Lending

Sales: A Journey, Not a Destination with Finance of America’s Bill Dallas

5 mins read
April 16, 2019
By
Total Expert

Completing the first mortgage transaction with a new customer is an achievement and – what should be – the start of a lifetime relationship.

As much as technology continues to transform the way consumers purchase products and services, people want to do business with people, especially when it comes to making one of the biggest purchases of their lives – buying a home. Consumers look to their loan officers to step into the role of a trusted financial advisor to humanize this complex financial transaction.

It’s natural to be on the lookout for new business opportunities, but increasing customer retention by even five percent can increase a company’s profitability by 75 percent. Clearly, growing existing relationships with your customers is a strategy that pays for both the consumer and the organization.

Hear from Finance of America CEO Bill Dallas and Total Expert Founder and CEO Joe Welu as they examine how the relationship between loan officers and their customers has evolved, the key to earning consumer trust and how to keep customers coming back for life.

Joe Welu: Is it your belief that … let me just not speculate, what is your belief the future of the loan officer looks like?

Bill Dallas: So the vision is that they sell multiple products at the point of sale. So, I think what you do, is you take your loyalty program, and your rewards program, you say to the customer, “This is a closing, but it’s our opening, so we’re opening a relationship with you today.”

Joe Welu: It’s the beginning of the journey.

Bill Dallas: It is!

Joe Welu: Not the destination.

Bill Dallas: And why should they come back to you, right? It can’t be product driven. You can’t just say, “Hey, I’ll give you a personal loan, knock you head over, do a student loan.” I mean, we can try all those things. So, I would ask you: if you were looking at the household balance sheet today, and you’ve got product, mortgage is one, mortgage is a … we have no idea when they’re gonna borrow ever again, right? And we don’t know if they can take cash out, and we’ve sold the servicing, generally speaking, right? People do retain it.

Bill Dallas: So how do we sell the transaction, keep the customer? So, my view is, you first welcome them, you tell them the servicing being sold, you tell them why you sold it, you ask for a survey on how we did, and you give them a loyalty packet. And if you read my last article on LinkedIn, I think we’re trying to make them debt advisors. I took that same piece of just saying if you took private banking at Wells Fargo and you looked at all of those people who are whacking at trying to disintermediate Wells, consumers are lost. I think we want a relationship.

Joe Welu: They want a central partner.

Bill Dallas: So how do I know I get a best price? And the only thing I figured out with the internet, ubiquitous, and all this information that’s out there, is: consumers are, when they choose their affinity, or their groups that they love, then they are making a bet on what they trust. And, my view of this is it’s all about trust. So, how can we build trust in our loan officer with the consumer portal? It’s easy! This is your portal, I’m helping you for the rest of your life, because buying a home, you either sink or swim, right? Most people, over time. So you need to learn to manage the amortization, you need to know how to manage the rest of your debt, and you’ll be worth what you owe in good debt in ten years – or not.

Joe Welu: So you’re focusing on some of the education piece.

Bill Dallas: Just staying connected and look at them, because they disintermediated banking, they have a car loan over here, they’ve got a personal loan there, they’ve got this. Whoa dude, you are impaling yourself on credit! So, what are loan officers good at? Managing credit, and getting them to improve their credit score, and they’re also good at DTI Management, right? They get a person on. They grab all this stuff, and they try to say, “Here, underwriter, what do you think?” And I think the challenge in what I’ve learned about mortgages, it’s mostly a conversation with the customer of who they trust.

Bill Dallas: So, we’re sort of going Angie’s List versus ‘go to the internet and just get your deal,’ right? So, how do we become the Angie’s List, where they come to us and say, “We trust this.” Because, really, it’s going to be for Finance of America, or all of us from a brand perspective, we have to orchestrate this brand through our trusted advisors who are at the point of sale.

Joe Welu: So you believe it’s still going to be important to have that human being in the community that can interact with the consumer.

Bill Dallas: I do. And I think trying to get rid of the Realtor and get rid of these people, and all of that stuff, everybody’s died trying to do that.

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Joe also explains why the human element remains central to homeownership, and how AI is designed not to replace loan officers, but to free them up for more meaningful conversations that strengthen customer trust and drive long-term loyalty.

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AI is no longer a future state—it’s already here, embedded in everything from ride-sharing apps and food service to factories and farms. In the world of financial services, though, this ubiquity comes with pressure to integrate AI fast, appear innovative, and keep up with competitors—all while being mindful of evolving federal and state compliance requirements. Moving fast without a plan or awareness of up and downstream implications often leads to AI-enabled solutions that either underdeliver or don’t deliver at all.

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Where enterprise AI goes wrong

Too many financial services leaders have experienced what I call “AI failure to launch (and scale).” They’ve rushed to try unintegrated AI-enable offerings and bolt on AI tools—often generalist chatbots, white-labeled versions of generative tools, and/or hooking up to MCP servers—without a clear sense of how these tools will solve their business problems or add potential risk. The result? The occasional value-add result. However, what we see more is poor user adoption, wasted spend, and limited impact.

This is the same trap we saw with “digital transformation” a decade ago, or the original horizontal SaaS applications that evolved or were replaced by vertical-specific solutions. AI-enabled solutions offer tremendous, generational promise but they risk becoming vanity-first, value-later tools. We are focused on the former.

AI that thinks and adapts: Welcome to agentic AI

Let’s make one thing clear: not all AI is created equal.  

Chatbots have been commonplace in financial services for a decade now, but remain rigid, rule-based tools that handle repetitive tasks.  I’ve worked with “AI” services for more than 15 years and each had their own place and potential when used properly. Herein lies the opportunity. Modern lenders that are focused on retaining and growing their customers in an ultra-competitive market need something more dynamic. Enter AI agents that can understand context, adapt on the fly, and speak in a human-like way. These agents are coachable, brand-aware, and learn from every interaction. They don’t follow scripts—they think in real time. And when built correctly, they become a seamless part of your customer experience.

This is the evolution from AI as a support function to AI as a trusted team member.

Total Expert recently launched an AI Sales Assistant that puts this principle into action. It functions as a scalable, intelligent teammate—able to engage leads, deliver personalized conversations, and identify high-potential opportunities—all while staying aligned with your brand voice and compliance requirements. It’s not a chatbot bolted onto a CRM—it’s a fully integrated AI-enabled solution, utilizing data, embedding within workflow orchestration, and playing nice with application logic because it has the necessary context to work within your lending ecosystem.

The real “why” behind AI adoption

Before choosing any AI solution, or any technology solution, financial services firms must ask themselves: What business problem are we solving?

For example, when mortgage rates dropped for a few weeks in September 2024, our customer intelligence capabilities identified nearly $2 billion in immediate refinance opportunities. But no team of loan officers could scale quickly enough to reach every qualified lead. That’s where AI tools prove invaluable—automating first-touch outreach at scale, surfacing the best opportunities, and empowering human teams to scale up execution to drive retention and growth.

Why embedded beats bolted-on

The types of AI-enabled solutions we are talking about can’t function effectively in isolation. Without access to timely and accurate customer data, and invoked within a specific workflow process, it can’t personalize interactions, anticipate needs, or drive conversions at the right time.

Picture an AI assistant offering a refinance to a customer, only to stall when asked for more details. If it doesn’t know the customer’s current rate or financial profile, the experience feels hollow. That’s not just ineffective—it damages trust.

By contrast, when AI-enabled solutions are embedded within a unified customer experience platform like Total Expert, it draws on a 360-degree view of the customer. It knows the data, understands the history, and delivers contextually rich conversations that convert.

This is why we’re designing our AI capabilities with a focus on the unique needs of financial services organizations. The same purpose-built approach has earned the Total Expert platform its unmatched reputation for usability and time to value.

Generalist AI offerings can be a gamble that increase costs—and time to value

Implementing AI that’s not purpose-built for financial services introduces two major risks:

1. Usability failure: Your team must spend months customizing and configuring a generalist AI tool to make it work for your specific needs—if it will ever work at all. For example, imagine you’re a loan officer and one of your referral partners introduces you to a borrower. Now, you have to choose the best way to approach the first conversation with this borrower. There are countless permutations of questions and answers which all require deep personalization, compliance awareness, and consistent representation of the sales processes and brand tone of the lender. Generalist AIs will quickly reach their limitations in these complex use cases.

An industry-focused AI offering will be trained on this specific use case and provided with the context needed to hold a dynamic conversation with the borrower. This type of AI learns and adapts with each interaction, performing the most time-consuming tasks so you don’t have to.    

2. Compliance risk: Without built-in industry guardrails, you’re gambling with regulatory violations and brand safety.  As we know, the compliance landscape for financial services is broad and evolving at the federal and state level.  Look for AI offerings that are regulatory aware and enable you to configure them based on your organization’s risk tolerance and interpretations.

Lenders don’t need more tools—they need the right tools—ones that work out of the box, understand industry nuances, and deliver immediate, compliant value.

Ask these questions before you commit to an AI offering  

To maximize the probability of success, here’s a quick checklist for vetting solutions:

  • Can it solve a real, high-value business problem, and how? Review specific examples and ask to speak with other organizations that have implemented the tool.
  • Does it function as a true AI agent, not a static bot?
  • Can it be deeply integrated into your core system(s), workflow orchestration, and data?
  • Does it include financial industry compliance and brand guardrails?
  • Can it scale without sacrificing quality or regulatory integrity?

Building the future with purpose-built AI

Total Expert has always designed technology with financial services in mind, and our approach to utilizing AI is no different. We’re not chasing hype. We’re solving problems.

Our focus on AI isn’t simply building standalone features—it’s about embedded, intelligent, and deeply integrated AI solutions. It’s helping lenders scale smarter, engage more meaningfully, and turn data into action. Our AI Sales Assistant is just the beginning—an example of how purpose-built, AI-enabled solutions can solve real problems and deliver tangible value. We are already testing and exploring other AI-enabled solutions and I could not be more excited about the current and potential value our clients and our market will achieve.

Because when AI works, it’s not just impressive—it’s indispensable.

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