Churchill Mortgage just had its best year ever, with more than $2.2 billion in mortgage originations in 2019, and now, the company is completely overhauling its mortgage process.
Churchill, which provides conventional, Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture mortgages in 46 states, announced Tuesday that it is partnering with Infosys to “re-engineer its processes to dynamically change the way (the lender) does business in a significant way.”
According to Churchill, its partnership with Infosys will lead to a “complete digital transformation” at the company.
The company added that the partnership aims to “provide the lowest cost in the market to put loans on the books, the highest level of efficiency in terms of loans per person, and the highest level of customer satisfaction and engagement measured by multiple market sources.”
According to Churchill, the partnership will allow the company to “serve more people and compete with the largest lenders and fintechs by leveraging the most modern technology available today, such as AI and robotics.”
And, as stated above, the move comes on the heels of the company’s best year ever.
“Last year was a record year for Churchill, exceeding $2.2 billion in originations and operational performance and teamwork like we’ve never seen,” said Mike Hardwick, president and CEO of Churchill Mortgage. “We are the strongest we’ve ever been, both in terms of production and operations. We have an exceptionally diverse salesforce, multiple new sources of business, proven processes and we are positioned well for continued success in 2020 – but we’re not stopping there.”
Mohit Joshi, president of Infosys, said the company will work with Churchill to lower its origination costs, both for the company itself and for its customers.
“Churchill Mortgage has built a reputation in the marketplace as a trustworthy, full-service mortgage company,” Joshi said. “They are taking a significant step in providing value for their customers by not only making it less expensive to obtain a mortgage, but also leveraging emerging technologies to transform the mortgage business and make it increasingly customer-centric. We look forward to bringing this next chapter forward together.”
Matt Clarke, Churchill’s chief operations officer and chief financial officer, said the partnership will allow the company to compete on an even playing field.
“Acquiring home financing has become easier, as tech giants digitize the entire process,” Clarke said. “The challenge is that consumers are getting into loans that don’t properly fit them. Loans they will regret. Churchill is different. Through our partnership with Infosys, we are investing in our people and processes, and adding even greater resources and technology to dynamically change our business in a way that serves American families in the very best way possible.”