At StreamLoan, we know how essential having a digital mortgage origination process is for lenders to provide a best-in-class customer experience. Just as lenders provide faster, more efficient services, borrowers are also demanding equally impactful experiences.
Even as the refinance market remains strong, customer retention is at an all-time low. According to a recent report by Black Knight, mortgage servicers retained just 18% of the estimated 2.8M homeowners who refinanced in the last quarter of 2020. Streamlining the mortgage process to increase borrower satisfaction, speed up cycle-time, and reduce risk and errors through automation is vital in today’s competitive landscape. In this article, we’re celebrating three mortgage lenders that are killing the digital mortgage origination process.
1 Finance Factors: A Single Sales & Origination Workbench to Better Serve Customers
Finance Factors is Hawaii’s largest locally-owned depository. They’ve been helping generations of families realize their financial and home buying goals for over 68 years. How does an institution stay so successful for so long? They provide an amazing customer experience, collaborate with partners, and unlock efficiency gains — all with the help of StreamLoan!
“The most important thing is providing a really good customer experience and StreamLoan does that for both our end-borrowers as well as our realtor referral partners,” said Rob Nelson, President of Finance Factors. “There are a lot of great collaboration capabilities that enable the loan officer to collaborate with the real estate agent and the borrower in a seamless way.” His team of loan officers use StreamLoan as a total funnel solution, from lead management all the way to clear to close. StreamLoan empowers them to be more productive and provide superior, personalized service.
Using the StreamLoan point of sale solution, Finance Factors’ loan officers have seamless access to all their data. There is no more logging into multiple systems to service each lead or borrower, which means no more putting themselves at risk of making errors or processing loans inefficiently. “The software enables us to be more productive and help more families in need with their financing needs,” said Nelson. “If a loan officer is out in the field interacting with a borrower or a potential lead, they have all the information at their fingertips in a way that is very accessible.”
With StreamLoan, Finance Factors’ loan officers are better equipped to engage with borrowers and leads than ever before.
2 Altitude Home Loans: Capturing a Younger Audience through Automation
Headquartered in Tucson, Arizona with multiple branches in the area, Altitude Home Loans is changing the home lending landscape. Today, that means reaching and engaging with a younger segmen of homebuyers. According to the National Association of REALTORS, millennial homebuyers are the fastest-growing segment today, with 82% of millennial buyers purchasing their first home. But how do you connect with and convert this emerging generation of homebuyers?
It starts by facilitating a fast and accessible home buying process. “Younger borrowers are more interested in accessing services at their convenience and not necessarily when our LO’s are available to them,” said Raghu Nandan, EVP & General Counsel of Altitude Home Loans. That’s why having a mobile-first and responsive web platform that automates lead management, CRM and the rest of the mortgage origination process is key for lenders. “The engagement that StreamLoan offers with multi-party chat with multi-language support and marketing options is definitely something we will be leveraging as we grow,” added Nandan. “StreamLoan offers the ability to have multiple channels within that platform.”
StreamLoan provides an average increase of 30% in borrower satisfaction and a 17% improvement in cycle time allowing lenders to uncover huge cost savings. Automating activities such as responding to borrower inquiries and deploying marketing campaigns has helped Altitude Home Loans reduce their expenses and achieve their business objectives. “When we look at the cost savings that we would achieve by deploying this, and the productivity that we would achieve by deploying a platform that automates a lot of the simple data input, we are excited about the growth that we can achieve with StreamLoan,” said Nandan.
Empowering your loan officers with StreamLoan affords you the best automation tools that allow you to reach and convert new audience segments so you can grow your business exponentially.
3 Progressive Insurance: Integrating HomeOwners’ Insurance Quoting into Digital Mortgage Process
Although not a mortgage lender, Progressive Insurance is a great example of an industry giant quickly adapting and responding to consumer needs when it comes to the homebuying experience. "Ease, mobility and speed are what customers expect," said Tammy Loucks, Progressive's Business Leader of Direct Quoting, in a news release.
To meet these expectations, Progressive partnered with StreamLoan. Now, homebuyers and homeowners who use Streamloan’s digital mortgage platform can get instant quotes for homeowners’ insurance from multiple insurers, including Progressive. The StreamLoan platform calculates quotes based on data residing in the platform to provide multiple options, empowering customers to find the best coverage for them. "Offering homeowners quotes with one click right at the point in the mortgage process where borrowers need to enter insurance information is a great example of how we're making sure our customer experience is best-in-class,” said Loucks.
This integration between StreamLoan and Progressive represents an industry shift to seek out and capitalize on opportunities to better serve borrowers. Finding homeowners’ insurance is one of many tasks that borrowers must juggle during the mortgage process, and this integration helps customers save time and achieve peace of mind.
Meet the StreamLoan Solution
Looking for a more effective digital mortgage origination process? StreamLoan helps mortgage lenders attract more applicants, provide a better consumer experience, and automates collaboration among lenders, borrowers, real estate agents, and other counterparties.
StreamLoan offers mortgage lenders a private-label app delivered as a mobile-first and fully responsive web, B2B SaaS workflow platform to automate the end-to-end process. Learn how our platform can drive value to your top and bottom lines by requesting a demo today.