Improving Customer Experience with Homeowners Financial Group
Author: Eileen Linn, Sr. Customer Marketing and Advocacy Manager, Ellie Mae
Creating a digital mortgage experience for borrowers is a critical opportunity that today’s lenders can’t afford to overlook. Homebuyers have made it clear that it’s time for the home purchasing and mortgage processes to change, and Homeowners Financial Group (HFG) is capitalizing on this opportunity. In 2018, HFG prioritized the adoption of digital mortgage tools that enabled a superior experience for their borrowers and delivered impactful results for their business.
Founded in 2004, HFG is headquartered in Scottsdale, Arizona with over 30 locations nationwide and an annual loan volume of $1.5 billion in 2017. Their team of self-sourcing loan officers (LOs), along with their operational staff, provide lending solutions to their customers for first mortgages, second mortgages, purchases, and refinances. To continue to exceed customer expectations and provide the tools their LOs need to be successful, HFG knew that they needed to create a centralized and secure borrower portal for streamlined LO interaction and document exchange. They ended up selecting the Ellie Mae Encompass ® Digital Lending Platform to meet these new business needs.
With Encompass, HFG enabled a single source of data for their loan origination workflow integrated across both various Ellie Mae products and partner solutions. By leveraging digital mortgage tools such as Encompass Consumer Connect ® , Encompass LO Connect™ , and the Ellie Mae Total Quality Loan ® (TQL®) program, HFG saw overwhelmingly positive results in both cost savings and, more importantly, the experience for both clients and employees.
They saw a 17% increase year over year in the number of online applications received since launching Consumer Connect and LO Connect which they attribute to their configured online application built specifically for their workflow. They also improved their headcount efficiency by 11%, a cost savings of $420,000 annually, with the streamlined origination process. Their LOs now have immediate access to loan files on their mobile device so they can contact clients directly with any additional needs or to simply provide an update. Borrowers can also eSign loan documents and upload them from wherever they are, using any device, making the processes fast and easy.
Through their digital mortgage journey, HFG was able to drive simplicity across their business and exceed customer expectations increasing the likelihood of referrals and returning customers for future mortgage needs. They are advising other lenders to prioritize their own digital mortgage journey and deliver an application process that a first-time homebuyer can easily navigate and understand. HFG has earned an impressive list of awards from notable organizations for their excellence in the mortgage industry and they continue to find innovative ways to deliver an unparalleled customer experience.