Case Study

Homeside Financial

Clear-to-close time decreased by 45%

Homeside Financial Achieves 60% Growth in Loan Volume

“We love the ability to see the status on every loan within the software”

Alicia Norwood, Head of Renovation and Construction Lending, Homeside Financial

Product Offering:

  • Construction Loans: FHA CTP, VA CTP, Fannie Mae CTP, Freddie Mac CTP, Conventional, and USDA
  • Renovation loans: Fannie Mae Homestyle, FHA 203k, VA, and USDA

Goals:

  • Visibility for Homeside and Builders I Replace a Manual System
  • Digitize Systems and Processes
  • Configurable Reporting
  • Grow Construction and Renovation Loan Volume

Solution:

  • Construction Loan Manager Software
  • Pre-Close Builder & Project Review Services
  • Post-Close Draw Management Services
  • Native Integration With Encompass by Ellie Mae

Results:

  • 60% growth in loan volume over nine months
  • Increased visibility and efficient workflows
  • Streamlined Loan Onboarding
  • Clear-to-close time decreased by 45%

The Challenge

Homeside Financial set out to build a robust construction and renovation program and invested in the department. They desired to offer many different loan products to provide their customers with the most options.

As part of their growth, they continued expanding their warehouse line relationships, and through that, they were introduced to Land Gorilla and the Construction Loan Manager Software.

While not initially in the market for a new construction loan management system, upon reviewing Land Gorilla, Homeside took stock of what they wanted to improve upon from their current system.

Their previous system was very manual. They were looking to digitize processes, knockdown information silos to gain visibility for themselves, the borrower and builder, and to gain efficiencies in the process.

As Homeside began to learn more about Land Gorilla, they were happy to discover they provide a cloud-based program, or Software as a Service. With the Construction Loan Manager accessible on any browser, it means team members from anywhere can log in and manage the loan (that they have permissions to) at any time. This delivery model has always been convenient for users, and perhaps more so than ever before with the changing office-working conditions across the globe.

The Solution

To start, Homeside has digitized their loan onboarding process thanks to a native integration between their LOS, Encompass by Ellie Mae, and the Construction Loan Manager. Homeside is able to onboard their loan pipeline with ease for post-close draw management. The integration pulls in pertinent information from the LOS to auto populate those fields for the construction or renovation loan. This eliminates entry fatigue and decreases entry error.

The manual process also has an inherent lack of visibility. Homeside wanted to be able to see everything happening on the loan. “Land Gorilla’s Construction Loan Manager gave us immediate satisfaction with being able to have visibility on the project and to know the status at all times,” says Norwood. Homeside can now see an overview of the loan and specifics, including status on inspections, draw requests, and draw payments. The Construction Loan Manager also has a chat feature that can be used to communicate with borrowers, builders, or the Land Gorilla team.

Read More

Homeside Financial Borrower Portal Login
Homeside, through Land Gorilla, provides a builder and borrower portal for their clients.

Find out how Homeside Financial found a solution with Land Gorilla

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