Nations Reliable Lending CTO on better tech, faster mortgages

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Reading Time: 3 minutesJoe_DeDominics

Joe DeDominicis wants home buying to be transparent, fast, and painless for both borrowers and the people originating the loan.

The Mission: Take the Nightmare Out of Mortgages

“It’s the largest transaction you’re probably going to make in your life.”

DeDominicis, who serves as both CFO and CTO at Nations Reliable Lending LLC (NRL), has spent over 30 years in nearly every corner of the mortgage business—origination, credit risk, servicing. Now he’s building the technology infrastructure to make the process radically easier.

Where NRL Stands Out

NRL focuses on borrowers who need the most help first-time homebuyers and those who may struggle to qualify. DeDominicis wants the experience to be transparent and straightforward from application to closing.

The Pandemic and a Boom

Founded in 2007 and headquartered in Houston, NRL is licensed in 48 states with 73 branches. In 2020, loan originations doubled from $1.4 billion to $2.8 billion.

A Head Start on Remote Work

NRL’s remote capabilities were tested early. In August 2017, when Hurricane Harvey flooded Houston, employees were already able to work remotely. That foundation helped when COVID-19 hit.

Cutting the Timeline from 40 Days to 8

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Before the 2020 boom, NRL averaged 40 days from application to closing. DeDominicis believes it can, and should, take as few as eight days.

What’s Needed for Speed

  • Quick appraisals
  • Complete financial information from originators
  • Documents signed as soon as they’re available

NRL is currently averaging 27 days, and DeDominicis is pushing further with better analytics, secure documentation transfers, and tight cybersecurity to build borrower trust.

Technology at the Core

A New Point-of-Sale System

If someone wants to apply for a mortgage at 2 a.m., DeDominicis wants them to be able to. The new POS system works across devices, including phones, and helps loan officers collect data and documentation more efficiently.

“We can provide multiple paths for borrowers, presenting them the information before they choose a path.”

Salesforce CRM

NRL doubled its loan volume without adding significant headcount. The new CRM gives loan officers the data they need to handle the increased workload, including:

  • Analytics on third-party lead quality
  • Employee performance tracking
  • Regular updates to borrowers and realtor partners throughout the origination cycle

“From the internal perspective, I’m trying to get data to present it to the people who need it when they need it — no searching, just present it.”

The Compliance Challenge

NRL is subject to federal, state, and local regulations, and is routinely audited sometimes by three states at once. Every piece of technology has to ensure compliance while still speeding things up.

Tailoring Tech for Both Sides

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DeDominicis says balancing the sales and operations sides of mortgage origination is a challenge, made harder by regulatory requirements. But he doesn’t look at ROI alone.

“We always lead with making the right decisions based on ease of doing business and customer satisfaction.”

DeDominicis’s Career Path

From Accounting to Mortgages

The Philadelphia-area native earned his bachelor’s in accounting from the University of Maryland in 1990. By 18, he was already building computers for gaming, a passion he says he “grew up with.”

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His career includes:

  • 1990 — Senior accountant at KPMG
  • 1993 — VP of capital markets accounting at Prudential Home Mortgage
  • 1996 — SVP in risk management at First Union
  • 2002 — Same role at National City Bank, later chief credit officer at its parent company
  • Executive roles at First Franklin Financial Corp., Merrill Lynch subsidiary FFFC, and SN Servicing Corp.
  • May 2017 — Joined NRL as CFO and CTO

His Leadership Philosophy

DeDominicis sees his role as clearing the way for his team to succeed.

“The best thing I can do for the team and the company is to really set them up for success, create the vision, communicate effectively as a group and company.”

He describes his job as an offensive lineman removing obstacles so others can do their best work.

“I view my job as an offensive lineman; clear the path of any obstacles in their way, making sure whatever it is they need to be successful is provided to them.”