Insights

Building a Scalable Loan Servicing Program from the Ground Up

Written by Tom Myers | Dec 5, 2023 4:15:00 PM

DomiFi Financial Services partnered with Concord to launch a successful, scalable loan servicing program within an aggressive six-month timeline.

 

Concord's expertise, guidance, and strong servicing capabilities helped DomiFi build their program from the ground up, address customer concerns, and prepare for future growth.

 

The Challenge

DomiFi wanted to offer their customers better financing options by building their own program from scratch.
  • They had an aggressive timeline of just six months to have the financing program up and running
  • DomiFi began vetting potential loan servicing providers, with Concord quickly rising to the top of the list

The Solution

Concord offered DomiFi guidance on setting up their loan servicing function and led them through the planning and implementation journey.
  • Over six months, Concord mapped out and executed each step of the process, clarifying roles, expectations, and outcomes.
  • Concord demonstrated the bandwidth, aptitude, experience, and capability to support DomiFi's high growth trajectory.

The Results

Concord's expertise helped DomiFi navigate opportunities, challenges, and pitfalls during the implementation process.
  • Concord worked with DomiFi to address customer concerns, resulting in a low degree of cancellations.
  • By keeping customers happy and protecting revenue, Concord helped DomiFi reduce customer attrition, a critical metric for the company.

There’s a regular drum beat of communication - really incredible teamwork - that’s happening across the organization.

Ted Drost
DomiFi General Manager
 
About DomiFi

DomiFi provides financing solutions to homeowners who need to purchase home comfort products including HVAC systems, water heaters and generators. Established in 2022, DomiFi’s motto is “to make comfortable living, comfortably affordable.”

  • Industry: Home improvement financing
  • Employees: 51-200
  • Headquarters: Chicago, IL

 

Interested in learning more? 

If you’re looking for a loan servicer that can scale to meet your growth goals, Concord has the expertise to manage every aspect of your growing loan servicing operations. As a leading loan servicer with more than 30 years of experience, we deliver compliant, flexible, and scalable solutions to meet your unique needs. Contact us today at (866) 493-6393 or bd@concordservicing.com.
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