HomEase eases the anxiety of home financing by providing quick, user-friendly updates throughout the mortgage process.
MADISON, WI (April 29, 2015) -- Technology has opened the door for new members to apply for loans online but those same applicants are often left in the dark when it comes to "what’s next?". Over the next two months Filene Research Institute, along with twelve credit unions from across the U.S., will test HomEase, a product that helps financial institutions simplify the mortgage process.
“Data has shown that satisfaction-wise credit unions score the lowest with the home mortgage process leaving an opportunity for improvement. We’re testing HomEase in our alpha lab to validate our hypothesis that proactive updates will lead to more satisfied members,” said Andrew Downin, innovation director at Filene.
Originally developed and tested through Filene’s i3 innovation program, HomEase provides timely updates to members during the mortgage process. Similar to a well-known pizza tracker, the prototype sends an email or sms message to applicants, as milestones are complete at the credit union, throughout the loan process.
HomEase represents the first prototype test that Filene has launched in conjunction with D+H. D+H announced a multi-year commitment to become a Chairman's Roundtable Benefactor of Filene Research Institute and exclusive supporter of its innovative alpha lab in August 2014. Through this ongoing relationship, Filene and D+H will collaborate to further test selected Filene i3 concepts in hopes of better meeting the needs of credit unions and their members.
“D+H is proud to sponsor Filene’s Alpha Lab to enable the testing of projects from their i3 innovation program. We continue to look for ways to collaborate with the industry to help our credit union clients grow and provide superior member experience,” said Carrie Russell, executive vice president and chief marketing officer of D+H. Initial tests of the HomEase prototype at Colorado-based Air Academy Federal Union showed a 30% decrease in mortgage-related call volumes.
Credit unions across the U.S. that will test the HomEase prototype include:
Air Academy Federal Credit Union in Colorado Springs, CO.
Alliance Credit Union in San Jose, CA.
CoastHills Credit Union in Lompoc, CA.
Credit Union 1 in Anchorage, AK.
Fort Community Credit Union in Fort Atkinson, WI.
Infinity Federal Credit Union in Portland, ME
Kauai Community Federal Credit Union in Lihue, HI.
NorthCountry Federal Credit Union in South Burlington, VT.
Northern Federal Credit Union in Watertown, NY.
Sandia Laboratory Federal Credit Union in Albuquerque, NM.
Tuscaloosa Credit Union in Tuscaloosa, AL.
University of Illinois Employees Credit Union, Champaign, IL.
Participants commit to using the HomEase prototype with half of their mortgage applications for 2 months. Filene will share the quantitative and qualitative results in a key findings report later this year. Learn more about the HomEase concept at filene.org.
About Filene
Filene Research Institute is an independent, consumer finance think and do tank dedicated to scientific and thoughtful analysis about issues affecting the future of credit unions, retail banking and cooperative finance. Founded over 25 years ago, Filene is a 501(c)(3) nonprofit organization. Nearly 1,000 members make the nonprofit’s research, innovation and impact programs possible