The Challenge
Newrez provides full service to mortgage clients from origination through servicing. They’re dedicated to delivering exceptional lending options with an easy application process for both their customers and strategic business-to-business partnerships.
In going through a consolidation of two completely separate businesses, Newrez discovered several inefficiencies that were costing time and money. They were unable to prioritize/organize leads and applications — resulting in turning away customers and prospects due to large volumes of calls, digital applications, and leads. There was also too long a wait time for customers between the application process and lending, causing loans to fall out or fail to fund. Sales people spent too much time on non-sales activities due to inefficient workflows across their disparate Loan Servicing System (LSS) and Loan Origination System (LOS), Epic, to facilitate transfers and recapture.
The Solution
Newrez partnered with Atrium to design the end-to-end process for cross-functional collaboration and replatform to an omnichannel implementation with Financial Services Cloud (FSC). The company chose FSC for Mortgage, MuleSoft, CRM Analytics, and Service Cloud to provide an intelligent experience across loan origination and servicing, seamlessly integrating with existing systems.
Newrez highlighted their desire for a single view of the customer; integrated, data-driven, automated processes; and cross-company collaboration. A major goal was to dramatically streamline the customer journey from lead to app to close. They targeted a 14-day close period, much faster than the mortgage company average of 40-45 days. Furthermore, they needed an accessible, intuitive single system to facilitate transfers, cross-selling, and upsells.
Atrium worked with Newrez’s loan origination team and their servicing organization. The loan origination team works with prospective borrowers on new home purchase and refinancing, while the servicing organization includes loan servicing, customer service and collections groups.
For the origination team, Atrium implemented the following capabilities:
- Lead intake from different channels leveraging Omnichannel routing, using rules pertaining to lead assignment, as well as rules for licensing requirements of the agent by state
- Lead scoring: the backend data warehouse sends lead score info to Salesforce
- The agent fills out the residential loan app (RLA) directly in Salesforce and gets the information needed to process the loan
- Standardized FSC for Mortgage implementation including integration with Epic, the team’s existing LOS, to provide a maintainable, best-in-class solution
For the servicing organization, Atrium implemented the following capabilities:
- 150 different case types, workflows, and record types (e.g., payment, delinquent, etc.), which interact with Newrez’s Service Director, the custom backend system
- Complaint management
- Integrations with external systems (e.g. document management)
- Service Cloud implementation provides functionality to take payments within Salesforce
- Loan recapture when a client is considering refinancing
Leveraging CRM Analytics, the team built dashboards for near real-time KPI tracking including number of applications and number of leads being processed in order to track KPIs. Business value metrics are also tracked.
The Results
With Atrium’s support, the stakeholders at Newrez experienced measurable improvements, including:
- A unified system landscape reduced employee churn, improved system performance, and reduced onboarding and operations costs
- Increased lead conversion led to an increased win rate, reduced time spent on non-sales activity, and reduced loan cycle time
- A holistic customer view improved cross-team collaboration, improved customer experience, and decreased average call handling times
- Simplified processes increased agent productivity and decreased call handle time
- Omnichannel communication increased CSAT, increased call deflection, and lowered cost of service
