Peter Previte, VP at MidCap Advisors interviews Howard Conyack, Founder of LoanLogics.
I sat down with Howard Conyack, the Chairman and Founder of LoanLogics to talk about his addition to the MidCap team as a strategic advisor and progress of his company.
Pete: Hi Howard. You've recently joined the MidCap team as a strategic advisor. What brought you to this opportunity?
Howard: Well, MidCap was absolutely instrumental in helping our company raise growth capital back in 2013 and since then I’ve built a strong relationship with one of the partners, Doug Hendrickson and the MidCap team. Over the last few years, most of our conversations were focused on our progress at LoanLogics and the Software and FinTech space. The professionals at MidCap are experts at maximizing results. I’m a testament to that. They accomplish these results by thoroughly understanding their clients and their operations. With technology permeating and affecting almost every business, Doug asked if I would like to be an advisor to the firm to help review prospective deals and make recommendations to improve client successes.
Pete: How will you be working with the MidCap team?
Howard: I started my career in investment banking back in the eighties and enjoyed taking many companies public. However, over the last 15 years, while building LoanLogics from the first customer to a much larger company, I’ve been involved in every aspect of the organization including product innovation and development, sales and marketing, and operations that covered from finance and accounting to client support and implementation. With my passion for technology innovation, I’m spending most of my time at LoanLogics scoping and designing technology that can make a difference, i.e move the needle, building disruptive platforms. I’d like to leverage that experience to help MidCap’s clients in my areas of expertise.
Pete: What was your personal experience working with MidCap?
Howard: Our capital raise engagement was very complicated. It had many moving parts and involved multiple parties, including a merger between NYLX and Aklero to form LoanLogics. Achieving our goals required a banker that could help us with strategy and execution, and as our lead advisor, Doug was terrific in coordinating and negotiating with two boards of directors and our investor Volition Capital. He leveraged multiple people on his team to ensure we were able to move the process along quickly and efficiently, keeping everyone informed. Doug has since indicated to me that it was one of the most difficult deals he’s been involved with, so I’m very appreciative of his efforts.
Pete: You mentioned Volition Capital as your investor. How have things worked out with them?
Howard: Volition has been a terrific investor. Roger Hurwitz, one of the firm’s managing partners, has been a member of our board since their investment, and his expertise has been extremely beneficial for advice on follow on investment and corporate strategy. This is another positive outcome from working with MidCap, as they’ve shown the ability to find the right investor for our growth aspirations and culture.
Pete: How are you meeting those growth aspirations?
Howard: Our solutions create efficiencies and cost savings in the mortgage process, as well as help meet existing and new government compliance and loan quality guidelines. I’m currently focused on delivering the next generation of our loan quality platform that will automate more aspects of the auditor’s and underwriter’s manual tasks and calculations. The market is moving loan quality “in line” with the manufacturing process and we are going to meet that market need with a game changing solution.
Pete: That really sounds great. One of my personal interests is innovation, and how to increase the probability of meeting unmet needs in the marketplace. How do you work with clients to ensure you are meeting their needs?
Howard: In the mortgage space, so much of the process has been manual, inefficient and susceptible to errors. So, looking at all of the steps in the job map, we have been able to identify areas that can be streamlined with technology. Leveraging strong customer relationships, we ask for feedback on proposed functionality and user interface designs, and can gauge if we are on track or if we need to make some tweaks. It’s worked out well so far.
Pete: I would agree that understanding customer needs and getting their feedback early in the process is a good strategy. Well, I really appreciate your time today and we are looking forward to having you join as an advisor on the MidCap team and leveraging your expertise for our clients.
Howard: Thank you. I’m excited to join MidCap as an advisor and looking forward to helping clients any way I can.
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