On today’s CTO Studio we dive into the gig economy, and building product roadmaps with clients and customers in mind (including what to do and what not to do).
We are once again joined by three guests. Talking about gig economy and product roadmaps is Vidya Dinamani who founded Product Rebels and AdAstra. With her is Eric Lawler, the CTO of Lawn Love and Previos, and also Kamel Boulos who is the CTO of Closing Corp.
We also cover the origins behind our guests’ companies and how they’ve evolved since their inception. Join us to hear all of the great content on this edition of CTO Studio.
In this episode, you’ll hear:
- What percentage of the mortgage lenders use Closing Corp? (7:10)
- How did the Y Combinator experience help Lawn Love grow? (16:40)
- What two questions do they start with at AdAstra? (31:40)
- How do you know if you are giving people something they actually want? (34:30)
- Should you have a pre-planned product roadmap? (46:50)
- And so much more!
Today’s episode of CTO Studio starts with Kamel telling us about Closing Corp and being their CTO. Closing Corp is a data and technology company that provides services to mortgage lenders (think banks, credit unions, non-bank mortgage lenders, etc.); they have been around for nearly a decade.
Specifically they provide fees for their lenders who use those fees as part of the mortgage transaction. Closing costs would be data they provide to their clients. In terms of growth they aren’t a startup, they are more like in their early stages. The last few years have brought them terrific growth, which continues today.
I was curious about their market utilization: are there many data companies like them? Or are there very established, “old money” type businesses?
They have roughly about 22% marketshare. They are the largest provider of this service, and there aren’t that many providers. The company they consider to be their next competitor has about 10% and there are about two or three that have 1% or 2%. Their main competition comes from lenders doing it themselves in-house. But when they come to Closing Corp and compare doing it themselves versus using Closing Corp it is a no-brainer to go with Closing Corp.
And their client list speaks to that fact: over 20 of the top 25 lenders in the country are their customers, which means 1 out of every 5 mortgages or refinanced mortgages are going through Closing Corp. As far as being the CTO, it’s extremely exciting on the technical side. Since he joined Closing Corp it has been growing upwards of 300%.
Ensuring their platform performs and scales well has been exciting. They have over 10 million actual calls hit their platform because every loan file calls multiple times. It’s critical their platform can handle that level of volume, it must scale well and perform well with acceptable response times.