Lowering the Cost of Disclosure Delivery and Prospect Commitment.

Bank of Blue Valley

Bank of Blue Valley Mortgage, with nearly 100 experienced mortgage-lending personnel, is one of the leading mortgage lenders in the Greater Kansas City area. In addition, its highly successful internetmortgage.com site brings it borrowers from all 50 states.

The Challenge

With an increasingly national scope due to the success of its mortgage website, the cost of over-nighting three-day disclosures had become more and more of an issue.

Of particular concern was the tendency of prospects to agree to receive a disclosure package even when their intent to pursue the loan was uncertain. Officers realized that sending a disclosure overnight in such a case might prove wasteful, but had to err on the side of optimism: They knew that sometimes just getting the package in an uncommitted borrower's hands increases the odds of a prospect committing.

The Solution

When Pam Coon, VP Mortgage Operations, heard about SwiftSend's new eDisclosures™ Service, she realized it might get disclosures and the 1003 in prospects' hands even faster than overnight, and at considerably lower cost. In particular, the cost of sending to prospects who never become borrowers would be cut drastically.

"The cost of printing, handling, and over-nighting isn't such a problem when a loan closes; we can recover our costs in document and courier fees," says Coon. "But as the portion of leads from our website or Lending Tree goes up compared to traditional channels, so does the number of disclosures going out per closed loan, and we have to "eat" these costs when a lead doesn't pan out. So we like the fact that SwiftSend minimizes our costs while putting docs in good prospects hands even faster. Speed does count when you're competing with other lenders." 

Typically, officers send an overnight return label with the package to make it very easy for prospects to return the signed 1003. "With SwiftSend we still create the return label," Coon adds, "but instead of printing it we simply add it with one click into the eDisclosure package, and the prospect then prints it out … very slick!"

Charlotte Schrick, Software Applications Officer, adds that ""We were very pleasantly surprised at how fast and easy eDisclosures was to get going. We got it installed and people trained and using it in just one day! We also really appreciated the help we got from SwiftSend in shepherding the new delivery method through our compliance department. They had all the answers and legal documentation our folks needed."

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