Serenity Home Loans
Serenity Home Loans replaced an application taken by phone and email with the Digital 1003, and took 30% more applications without adding staff.
The challenge
Loan applications were taken by hand. Borrower information came in by phone and email, so the data was inconsistent and leads were lost between the first call and a funded loan.
Industry volume had dropped sharply. Serenity needed more applications without a significant increase in overhead.
What Zeitro changed
An automated intake flow was built into Serenity's website, open around the clock and usable from a phone, a tablet or a computer.
Applications convert to MISMO 3.4 in real time and flow into Serenity's loan origination system, Calyx. Digital signatures are captured in the flow, and pay stubs, W-2s and tax returns are read by OCR.
Product in use
Results
- 30% increase in loan application volume.
- 88% pull-through rate in the first week: applications converted to MISMO 3.4 and loaded into Calyx.
- Information capture rate of 90%, up from 60%.
- Two hours saved per day compared with the previous process.
“The only survivors in this market will be the leanest, most efficient, technology-driven players.”