Partnership Pledges Omni-Channel Convenience and Stellar Customer Care
Envision Bank announced 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.
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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.”
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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.
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