Making a Beeline towards efficiency with Willow Servicing
Since implementing Willow Servicing’s cloud-based solution, Beeline reduced their manual tasks by 90%. Not only are statements and notifications now automated but the elimination of manual bill pay set-up has saved Beeline’s team time and improved the customer experience.
Beeline, a tech-forward mortgage company, was launched in 2019 with a mission to empower all customers to be investors and help them reach their financial happy place quickly by simplifying the loan process. When Beeline recognized that their LOS (loan origination system) wasn't meeting customer service standards, it indicated a breakdown in their process that required immediate innovation. Beeline's current LOS lacks interim servicing capabilities, which resulted in a time-consuming process for setting up ACH payments in a portal. The manual effort required to run reports, identify borrowers with first payments due to Beeline, and ensure timely loading of information into the ACH platform was burdensome.
“[The previous ACH platform] was very manual and took 20
minutes for every borrower, just to send a payment link.”
- Amy Cuculo, Secondary Market Team Lead
“I had to run a report every month, dig through who had a first payment due to Beeline and manually load each customer into an ACH platform. It was very manual and took 20 minutes for every borrower, just to send a payment link. ” Amy Cuculo - Secondary Marketing Team Lead
Beeline did not have the ability to generate monthly statements for customers and servicing transfer letters took 10-15 minutes to generate per customer, leaving opportunities to streamline and remove inefficiencies in their processes. The absence of monthly statements and the time-consuming process of generating servicing transfer letters were areas where Beeline's operations required an automated solution.
Beeline needed a centralized platform for customers and internal teammates. The requirements were an automated solution that generated monthly statements, sent servicing transfer letters, and collected payments with robust accounting reporting. Willow Servicing was able to not only meet but exceed Beeline’s requirements.
Monthly Statement Generation: Automated mortgage statements that generate clear monthly payment breakdowns for each customer with relevant account information and a detailed payment history.
Online Customer Portal: Portal where customers can access their accounts, download monthly statements, make payments, view their transaction history, and get answers to commonly asked questions reducing the need to contact Beeline's customer support team.
Servicing Transfer Letter: Automated and compliant servicing transfer letters that include contact information for the new servicer and any changes in payment instructions. These letters are sent in a timely manner to provide customers clarity and confidence when their loan has been transferred to a new servicer.
Accounting Reporting: Comprehensive accounting reporting that provides detailed payment collections, outstanding balances, and other relevant metrics that supports filtering, sorting, and exporting data for further analysis.
Reduction in Check Cashing: While still serving customers who prefer to pay by check, ACH payments are the core and preferred method for Beeline borrowers. If a check is recorded, Willow Servicing automates a notice to the customer, confirming the payment has been accepted and balanced on their loan, again reducing the need to call into the Beeline’s support line.
Since implementing Willow Servicing’s solution, Beeline has eliminated 90% of their manual tasks. Through Willow’s automated features, Beeline has streamlined internal teammate interactions, enhanced operational efficiency, and improved overall customer satisfaction.
“Since the implementation of Willow [Servicing], manual touch
points have been eliminated by 90%.”
Amy states, “there is no more manual work! The Willow platform provides visibility for all departments, which is huge. We now have a centralized platform for customers and internal teammates. Since the implementation of Willow, manual touch points have been eliminated by 90%.”
Beeline's adoption of Willow Servicing’s solution and digital payments method has had a positive impact on customer behavior. With 95% of customers opting to pay through Willow's digital ACH payment portal, Beeline has automated and streamlined their internal processes for receiving payments.