- Business Rules
Automation & Technology
Improving the Customer Experience with George Mason Mortgage
Author: Eileen Linn, Sr. Customer Marketing and Advocacy Manager, Ellie Mae
According to Fannie Mae’s 2018 Mortgage Lender Sentiment Survey, only 39% of borrowers felt satisfied with their mortgage lender last year. To meet today’s borrower expectations, lenders need to deliver both a high-tech and human touch borrower experience and this is exactly what George Mason Mortgage (GMM) set out to do last year. Their unique journey led to them getting recognized with the 2019 Ellie Mae Hall of Fame Award for Digital Mortgage Excellence honoring them for creating a complete digital mortgage experience that delivered significant results and ROI.
GMM is a full-service retail mortgage company that has been helping borrowers meet their mortgage needs in the Mid-Atlantic region since its founding in 1980. And in 2018, they set out to deliver a borrower experience that was a hybrid of the traditional retail mortgage qualifying processes and online methodology.
They kicked off this project by identifying several critical features their new Point-of-Sale (POS) solution would need to deliver:
- An easy and engaging interview-style online application for consumers
- A highly secure online portal to share needs lists, collect documents, and deliver disclosures
- System automations to increase operational workflow efficiencies
- Private label and customization capabilities to meet their unique workflow needs
With these must-have features identified, they selected two products for beta testing – one of which was Encompass Consumer Connect®. After reviewing a side-by-side, product-by-feature matrix between the two they decided to pilot Encompass Consumer Connect. Once they confirmed that the core areas of functionality met with the original project objectives, they launched a company-wide release in June, 2018.
The key differentiators that ultimately led to GMM selecting Encompass Consumer Connect included the prompt, technical support they received from the Ellie Mae team, as well as a few specific product features. First, the website builder tool made it easy to customize and brand their borrower portal and landing page. Second, the dynamic loan application workflow enabled the fast resolution of complex problems and eliminated false-positive applications. And lastly, the customizable loan application form allowed fields to be required or hidden, and borrowers to view the progress of their application.
After the implementation of Encompass Consumer Connect, GMM reported significant improvements in their key performance indicators (KPIs) including:
- Cost reduction: Encompass Consumer Connect could be deployed utilizing their current compliant workflow and supporting staff.
- Reduced turn times: They saw a sustained two-day reduction in turn time that led to a projected savings of $748K within the first year alone.
- Increased adoption of the online application process: After deploying Encompass Consumer Connect, their online application usage increased by 12%.
- Improved Net Promoter Score (NPS): The calculated NPS score with Encompass Consumer Connect is 83% to-date, which is 20 points higher than the competition.
GMM partnered with Ellie Mae to deliver consistency in their user experience, loan officer workflow, and integration with their core loan origination solution (LOS). They believe that having empathy with your customers will guide you to the best possible solution in the digital space, and for GMM, that choice was Encompass Consumer Connect.