POISED FOR GROWTH AND POSITIONED FOR SUCCESS
How Concord helped a fast-growing financial services company set up a successful loan servicing program in just 6 months.
DomiFi gives service experts the ability to provide quick and easy financing solutions to homeowners who need to purchase HVAC systems and other home upgrades. Founded in 2022, the Chicago-based company was created to make home improvement financing easier at every step, from application to approval to monthly payments.
Since DomiFi’s inception over a year ago, the company knew they wanted to offer in-house financing, which meant they needed to build their own program from the ground up. And their timeline was aggressive: the company wanted to have a financing program up and running in just six months. So leaders immediately began vetting potential loan servicing providers, and Concord quickly rose to the top of their list.
“We knew that Concord was the right partner for us because they were able to not only support our unique needs, but also build out our program very quickly,” said Ted Drost, Senior Vice President and General Manager of Financial Services at DomiFi. “And the proof is in the pudding: by December 2022, our program was fully operational, thanks in large part to Concord’s efforts.”
Building a loan servicing program from the ground up
First, Concord offered DomiFi guidance on how to set up their loan servicing function. Then, they led the company through the planning and implementation journey. Over the next six months, Concord would carefully map out and execute each step of the process, clarifying roles, expectations and outcomes along the way.
“We hadn’t been a loan servicer before, so we were really going into this kind of blind,” said Drost. “But Concord knew where the opportunities were. They knew where the challenges and pitfalls might be. And they were very clear and direct, which helped us immensely.”
Over the past 10 months, Concord has impressed Drost with its ability to quickly and effectively address one-off customer issues. This has resulted in decreased cancellations, which is a critical metric DomiFi monitors closely.
“They’ve been able to work with us to address customer concerns, which means that we don’t have a high degree of cancellations,” said Drost. “That’s a very big deal for us, in terms of ensuring that not only are we growing our pipeline, but we’re keeping that top line healthy.”
Partnering for transformational growth
DomiFi has big plans for growth over the next four years. The company is currently working to expand its customer base from service experts to third-party HVAC dealers. And they’re aiming to broaden their financing solutions to include solar loans and leases as well as financing for traditional home improvements like roofing, siding, windows, and more. DomiFi is banking on that transformational growth to increase the company’s loan originations tenfold over the next year.
“It’s very clear to us that Concord is able to handle the high growth trajectory that we’re on,” said Drost. “They’re very much involved in our planning as we look toward expansion. Knowing that they’ve got the bandwidth, aptitude, experience and capability to help us throughout that journey is very important to us.”
Drost believes that in addition to strong servicing capabilities and experience, the right loan servicer is ultimately the one that you can trust. And for DomiFi, that partner has been Concord.
“We’ve been able to forge a really solid and trusting relationship with the people we work with every day, even though they’re a separate company,” he said. “There is a regular drum beat of communication. And because of that, there’s really incredible teamwork that’s happening across the organization. And it doesn’t matter if it’s the folks in Phoenix or the folks in Mexico City, the working relationship across the board is just top-notch.”
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.
