Jan 26 2016
Enhancing Member Communications Throughout Mortgage Underwriting
Increasingly, the presence of a mortgage is a key indicator of primary financial institution status for credit unions. NPS, when measured across a wide variety of credit unions, is lowest for members who have just completed a mortgage.
In 2013, a Filene i3 team built a rapid prototype to give members mortgage underwriting updates at key milestones and tested over six weeks. The team found that the average number of inbound mortgage-related calls declined and nearly half of the applicants used the tool. Intrigued, Filene selected HomEase for further testing in our Prototype Lab.
This Innovation Brief highlights our key findings from the HomEase Prototype test including:
- 74% of all members opened at least one step of the process, indicating members desire to
- While member satisfaction was lower for those who used HomEase, satisfaction should improve with the ability to customize milestones and alerts
- Integration with the loan originations system will eliminate manual work and risk of errors by employees
Please let us know if you are interested in testing the next iteration of HomEase by filling out this form.