Envision Bank Enters Agreement to Outsource Mortgage Servicing to Dovenmuehle
10 Marzo 2021 - 8:00PM
Envision Bank announced today that it has signed a contract with
Dovenmuehle Mortgage, Inc. ("Dovenmuehle"), one of the largest
private label mortgage subservicing companies in the U.S., to
support and manage its mortgage subservicing business, including
customer service, payment processing, escrow administration,
payoffs and discharges, investor reporting and compliance.
In 2020, the Bank experienced tremendous growth with a 75%
increase in its loan subservicing portfolio at $1.8 billion.
Combined with its own residential lending portfolio, Envision Bank
currently services more than 9,000 residential loans and $2+
billion in volume.
“Given the exponential growth in our servicing portfolio, we
want to ensure that we can provide the best-in-class service that
our customers have come to expect from us. By partnering with
Dovenmuehle, we’ll provide our customers with pioneering,
enterprise-class technology and the personal attention to which
they’re accustomed. The fact that we can do this without a
significant capital investment makes this a win-win situation for
both our shareholders and our customers,” said Bill Parent,
President and CEO of Envision Bank.
The rapid growth required management to analyze technology and
workflows, as well as the Bank’s ability to support continued
expansion. This partnership provides scalable servicing capacity,
compliance with regulations and investors, an elevated customer
experience as well as a reasonable level of financial contribution
to the organization and its shareholders.
For more than 170 years, the Bank has been providing
individuals, homeowners and businesses with a wide variety of
financial services. The Bank’s mortgage division, Envision
Mortgage, delivers home borrowing solutions through a variety of
products including first-time and low- to moderate-income homebuyer
programs offered through MassHousing and the New Hampshire Housing
Finance Authority. Envision Mortgage was ranked among the top 25
mortgage lenders in all Massachusetts (2019).
“This solution provides the ability to scale our portfolio up or
down as market conditions dictate without operational risk. It also
provides omni-channel payment platforms, including mobile, that
will let our customers access their loans and model payments when
and how they desire with a single sign-on,” said Ryan Kirwin,
Executive Vice President of Envision Mortgage. “Our partnership
with Dovenmuehle makes it affordable for a community bank, such as
ours, to offer world-class technology for an exceptional customer
experience.”
Creating a memorable customer experience extends far beyond the
closing. Today's borrowers expect convenient, immediate access to
their mortgage information. Meeting and exceeding these
expectations will be achieved through Dovenmuehle’s suite of
sophisticated software, digital tools and a dedicated customer care
center that allows for a blended human-digital experience. Elements
of the solutions suite comprise:
- Best-in-class, self-service web tool for
anytime, anywhere access
- Single sign-on access through Envision Bank online
banking to view borrowers’ information
- Robust mobile app functionality for fingertip
access
- Powerful mortgage amortization tool to model
payments
- Dedicated customer care center with extended
hours of operation
- Video library of self-help tutorials
- Convenient payment options that include
online, by phone, at any Envision Bank branch and via US mail
Dovenmuehle’s dedication to meaningful innovations, its command
of complex regulations and stellar customer service will help
protect, streamline and manage the Bank’s mortgage subservicing
business while providing its customers with the personal attention
for which it is known. The company maintains a commitment to a
differentiated customer experience by providing guidance and home
borrowing solutions that are convenient and hassle-free, the result
of which is an astounding 98% of customers surveyed said they would
recommend Envision Mortgage.
About Envision BankRandolph Bancorp. (NASDAQ
Global Select Market: RNDB) is the holding company for Envision
Bank, a full-service community bank headquartered in Stoughton,
Massachusetts. Established in 1851, the Bank maintains a
forward-looking viewpoint to exceed the expectations of its
customers through a ‘People and Tech’ approach that makes banking
fast, efficient, and simple — allowing consumers and businesses to
bank the way they want, where they want and when they want. As a
top Massachusetts mortgage lender, Envision Bank also takes this
approach from application to closing with every customer, from a
first-time homebuyer to the homeowner who is ready to downsize. The
Bank also offers a full suite of banking services for cash
management and lending products for busy business owners, while not
losing sight of the importance of developing personal relationships
and a deep understanding of its customers’ needs. For more
information on Envision Bank, please visit
www.envisionbank.com.
Category: News
Source: Envision Bank
CONTACT:
Ryan KirwinEnvision BankExecutive Vice President, Residential
Lending617.925.1711rkirwin@envisionbank.com
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