Mortgage Peer Network (MPN), based in North Little Rock, Arkansas is a financial services company that provides a holistic, peer-based platform where lenders compare operational metrics and customer satisfaction levels with other members on the MPN network. MPN Members are able to enhance the consumer's borrowing experience by focusing on internal processes that impact the borrower.
Recently, I sat down with Greg Ellis, Managing Partner and co-founder of MPN at The Venture Center to discuss the company, its development and plans for the future.
According to Ellis, MPN emerged from work the company was already doing in business intelligence for the mortgage industry. MPN seeks to provide objective performance metrics for the lending industry as a way to increase customer satisfaction.
The Value of the VC FinTech Accelerator
"Back in December, I read in the local paper about the FinTech Accelerator," said Ellis. "I didn't even know this type of program existed."
Having already built a successful company, Ellis recognized the value of launching the new brand with industry mentorship and support through the collaboration with FIS. "We did it literally the hard way," Ellis said. "We bootstrapped. Customer by customer. And if nothing else comes out of this, I thought I would gain some insights into leadership, branding and how to launch a business the right way."
Mentorship and a Last-Minute Pivot
Right before he pitched to FIS executives and the VC FinTech team for a spot in the Accelerator, Ellis had a mentor session with The Venture Center's Entrepreneur-in-Residence, Lou McAlister.
"Literally two hours before pitching to FIS, I realized that what we were actually providing with MPN was increased customer satisfaction," noted Ellis. "I pivoted the entire presentation and inverted the entire concept at the last minute. It was a risk, but to me, it was so obvious."
The Biggest Benefit So Far
Although the program is only a few weeks in, Ellis identified a couple of things that have been a huge benefit so far.
"There is a tremendous concentration of resources here," Ellis said, "These experts have inroads into networks that we need to connect to in terms of contacts."
In addition to access to key contacts, Ellis noted that the accelerator environment was a key benefit. Having worked from home for several years, Ellis said that the velocity and the intensity of the environment drives momentum and caused him to look for areas in which he could be more effective and efficient.
"I've already made organizational changes in the way my partner and I work together," said Ellis. "We have a standing, 15-minute call at 8 a.m. every morning where we can keep each other accountable for what we were to have done the previous day."
The Value of "Been There, Done That"
Hearing from experienced entrepreneurs like Broadband Development Group CEO, Lou McAlister and others, who have successfully built businesses (and are currently in the process) was another key advantage of the program so far.
"Being able to dissect what they have done successfully and apply it to our experience is invaluable," said Ellis. "We're just trying to mimic what others have done, so having access to that information is key."
For Mortgage Peer Network, this is just the first step. With Greg at the helm and the collaboration provided by FIS and the support of The Venture Center, the future spans bright before MPN.
Don't miss the exciting conclusion to this program. Join us for the VC FinTech Accelerator Demo Day on August 3rd at the Clinton Presidential Center.