The Ledger
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LBA Ware has zero churn and zero failed implementations
“Our best stat, Nathan, is we've never lost a client and we've never had a failed implementation.”
LBA Ware is cash-flow positive and will not raise venture capital
“So we're not planning to take money, you know, at this point because we've, we are cashflow positive and you know, plan to increase, increase that.”
Brewer predicts 2019 will be a hotbed for mortgage industry M&A
“This year is, is going to be a hotbed of merger and acquisition activity.”
Brewer would reject a $10M buyout offer for LBA Ware
“No. ... I think we have far more value than that.”
Dodd-Frank prohibits mortgage loan commissions based on product revenue
“After 2008 and nine, there are laws within Dodd-Frank that they can only pay in certain ways. They can't pay on the revenue of the product, but they can pay on the production of the product.”
LBA Ware annual contracts average around $40,000
“In general we're selling annual contracts and general annual revenue, our general price point is about 40 K.”
LBA Ware usage fees range from $3 to $10 per funded loan
“Per loan fee, we're very cheap on average. Again, depending on the size of the lender, but between three up to 10 dollars a loan.”
LBA Ware targets a TAM of around 5,000 mortgage lenders
“There are really only, you know, let's call it 5000 companies out there that we could potentially sell to.”
LBA Ware spends $20,000 to $25,000 to acquire a new lender
“So probably in the neighborhood of 20, 25.”
LBA Ware takes over a year to break even on new clients
“The first year we're not making any money on that client because of resources that we extend for, you know, customization, ensuring that we migrate all their plans. It's, So yeah, I would say it's at least a year before we're making money.”
LBA Ware has processed over $2 billion in lifetime mortgage commissions
“The piece we're dealing with are those commissions and over the lifetime of the product where we have t-shirts now they have three commas because we exceeded a billion dollars in the commissions that we calculated. And we just this month went over two billion.”
MBA report: Mortgage lenders are losing money on the average loan
“The Mortgage Bankers Association last quarter Released a report that said on average lenders were losing money on every loan, on average”