Case study: Online mortgage broker
Learn how Expertli helped True Home Loans’ experts write 100%of their home loans remotely
True Home Loans is the next generation of home loan experts combining Expertli's technology with years of financial experience to make home loans easier for everyone.
With Australians paying $3.6 Billion in excess interest each year, Founder and former Chief Digital Officer of CommBank, Pete Steel. an saw an opportunity to challenge lenders and put money back in the hands of homeowners.
The customer problem
When True Home Loans launched during the middle of the Pandemic in 2021, they knew they had to do things differently to the big lenders and brokers already in the market. Their #1 goal was to make home loans easier for everyone, brokers and borrowers alike.
That meant enabling customers to access home loan experts from wherever they are, moving to digital face-to-face experience that made it easier for customers to complete the home loan process, but also provided business efficiencies for brokers. While customers were seeking more accessible support online, there was still a big demand for face-to-face interactions for emotional, complex and high-cost items, like a home loan.
In the past, securing a home loan required customer touch points across multiple channels. It typically included at least one in-person Fact Finding meeting and another when contracts were ready to be signed. Those meetings took place between 9am 5pm at the borrower's home or broker's office an inconvenience for the borrower and inefficiency for the broker.
True Home Loans needed a single solution that combined the best of face-to-face interactions and over-the-phone, including two-way collaboration, the ability to securely share documents and automate low-value tasks, like contract reminders.
The customer journey before Expertli
A typical home loan customer journey before Expertli looked a lot like this. .
- Borrower contacts broker to arrange in-person meeting
- Borrower and Broker would meet in-person either in the office or borrower’s home for Fact Find session
- Broker provides home loan options via email or phone
- Borrower chooses a home loan and provides scanned copies of documents by email
- Borrower visits Broker to sign documents and provide any outstanding documents
- Paper home loan documents provided by mail
There would be various customer touch points including in-person meetings, phone calls and even email or snail mail.
The solution
True Home Loans was the incubator for Expertli, a technology designed to streamline the home loan process and make it easier for both brokers and customers.
- Meet face-to-face in a secure workspace from anywhere and on any device. No downloads needed.
- Visually break down complex home loan options and collaborate with borrowers using the whiteboard tool.
- Conduct fact finding sessions and create online customer journeys in the moment.
- Easily share secure documents and confidential data.
- Get reliable borrowing power across 20+ lenders using their actual servicing rules.
- Communicate with borrowers and send reminders from one place.
Results
The team a True Home Loans had great results and real businesses efficiencies.
- 100% of home loans written remotely
- 2.5 hours - True Brokers save on average 2.5 hours per home loan application
- 80% of customers thought it was a "Far Better" experience vs. a traditional phone call*
"I much prefer online to the phone and Mark is clearly adept with canvas and the best way to share information online.
A very clear discussion and outcome.'
- Becky, True Customer
"Expertli uniquely bridges the gap between an over the phone experience and traditional face-to-face meetings. Combining the best bits of both and so much more gives customers an even better, more convenient experience than before."
Mark Rogan, Senior Broker, True Home Loans