Today’s customers have come to expect a streamlined, digital experience in every aspect of their lives. And they want the mortgage process to be no different. Prosperity Home Mortgage recognized this, seeing the benefit of improving the speed, quality, and efficiency of processes for their customers. However, they were aware of the possibility of disrupting transactions and wanted to ensure that any technology they implemented was thoroughly developed, dependable, and delivered a consistent experience across the board for their customers.
Prosperity Home Mortgage saw that the Desktop Underwriter® (DU®) validation service, part of Day 1 Certainty®, could help them provide their customers with an option for a digital mortgage experience.
"We're always looking at technology from the perspective of how it can make the process easier for our customers," explained Josh Byrom, Vice President of Technology and Business Architecture at Prosperity Home Mortgage. "As a realtor-affiliated purchase lender, we want to take a leading role in making the homebuying journey as simple as it can be. And for us, that centers around the DU validation service, because it eliminates unnecessary documentation requirements right out of the gate."
Prosperity Home Mortgage conducted a pilot program to understand how the DU validation service would affect its processes, employees, and customers. After collecting data and seeing the opportunities the technology provided, they decided to make it available broadly across their organization. Through XLR8 — the expedited mortgage approval process Prosperity Home Mortgage built on top of the DU validation service — they can now offer rapid asset validation while cutting down on time-consuming paperwork. Their team also started using appraisal waivers to reduce time in the application-to-close journey.
"Borrowers making smaller transactions benefit the most from our appraisal waivers," says Byrom. "$500 can make a huge difference to them, so these borrowers see this as a huge steppingstone to getting into that house sooner."
Prosperity Home Mortgage focused on creating training resources to teach their operations staff how to integrate the DU validation service and appraisal waivers into workflows and customer interactions.
"Providing the operations staff with live webinars made them feel comfortable with the technology changes for Day 1 Certainty," explained Rebecca Roy, Business Analyst at Prosperity Home Mortgage.
The staff is now seeing the efficiencies gained.
"With income and assets being validated for the underwriters, they're working with concrete, verified data as opposed to information that they have to go reverify themselves," says Tim Branick, Regional Underwriting Manager at Prosperity Home Mortgage.
Since implementing Day 1 Certainty, 50% of Prosperity Home Mortgage borrowers have used digital asset verification rather than providing bank statement documentation, and it's transforming the process and the landscape for their customers.
Byrom explained, "The first borrower who closed a loan through our XLR8 program literally said that this may have been the easiest thing they'd ever done."
The DU validation service, through XLR8, is delivering the consistent, streamlined, digital experience that Prosperity Home Mortgage wants to provide. The program has created a groundswell of support among employees who love the efficiency it creates and among customers who benefit from its familiar digital simplicity.
* Customer comments are based on their own experiences with Day 1 Certainty. Reductions in cycle times may not be typical.