Q2 and CloudKaptan Help Prompt Financial Solutions Transform and Grow Its Mortgage Lending Business 20-Fold

Q2 and CloudKaptan Help Prompt Financial Solutions Transform and Grow Its Mortgage Lending Business 20-Fold

By Q2

2 Nov, 2022

Great minds think alike. 

Turns out, so do great companies. Meet one of Q2's strategic partners – and like-minded collaborators – India-based CloudKaptan Consultancy Services (“CloudKaptan”), an IT Services company specializing in Lending domain, that has done over 50 implementations with Q2 built on Salesforce for customers globally. CloudKaptan is one of Q2’s earliest partners and the largest for its Lending stack. The next-generation company engages with its customers beyond implementation by continuing to provide enhancement and innovation services.

Its founder, CEO & Director Manoj Agarwal said Q2’s company values and superior, fully equipped cloud-based solutions, made Q2 the right partner. “CloudKaptan believes the customer comes first, which aligns with Q2,” he said. That’s what made CloudKaptan comfortable enough to introduce Q2 to a CloudKaptan customer, Prompt Financial Solutions (“Prompt Financial”) in 2018.

Ontario-based Prompt Financial, a digital home lender specializing in second mortgages, was searching for the right cloud-based backbone to streamline some of its then-disjointed and manual processes into a single, unified system. With CloudKaptan leading the implementation, Prompt Financial successfully launched Q2 Lending in just 12 – 14 weeks. Since then, it hasn't just been “mission accomplished,” it's been “the sky's the limit.”

Numbers don't lie.

With a full digital transformation under its belt, Prompt Financial is experiencing a noticeable difference to its bottom line. Notably, growing 20 times in loan volume and 10 times in loan size. Since harnessing Q2 Lending, it’s been blasting past Ontario’s established banks and revolutionizing the way second mortgages in Canada are processed.

Daniel Goldsmith, Prompt Financial’s Reporting Analyst says that before partnering with CloudKaptan and Q2, the organization was constrained by siloed, compartmentalized and sometimes inaccessible data systems. Some departments were using Excel or QuickBooks, while others captured data with pen and paper. Information sharing was needlessly slow.

“Q2 gave us the credibility with our stakeholders that we needed,” Goldsmith said. “When you’re running a pen-and-paper business, that doesn’t help. Building a good business with good suppliers (like Q2 Lending and CloudKaptan), that can integrate with other good suppliers, was very important.”

Today, Prompt Financial is living up to its name with a fast turnaround time of delivering funding within 2-3 days of the application, on average. It has gained an established niche in second mortgages and is becoming Canada’s go-to alternative to financial institutions that operate on their own time schedule and don’t embrace digital channels. 

More than 6,000 brokers are raving.

Using the power of Q2 Lending, Prompt Financial’s speed and ease-of-use for more than 6,000 mortgage brokers means it captures and creates the original application, links with credit services to help determine loan suitability and serves as a customer service database, all in one convenient digital location. The speed and accuracy have enabled Prompt Financial to scale up quickly, with a special focus on serving brokers where they can enter contract information directly into the system and generate documents through the Brokers’ Portal.

“Brokers like to do things on the phone, while they’re on the go or in the car, so this puts the power to close deals faster directly into their hands,” Goldsmith said. “Workflow is one of the biggest improvements. The fact that our entire team can quickly check the status for an underwriter, administrator, customer service representative or anyone else – and that everyone can see exactly where things are in the process – is paramount. In the end, the ability to share verified data with all parties and to know it's verified and credible has changed our business.”

Three companies, one solution.

With the ability to scale and work more efficiently, Prompt Financial’s portfolio size has shot up from 100 managed mortgage loans to 2,000 and has increased exponentially in size. “Because our deals are now 10 times larger, we rely on Q2's accurate auto-decisioning feature, which not only helps us move faster but mitigates default risk,” Goldsmith said. 

“Pulling up-to-date statements is important when someone needs to pay off a mortgage. Now, we can print that out directly from the system. Previously, we had to export it from Excel which took time and expertise. Now, our admin staff can do this with the press of a button, instead of taking a few days. Plus, it no longer requires a secondary review and sign-off.”

Surprisingly flexible.

“The customizability always surprises me. We didn’t always know what we wanted or needed, but it was always handled (by CloudKaptan). The flexibility is incredible. Q2’s ability to address each unique area of our business, and the fact that we can all log in to one place to see real-time, accurate data has changed our business,” Goldsmith says. “We were able to customize the financial solution score immediately and change it at our will. The underwriting calculations are now done instantly for us. That is core to us being able to decide if a deal is approvable.” 

The ability to remain agile has Prompt Financial excelling. “Sometimes, we didn’t even know what we needed. Our team would come to us with an ask, and it wasn’t until we put it into action and found a better solution that we knew what we needed.”

As Prompt Financial takes its business to the next level, its strong relationship with CloudKaptan and Q2 will continue to help it break records. “We’re in a big state of diversifying products right now, from 35 to 50 products, and I expect that to continue to evolve and change. Being able to add 20 new products, all at once, gives us confidence that we’ll be able to continue doing this in the future. We don’t control interest rates or yields, but we do control how we manage around those issues and keep people happy. That’s where Q2 comes in.” 


Written by Q2