marketanalysis

Embrace Home Loans Assists Banks & Credit Unions In Outperforming The Industry

While the Mortgage Bankers Association (MBA) indicates industry volume rose 16 percent in 2016 from the prior year, financial institutions supported by national lender Embrace Home Loans more than doubled that national average. Additionally, all financial institutions supported by Embrace received favorable regulatory and internal audit examinations, demonstrating the lender’s outstanding performance as well as its adherence to regulatory guidelines.

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Mortgage lending continues to be costly, risky and complex, forcing many financial institutions to exit. In fact, MBA President and CEO David Stevens wrote an open letter to The Wall Street Journal last year, explaining that the pullback of traditional banks from the lending business has been primarily due to a tightening regulatory environment. While these regulations serve to protect borrowers, many organizations continue to struggle to remain compliant, causing many banks and credit unions to rethink their role in the mortgage industry.In response, Embrace Home Loans has partnered with several banks and credit unions to provide a private-labeled operational support program, creating an exceptional experience for the institution’s customers, referral-partners and employees.

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According to Armando Carvalho, senior vice president of Rockland Trust, a partner of Embrace Home Loans, “Rockland Trust’s partnership with Embrace Home Loans has allowed us to focus on developing strong relationships with customers and referral sources, versus the loan processing, underwriting and closing functions. It is like having a large loan production center supporting our business without the costs and infrastructure associated with it.”

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The member and customer experience is crucial to the long-term success of any institution – and this is particularly the case for financial institutions like Rockland Trust, who have prided themselves on providing exceptional, personalized service. Mortgage products are no exception. Embrace Home Loans’ customer-centric approach versus process-centric places an emphasis on communication, creating a better experience and ensuring superior service. The lender operates at a 98 percent customer satisfaction rate, and their service-oriented culture goes hand in hand with the missions of community banks and credit unions across the country.

Embrace Home Loans is also 100 percent committed to the mortgage industry with no other business lines to divert its attention. In fact, John Brodrick, senior vice president of Eastern Bank, another partner of the lender’s, said, “The team at Embrace is an exemplary business partner. Top down, there is a can-do attitude, a commitment to excellence and an honest desire to both listen as well as improve on a daily basis. Embrace Home Loans is committed to the mortgage business and to getting loans to closing in a compliant way. We are very pleased with the way our relationship continues to develop.”

These institutions have experienced tremendous growth since partnering with Embrace, surpassing the industry averages. Rockland Trust, for instance, increased business volume 42 percent in 2015, and 38 percent in 2016 to now originating over $400 million annually. Additionally, Eastern Bank increased volume by 24 percent in 2016 well exceeding $500 million.

Entering its 35th year in business, Embrace has matured in the mortgage business, not the outsourcing business. This distinction is crucial in how Embrace serves their clients, and their client’s customers and members – recognizing the essential needs for honoring service, efficient operations, enabling technologies, with competitive products and pricing – all from the perspective of a lender, not a wholesaler. The lender centric operations show in the financial institution’s service scores and sales professional retention rates.

Embrace Home Loans offers customized fulfillment correspondent solutions for banks and credit unions originating volumes ranging from $15 million to $65 million per month. To learn more about how Embrace is uniquely positioned to provide community banks and credit unions with a solid mortgage solution, please call Kurt Noyce, President.

About The Author

Tony Garritano
Tony Garritano is chairman and 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 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.