From acquisition to acceleration: Proctor Loan Protector’s customer-first culture evolution

On the floor of the expo hall at MBA Annual in Las Vegas, HousingWire’s Allison LaForgia sat down with Mike Dimas, Senior Vice President, and Brian Sommerland, Regional Vice President of Proctor Loan Protector to reflect on the company’s evolution since its 2020 acquisition and to discuss the road ahead.

“The last time we spoke, Damon Laprade did an interview much like this,” Dimas recalled. “He alluded to something big coming — and that big thing was the acquisition of Loan Protector. Brian came from the Proctor side, and I came from the Loan Protector side. We knew there were things in the works; we just weren’t ready to release it yet.”

“We thought there was a big need in the market for an organization to compete on a larger scale. Both Proctor and Loan Protector were great organizations, but combined, we really leapfrogged into a space we weren’t even prepared for. It’s been so exciting for the last five years.”

When asked about technology advancements since the acquisition, Dimas said the progress has been “quite significant.” “When we think about technology and investments into technology, we always think about people, process, and product,” he said. “When you bring two organizations together, you get the best of the best. We took pieces and parts from both, integrated them into our overall solution, and really advanced how we support the market.”

He added that artificial intelligence plays a major role in their innovation strategy. “AI is the topic in many conversations right now. We’re spending a lot of time building things ourselves and finding partners and vendors to integrate into our technology stack,” Dimas said. “We’ve implemented a lot already that’s brought significant value to our clients — but there’s a lot more to come.”

For Sommerland, the payoff of that investment is clear. “Borrowers being able to self-serve their own needs on escrow-related functions like insurance is paramount,” he said. “Through technology, we’ve really shortened the timeframe from ordering an inspection to following up on needed items with the borrower. Being able to serve the borrower better has been woven through everything we do.”

Dimas described how the team approaches innovation: “If you picture a Venn diagram with what’s good for Proctor, what’s good for our clients, and what’s good for the homeowner — we want to be right in the middle. When something bad happens to a homeowner, like during a loss draft, if we can make decisions and investments that ease that process, that’s where we find real value.”

That philosophy has translated into business growth. “Our sales in the last five years have been exponentially higher,” Sommerland said. “We’re seeing tremendous organic growth, and a lot of that’s attributed to the investments we’re making in technology and the ability for borrowers to better serve their own needs.”

Dimas added that the company has expanded its footprint to four servicing centers (Daytona Beach, Cleveland, Troy, and Dallas) and now employs nearly 1,600 teammates. “Growth is wonderful,” he said, “but client retention means we’re doing it right. We’ve maintained 99% year-over-year retention, and we’re proud of that.”

As for what’s next, Dimas echoed the words of Damon Laprade: “If you don’t know who we are yet, you’re going to. Our job is to invest to improve the borrower experience and strengthen client relationships. In five years, we expect to have a much larger client base, a larger footprint, and greater market share.”