Process Improvement Column: Partnership Digitizes And Streamlines A Historically Painful Step In The Process
SAVVY, the leader in homeowners insurance price comparison tools for consumers and mortgage lenders, has partnered with BlackFin Group to provide Professional Services support at mortgage lenders. Over the last six years, the SAVVY API price comparison platform has been recognized by all major US insurance carriers as the premier Homeowners Insurance price comparison tool. However, integration, adoption, and utilization by lenders is complex due to the required consumer engagement step. Subsequently, lenders require the right collaborative partner to orchestrate effective lender implementation. SAVVY is proud to partner with the mortgage industry consulting veterans at BlackFin Group to guide lenders to ensure successful implementation, adoption, and utilization.
Frank Bellio, Founder of SAVVY explains, “The overall mortgage lending process is very complex and the moment a lender has to wait for a consumer to send over their homeowners insurance deck page, it’s as if the entire lending process comes to a screeching halt. It can take days, if not weeks, for the consumer to shop, decide, buy, then scan, send, and email the lender the homeowner’s insurance. Bottom line, Homeowners Insurance has historically been a major speedbump on the way to loan close. While we can’t automate the consumer human decisioning and purchase process, what we can do is provide them the critical tools to shop, decide, buy, and send the deck page within minutes.”
Frank adds, “while easy for the consumer, it’s a little more comprehensive for the lender who is highly motivated to provide a real time and money saving tool, like SAVVY. For lenders to effectively streamline the homeowner’s insurance process on every loan, using SAVVY, requires a unique approach from both a mortgage loan process and technology standpoint. Over the last five years, BlackFin Group has routinely demonstrated their ability to effectively solve for this at the lender level through their clear and concise consulting approach. Utilizing both their expertise in lender loan process engineering and mortgage technology. We are excited to now formalize our partnership.”
Keith Kemph, CEO of BlackFin Group said, “we couldn’t be more excited to partner with SAVVY who we’ve long respected and admired for their innovation to solve challenges in the loan process, while bringing significant value to the consumer and lender.” Moreover, Keith highlights, “what’s most impressive is that over 70% of consumers who use the SAVVY price comparison tool, find they can save money on their Homeowners Insurance and purchase the required insurance from one of the transparent results provided. That’s a significant win for the consumer and the lender, and that’s the kind of partnership we value most at BlackFin Group – bringing value to all parties.”
Savvy is a free and private price comparison tool that lenders use to enhance the client experience and streamline the HOI portion of the purchase or refinance process. Savvy is unique, in that it does not sell insurance or earn commissions. Savvy brings a RESPA compliant solution to every transaction by hosting all of the A-rated insurance carriers in the borrower’s local market.
BlackFin Group is a boutique management consulting firm that specializes in training, application development, and consulting within the Mortgage Banking Industry. We are skilled in the successful execution of your firms’ critical initiatives by providing clients the best in resources that ensure project success.
Tony Garritano is the founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 20 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting PROGRESS in Lending Association was the next step for someone like Tony, who has dedicated his entire career to providing mortgage executives with the information that they need to make informed technology decisions to help their businesses succeed.
