Cotality

Transcription:

Terri Davis (00:08):
Hi, good morning. I'm Terri Davis, with Erin Johnson, and we are Ality. CoreLogic is now Ality. Ality is a data and information services company that serves real estate, insurance, and the mortgage verticals in the United States, UK, Canada, Australia, and New Zealand. In the mortgage ecosystem in the US, you probably know us primarily as a fulfillment provider: appraisals, credit, AVMs, fraud, flood, smart fees, automatic borrower, et cetera. We also sell a lot of data to clients, hydrating clouds, enabling AI and machine learning for our customers, serving all kinds of use cases from marketing and retention to risk mitigation, digitized workflow, et cetera. Today we're here to talk to you about a game-changing technology that hits a real pain point in our industry, which is retention and recapture. And that has been discussed already over the last couple of days. We're all aware that most lenders only retain about 20% of their customers and that most consumers do not remember their loan officers just 12 months after they've gotten a mortgage.

(01:15):
And there's no wonder—most people don't get mortgages all that often. But it's also true that despite trying to deliver a very high quality, memorable mortgage experience, we're also really built for speed and efficiency to drive the cost out of mortgages. So how do we keep in touch with customers more effectively to increase engagement? Our solution, a game-changing solution powered by Ality data, is One Homeowner. One Homeowner is a homeownership portal. It's much more than a home report that many of us receive from our favorite real estate agents and loan officers where we look at the value of our homes. Today we're going to share with you more about why this is a compelling, sticky value proposition for lenders. For purposes of our demo, Erin is playing a consumer, and I'm playing a loan officer. And despite Erin being "Devon" in this example, the story she's about to tell you is true.

Erin Johnson (02:10):
All right, thank you, Terri. So 14 years ago, as a single mom with three young daughters, I actually made the financial leap of buying my own home. It was really risky and scary, but I went ahead and made that leap. And here's the crazy part, because I'm in this industry: I actually refinanced that home five times over 11 years, and out of all the people—six total loan officers—not one single loan officer has stayed top of mind with me. Not one has reached out since the loan closed. It kind of felt like a vacation romance; everything's hot and heavy during the transaction, we're talking all the time, and then it's over. I never hear from them again. I couldn't tell you who they were or how to get ahold of them after the transaction's over. So fast forward: Terri, my Acme loan officer, set me up with a One Homeowner hub.

(03:07):
Once I accepted my hub, I immediately noticed this is something different. It's not just a home report. Yes, it's got that information in there—I can save money, I can build wealth—but what I really love about my homeowner hub is I'm actually able to manage my property. This is so important to me because as a single mom, managing a property is really complex. It's overwhelming, but the reality is it's overwhelming for everybody. So what I really love about my hub is I'm able to manage everything in my property, and that's what keeps me going back in there. I actually took my phone and scanned every system and appliance in my property; it took me 45 minutes. Now I have an inventory of everything. If you don't want to do it yourself, for $149, we'll send somebody out to your house to do it for you.

(04:06):
Now you've got an inventory of every single appliance and system, and you can actually forecast when you're going to need to replace something or handle maintenance issues. It's reminding me in the hub and by email what I should be on top of. Another really great category for me is service providers. What I love about that is my lender and my agent are recommending vetted service providers that are in my area, but I'm also saving my favorites. That way, if I need to go back to the solar guy, a window guy, or any of the repair people, they're all there. One last thing: documents. Who hasn't lost all that important information tied to your home? I love that I have my closing docs, HOA docs, and all of my property insurance and home warranty information. I'm even uploading receipts in there so when I do my taxes or I need to go back to that window guy under warranty, I have all that information. Nothing is getting lost anymore because of my One Homeowner hub.

Terri Davis (05:17):
Now, of course, as a loan officer, what I love about One Homeowner is that she loves it. Big bonus. But I'm also ever-present. This is a white-labeled solution; it's branded for my company, Acme Lending. I'm present in all of the major parts of the portal, as are my referral partners, and I'm able to curate different combinations of referral partners to benefit from a sphere of influence. I'll share a little bit more on that in a second. The other thing that's obvious is I have a dashboard. I have integration with Total Expert and other CRM systems that will alert me when there's actionable information taken in a portal. But I also want to be looking in my dashboard to understand what's happening with my borrowers. I can also manage my sphere invitations here. In this example, I can see the recent invitations I've sent. Ality automatically markets out to my customers; that's the touchpoint that keeps reminding them of all the information I'm supporting in the portal. In this case, we have 75 emails tailored for a client over four customer journeys. I'm learning more in this hub about who is engaging with which journeys, and I'm able to track that very specifically by customer. It's really fantastic as a loan officer to know what my customers value about their homeownership journey and where they are in that process.

Erin Johnson (06:40):
So now that I've been in the house 11 years, I am spending more time saving money and building wealth in my home. I'm looking at where rates are going, and I'm actually thinking, "Hey, maybe it is time to purchase or refinance again." I am immediately able to go into that section and reach out to my loan officer. But I also love the building wealth section because this is where I can look at getting an investment property or doing home improvements. When I look at home improvements, my homeowner hub actually tells me which improvements are going to create the most value in my property. If I'm thinking about that luxury kitchen, I'm able to see how much equity or value that's going to create for me. I can estimate how much it's going to cost with a detailed breakdown. I'm able to reach out to recommended contractors, and I'm able to reach back out to my loan officer, Terri, because I'm probably going to need a HELOC or a cash-out refi in order to pay for it.

Terri Davis (07:44):
Indeed. And we're almost out of time. I will say that as a loan officer, I'm easily able to justify the ROI on this. I spend $1,200 a year; one closed loan is easily a three-times ROI. The model doesn't just work for distributed retail; it also works for credit unions and banks who are trying to extend their relationships to mortgage customers who don't have a current mortgage with them or with HELOC business. Any enterprise client looking to enhance their proprietary portal can leverage widgets and APIs from One Homeowner in order to create features that generate stickiness for their portals as well. Thank you.