My father-in-law, Jeff, is a wine expert. He has a beautiful wine cellar and is the person to know if you want to learn about great wine. He doesn't make me feel stupid because I’m still a novice. He genuinely enjoys pairing interesting wine with delicious food and helping others appreciate new tastes. I enjoy learning from him.

While I enjoy learning, I have not yet developed Jeff's skills, expertise or collection. I’m also really short on time. To my delight, I’ve found two fun organizations that make enjoying wine easy for a busy non-expert. With a few bits of information about my tastes, both Club W and Bright Cellars deliver interesting bottles of wine monthly. Club W even includes fun recipes for pairings. I look forward to the delivery as I get to try something new and experiment. Best of all, it is a simple, fun and easy experience.

Alternatively, my mortgage experience has not been simple or fun. Over the last two months, the organization that holds my mortgage has called, sent direct mail and emailed invitations to refinance. When I finally had time look at my options, it was after 5:00 p.m. and the office wasn't open, so I went online to complete the application. After hitting submit, there was no indication about next steps and I did not receive a confirmation email. It left me feeling uneasy.

mortgage lending and retail delivery After four days without any communication, I logged into my current account. There were no messages indicating progress, so I called and waited on hold.

When I reached someone and explained my situation, the agent's response was, “Yes, it looks like you’ve been assigned to someone. They will call you today.” He took my information and assured me I’d hear from someone. I did not.

The next morning, I called again. The response was, “Yeah, when you apply online you generally get put into somebody's queue.” I waited to hear more about what might happen and was greeted with silence. I asked, “Okay. What happens next?” “Once you are assigned to someone they will start processing your application and get in touch with you,” they responded. Again, silence.

I responded, “Do you know when I might be assigned to someone? When I talked with your colleague yesterday it sounded like I had been assigned. Has that happened?”

I explained that the reason I’m refinancing is to save money and thus rates and timing are important. I also shared that it was a little concerning not to hear from anyone even after a phone call.

The agent responded, “I understand. We’ll be sure someone calls you no later than Monday.”

The following Monday I did receive a voicemail. When I called the person back, I received his voicemail. I left a message. It's been several days and I still have not heard a word about the refinance.

mortgage lending and retail delivery Unfortunately, my experience mirrors findings in the Filene Research Institute report, “Member Effort Benchmarking: Measuring Ease of Use.” Credit unions excel at providing a simple and easy consumer loan experience. However, the new member and mortgage loan application processes are not as easy. With the mortgage process, challenges occur in handoffs between the online application and any human intervention, as well as in keeping the member notified of stages of the process and what to expect.

We must chart the course for an easy member journey. Our members are no longer comparing us to the bank down the street or the credit union around the corner. They are comparing us to the many companies like Club W and Bright Cellars that have figured out how to make experiences easy and are giving us back our time.

Here are five steps to making your mortgage loan experience as smooth as wine:

1. Give lots of options for help. While many members will do their research online when first considering where to apply, they often want support with more complex products like mortgages. Be sure all options for contacting the credit union are clearly and visibly placed on every loan product page.

2. Bring transparency to the process. Leverage tools that allow members to track their progress with you. If Domino's can track our progress with pizza, credit unions can track the home loan process. Visit filene.org to read about a Filene i3 concept called HomEase that is working to do just that.

3. Set expectations. Members expect the home loan process to take longer than other transactions or experiences. However, setting clear expectations about what's next can allay any fears and avoid member frustration.

4. Smooth handoffs. Even when members apply online, there will likely be moments when manual intervention or human connectivity is important. Work with your team to master those transitions.

5. Journey map. What is the current member journey with your mortgage experience across all channels? What is your dream state for what you’d like it to be? Leverage both your subject matter experts (for the current state) and your strategist (for the future state) to map out each step of the process through each channel and across channels. This will help to identify where there are opportunities for improvement.

The credit unions that win in the next 10 years will be those that make our member experiences simple and easy. It's time to make your home loan process as simple as wine. Salud!

Tansley Stearns is chief impact officer for Filene Research Institute. She can be reached at 203-859-2666 or tansleys@filene.org.

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Make the Mortgage Loan Experience as Smooth as Wine

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