nCino’s Mortgage Point of Sale Solution Gets a New Capability and a New Customer

§ 01 Executive Snapshot

• What: nCino announces a new partnership with Cornerstone First Mortgage and introduces a new capability for its Mortgage Point of Sale solution.
• Who: nCino, Cornerstone First Mortgage
• Why it matters: The partnership aims to enhance the customer experience and streamline the lending process, reflecting the ongoing evolution in digital banking solutions.

§ 02 Key Developments

• nCino has partnered with Cornerstone First Mortgage, a full-service mortgage bank based in San Diego, California.
• The new capability, LeadGen PreQual, allows borrowers to receive a credit-backed prequalification letter before completing a loan application.
• Cornerstone First Mortgage operates in 49 states through a network of 130 branches and has doubled in size twice over the past three years.

§ 03 Strategic Context

• nCino's Mortgage Point of Sale solution is designed to support the branch-based model of mortgage banks while ensuring a consistent borrower experience.
• The introduction of LeadGen PreQual addresses a common pain point in the mortgage process, where borrowers often abandon applications due to a lack of immediate eligibility information.

§ 04 Strategic Implications

• The partnership with Cornerstone is expected to enhance nCino's market presence and showcase its capabilities in improving the mortgage lending experience.
• The LeadGen PreQual feature could lead to increased borrower engagement and satisfaction, potentially reducing abandonment rates in the application process.

§ 05 Risks & Constraints

• Potential risks include competition from other mortgage technology providers that may also enhance their offerings to attract similar clients.
• Execution challenges might arise if the integration of new capabilities does not meet the expectations of Cornerstone and its customers.

§ 06 Watchlist / Forward Signals

• Key milestones to watch include the rollout timeline for the LeadGen PreQual capability and any metrics related to its adoption by Cornerstone's borrower base.
• Future developments that will signal success include improvements in borrower satisfaction rates and reductions in application abandonment rates for Cornerstone First Mortgage.