MADISON, Wis. (4/30/15)--Twelve credit unions will work with the Filene Research Institute to test HomEase, a pilot program that helps borrowers track the progress of their mortgage applications.
HomEase provides updates to members during the mortgage process. Similar to a national pizza chain's delivery tracker, HomEase sends an email or text to applicants as steps are completed throughout the loan process.
"Data has shown that satisfaction-wise credit unions score the lowest with the home mortgage process leaving an opportunity for improvement," said Andrew Downin, Filene innovation director. "We're testing HomEase in our Alpha Lab to validate our hypothesis that proactive updates will lead to more satisfied members."
HomEase is the first prototype test that Filene has launched in conjunction with Toronto-based D+H, which became a chairman's roundtable benefactor last year and exclusively supports Filene's Alpha Lab.
Credit unions that are testing the prototype include:
Air Academy FCU, Colorado Springs, Colo.;
Alliance CU, San Jose, Calif.;
CoastHills CU, Lompoc, Calif.;
Credit Union 1, Anchorage, Alaska;
Fort Community CU, Fort Atkinson, Wis.;
Infinity FCU, Bangor, Maine;
Kauai Community FCU, Lihue, Hawaii;
NorthCountry FCU, South Burlington, Vt.;
Northern FCU, Watertown, N.Y.;
Sandia Laboratory FCU, Albuquerque, N.M.;
Tuscaloosa (Ala.) CU; and
University of Illinois Employees CU, Champaign, Ill.
The participating credit unions will use the HomEase prototype with half of their mortgage applications for two months. Filene will share the results in a report later this year.