to disrupt and streamline the mortgage process, emphasizing a personal, hands-on approach to understanding and improving the client experience.
01:45: Gary outlines his methodology for revolutionizing the mortgage process, stressing the importance of direct involvement and the incremental introduction of efficiencies. By engaging directly with families and optimizing each step of the mortgage process, 8Twelve has significantly enhanced the speed and effectiveness of their service, a testament to their commitment to innovation and customer care.
02:37: This section unpacks 8Twelve's approach to transforming the client journey. Gary highlights the pain points with traditional banking and how 8Twelve's proactive communication and update model—reminiscent of real-time tracking in delivery services—brings transparency and reassurance to what is often the largest financial decision in a family's life.
04:16: Gary explains how 8Twelve leverages technology to overcome the inefficiency and manual nature of traditional mortgage brokering. By automating and streamlining the process, 8Twelve not only improves the client experience but also empowers brokers to handle transactions more efficiently, choosing to grow their business or achieve better work-life balance.
05:02: In this segment, Gary talks about the integration of financial advisors in the mortgage process, ensuring they remain informed and involved throughout their client's journey. This collaborative approach underscores the importance of maintaining the advisor-client trust continuum and aligning mortgage solutions with the client's broader financial objectives.
06:27: Gary and Jason discuss the tangible impact of 8Twelve's innovations on the mortgage process, particularly how they reduce the time and effort involved. Gary's insights reveal how technology not only accelerates transactions but also enhances the quality of service provided to both consumers and advisors.
10:23: Gary shares feedback from various stakeholders, highlighting the overwhelmingly positive reception to 8Twelve's model. This appreciation from consumers, advisors, and other participants in the mortgage ecosystem affirms the value of transparency, efficiency, and continuous communication in transforming mortgage transactions.
11:00: Looking ahead, Gary discusses his aspirations for 8Twelve Mortgages, especially the potential for a fully integrated digital brokerage that leverages the latest in technological advancements. His vision includes a proactive, holistic approach to client financial management, promising a future where technology fosters greater financial clarity and opportunities.
Key Takeaways
8Twelve Mortgages is pioneering a digital reinvention in the mortgage brokerage space, emphasizing efficiency, transparency, and improved collaboration.
By integrating technology into every step of the mortgage process, 8Twelve has significantly reduced transaction times and enhanced the consumer and advisor experience.
The future of mortgage brokerage lies in holistic, technology-driven solutions that proactively manage and optimize clients' financial goals and outcomes.
Tweetable Quotes
"In our quest to disrupt the mortgage industry, we've embraced technology at every step, proving that efficiency and clarity are not just possible; they're essential." - Gary Fooks
"8Twelve Mortgages isn't just changing the game; we're redefining how stakeholders experience the mortgage process, from initiation to completion." - Gary Fooks
Resources Mentioned
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
https://8twelve.mortgage/
https://www.linkedin.com/in/garyfooksmortgages/