MADISON, Wis.—Twelve credit unions are joining the Filene Research Institute over the next two months to test a product called HomEase that seeks to help CUs 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, Filene said HomEase provides timely updates to members during the mortgage process. Similar to a well-known pizza tracker, the prototype sends an e-mail 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 said they will collaborate to further test selected Filene i3 concepts in hopes of better meeting the needs of credit unions and their members.
Initial tests of the HomEase prototype at Colorado-based Air Academy Federal Union showed a 30% decrease in mortgage-related call volumes.
CUToday.info and Filene recently partnered for “Innovation Week,” which featured five other i3 solutions and products. That coverage can be found here.
The credit unions participating in the HomEase prototype testing include:
- Air Academy Federal Credit Union in Colorado Springs, Colo.
- Alliance Credit Union in San Jose, Calif.
- CoastHills Credit Union in Lompoc, Calif.
- Credit Union 1 in Anchorage, Alaska
- Fort Community Credit Union in Fort Atkinson, Wis.
- Infinity Federal Credit Union in Portland, Maine
- Kauai Community Federal Credit Union in Lihue, Hawaii
- NorthCountry Federal Credit Union in South Burlington, Vt.
- Northern Federal Credit Union in Watertown, N.Y.
- Sandia Laboratory Federal Credit Union in Albuquerque, New Mexico
- Tuscaloosa Credit Union in Tuscaloosa, Ala.
- University of Illinois Employees Credit Union, Champaign, Ill.
Participants commit to using the HomEase prototype with half of their mortgage applications for two months. Filene said will share the quantitative and qualitative results in a key findings report later this year.