Accenture Mortgage Cadence. The Digital Mortgage. CUNA Lending Council 2015

Transcription

1 Accenture Mortgage Cadence The Digital Mortgage CUNA Lending Council 2015

2 BECU and Accenture Mortgage Cadence Overview About BECU 2015 volume on pace for >$1.2B First eclosing in 2008 Lend in 8 states with 146 FTEs What s Improved? Member experience Settlement agent convenience Investor delivery Audit/Exams speed 51% of refinances are eclosing Copyright 2015 Accenture All rights reserved. 2

3 BECU and Accenture Mortgage Cadence Overview About Accenture Mortgage Cadence EST Serving over 150 Lenders >600 indirect credit union customers AMC Vision: Providing the last lending solution customers will ever need through a commitment to partnership, service and technological innovation Copyright 2015 Accenture All rights reserved. 3

4 The Digital Mortgage Completely paperless, fully electronic mortgage loan Education Application Validation Verifications Facilitation Execution Dissemination Copyright 2015 Accenture All rights reserved. 4

5 The Mortgage vs The Digital Mortgage The numbers 1): Total Sheets of? 85 2): Number of Signatures Needed? 24 3): Time Needed to Complete? 69 (minutes)

6 The Mortgage vs The Digital Mortgage The numbers 1): Total Sheets of? 0 2): Number of Signatures Needed? 0 (click sign) 3): Time Needed to Complete? 4.58 (minutes)

7 The Digital Mortgage vs Mortgage Benefits Lower origination costs Better member experience A differentiating factor in a crowded market Copyright 2015 Accenture All rights reserved. 7

8 CFPB eclose Pilot Close vs. Base eclose vs Advanced eclose 1. Increased Efficiency 2. Better understanding of closing process 3. Greater perceived empowerment Copyright 2015 Accenture All rights reserved. 8

9 CFPB eclose Pilot Results eclosing borrowers had higher scores than paper borrowers on key outcomes Perceived Empowerment 15% Net positive score Base/Adv e Perceived Understanding 7% Net positive score Base/Adv e Actual Knowledge Quiz 7% correct Base/Adv e 44% 47% Perceived Efficiency 17% Net positive score Base/Adv e Copyright 2015 Accenture All rights reserved. 9

10 vs. eclosing for First-time Homebuyers Results Perceived Empowerment 47% Net positive score Base/Adv e Perceived Understanding 8% Net positive score Base/Adv e Actual Knowledge Quiz 24% correct Base/Adv e 38% 47% Perceived Efficiency 23% Net positive score Base/Adv e Note: Within first-time buyers, n=23 for base/advanced eclosing (First-time homebuyers only) Copyright 2015 Accenture All rights reserved. 10

11 CFPB eclose Pilot Results Closing meeting was shorter on average in eclosings than paper closings <15 min min min min >90 min % of closings of Purchases Base/Adv eclosing 1% 10% 65% 20% 4% 42% 30% 18% 3% 6% % of closings of Refinances Base/Adv eclosing Advanced eclosing 4% 21% 65% 9% 1% 21% 37% 36% 5% 2% 24% 33% 38% 4% 1% Copyright 2015 Accenture All rights reserved. 11

12 CFPB eclose Pilot Results Members Benefit Helpful CFPB education materials Credit Unions Benefit Higher member satisfaction Greater empowerment and understanding Elimination of paper process Significant time savings Significant time savings Copyright 2015 Accenture All rights reserved. 12

13 Switching to the Digital Mortgage Operational NOW is the Time Greatest regulatory demands are behind us Market is transitioning to purchase lending Emerging markets Copyright 2015 Accenture All rights reserved. 13

14 Creating a Digital Mortgage Environment Operational Change Management Understand how change is perceived within the organization Provide training, tools, and resources to improve adoption of change Implementation approach based on your organization s capabilities Copyright 2015 Accenture All rights reserved. 14

15 Creating a Digital Mortgage Environment Operational Continuous Evaluation Business environment Technology Member demographics and needs Regulatory environment Copyright 2015 Accenture All rights reserved. 15

16 Creating a Digital Mortgage Environment Technological Make the Transition Easier Hybrid Digital Mortgage vs Digital Mortgage Does Your Technology Provider Support emortgages? less third-party integrations esigning drives workflow and tasks eclose capabilities Copyright 2015 Accenture All rights reserved. 16

17 The Dawn of the Digital Mortgage Embrace Change Commitment Collaboration Communication Copyright 2015 Accenture All rights reserved. 17

18 The Digital Mortgage CUNALC 2015 Thank you! Copyright 2015 Accenture All rights reserved. 18