Congratulations to the 2021 ICE Mortgage Technology Innovation Award Winners
We love to see how lenders utilize ICE Mortgage Technology solutions and have created the Innovation Awards to recognize lenders that have truly made the magic happen for their businesses and customers. To say that the year 2020 had some special circumstances would be an understatement – with a major refinance boom and a tragic global pandemic to contend with, mortgage leaders really had to lean into automation, consumer engagement tactics and data-driven insights to excel. A select few lenders took extra measures to stand out, and we are proud to recognize them as our 2021 Innovation Award Winners.
Each of these organizations used ICE Mortgage Technology solutions in revolutionary ways to improve the digital mortgage experience, and we are honored to present them to you:
Process Innovation Award Winner – Paramount Residential Mortgage Group
This award recognizes lenders who have harnessed the power of machine learning to create innovative processes and more efficient predictive models. To accommodate ever-increasing loan volume and enhance broker service levels, Paramount Residential Mortgage Group (PRMG) embraced digital transformation by creating a “Path to Pivot” toward consumer-facing activities and modern lending technology with efficient automation and self-service options to facilitate increased demand. They also wanted to explore robotic process automation (RPA) to gain efficiencies and improve the scalability of their operations. Using RPA technology, Encompass®, and AIQ™ by ICE Mortgage Technology, PRMG has, thus far, automated six different processes supporting lending operations, including disclosure retrieval, intent to proceed, disclosure delivery to brokers, loan servicing onboarding and remittance processing. These new processes require zero human intervention, ensuring time and cost savings. By automating these processes, PRMG projected savings of nearly $1.2M within 36 months, with significant savings realized in just three months of implementing the program. Since implementation, PRMG has determined that these initiatives are returning $6 in annual savings for every $1 up-front investment.
Outstanding Consumer Engagement Award Winner - Loanpal
This award recognizes lenders who have empowered their staff to deliver an exemplary homebuyer experience, while driving efficiency. Loanpal partnered with ICE Mortgage Technology Consulting Partner, SDP Solutions to develop an integrated solution that allowed Velocify® to manage incoming leads, while incorporating Encompass loan workflow and follow-up processes. Together, they pushed the envelope of this technology to develop extensive reporting capabilities using near real-time data. This helped Loanpal improve contact attempt strategies, in-pipeline communications, prioritization and management of locked loans, cross-team sales practices, and final dispositions. As a result, Loanpal improved one of its conversion metrics by an estimated 32%, increased satisfaction and teamwork scores by approximately 75%, and improved the closing ratio of loans previously kicked out of their pipeline by up to 23%. They also saved an estimated 6,000 sales-hours of work, leading to a 20% increase in new lead intake.
Inspired Workflow Automation Award Winner – First Technology Federal Credit Union
This award recognizes lenders who have created better internal processes and experienced improved profitability through technology-driven workflow automation. First Technology Federal Credit Union (FTFCU) was looking to replace their existing loan origination system (LOS), with a focus on improving productivity, compliance, and pipeline visibility, while reducing costs and removing workarounds from their old system. They partnered with ICE Mortgage Technology and completed a comprehensive Encompass implementation in 10 months. This represented the first time FTFCU had accomplished a project of this size, and they did so on time, and on budget. They experienced near-immediate results, including a decrease in TILA-RESPA Integrated Disclosure (TRID) tolerance cures, significantly more robust reporting, and greater automation related to the Home Mortgage Disclosure Act (HMDA) and general business rules. The cumulative effect of these improvements created better safety nets for FTFCU to deliver higher quality loans, create streamlined workflows, automate member communications, and increased loans per FTE. As a result, 2020 proved to be FTFCU’s highest funding year, with $3.589B funded through December 2020.
Operational Excellence Award Winner – Wyndham Capital Mortgage
This award recognizes lenders who have utilized automation technology to improve operational efficiencies and drive revenue. Wyndham Capital Mortgage (WCM) was on a mission to enhance their operational efficiencies by automating previously manual processes, including their internal loan assignments and borrower communications. They turned to ICE Mortgage Technology to leverage Encompass APIs, SDK and third-party APIs to develop a Dynamic Auto Assigner tool, and integrate their point-of-sale (POS) system. The Dynamic Auto Assigner tool enabled WCM to remove all labor, ambiguity, and delays from loan assignments. In turn, the POS integration increased pull-through, LO connections, and operational productivity. These benefits contributed to greater process automation for team-to-team loan assignments and general borrower communications, including loan requirements, statuses, and updates. As a result, WCM’s Q2-2020 loans per production FTE was 4.5, compared to the MBA-reported average of 2.8. And their Q2-2020 average cost per loan was $6,732, compared to the MBA-reported average of $8,057.
Best Use of Data Award Winner – Lakeview Loan Servicing
This award recognizes lenders who are leveraging data to better reach customers and navigate the changing mortgage landscape. As a large financial services entity, excellent customer service is always a priority for Lakeview Loan Servicing. In an effort to improve customer satisfaction, Lakeview created a series of routines to populate data within Encompass and improve the application process. As a result, borrowers now spend significantly less time completing loan applications, and Lakeview has experienced better data quality and higher customer satisfaction scores.
Lenders’ Choice for Innovative Service Provider Award Winner – Finicity
This award recognizes partners within our network who are raising the bar to develop innovative solutions to help our mutual customers succeed. While on the journey to achieve their goal of no paper documents being shared from the initial application to eClose, Waterstone Mortgage Corporation found true partnership with Finicity. Not only did Finicity’s digital asset verification platform have the features Waterstone was looking for, but the Fincity team also listened to feedback and worked to ensure that the product met Waterstone’s unique needs. After a limited trial in six branches, Waterstone quickly expanded the roll-out of the Finicity platform to loan originators at all of their locations. Key to the success of this partnership was the integration of the Encompass LOS and Encompass Consumer Connect® solutions. As a result of this partnership, Finicity enabled Waterstone to experience a 10-15% monthly boost in digital verifications. This provided asset data sooner in the origination process, saved loan originators’ time, and simplified the entire borrower experience.
Want to hear more customer stories?
Join us at Experience 2021, open until March 26, to connect with fellow lenders and learn how they are using the ICE Mortgage Technology Platform to accelerate their business.