The Loan Wizard - NCSHA...with local lenders to create the Loan Wizard – a step-by-step series of questions that guides potential homebuyers through Alaska Housing’s mortgage offerings.
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444 North Capitol Street NW, Suite 438 | Washington, DC 20001 | 202-624-7710 | info@ncsha.org | ncsha.org
The Loan Wizard
Alaska Housing Finance Corporation Homeownership: Empowering New Buyers
HFA Staff Contact Soren Johansson
sjohansson@ahfc.us
2019 Annual Awards for Program Excellence Entry
AlaskaHousingFinanceCorporationCategory:Homeownership//EmpoweringNewBuyers
Entry:TheLoanWizard
PROGRAMINTRODUCTIONANDOVERVIEWSinceitsfoundingin1971,AlaskaHousingFinanceCorporation’smortgageoperationshavefueledtheagency,offeringeverythingfromhomebuyereducationtohomeloans.AlaskaHousinghasavarietyofprograms–somany,infact,thatitmaybecomeintimidatingforAlaskanstodeterminewhichloansarerightforthem.Withavastportionofhomebuyingandmortgageactivityhappeningonline,AlaskaHousingrecognizedaneedtohelpAlaskansbetternavigatethehomeloanprocessrightfromtheirsmartphonesortablets.EntertheLoanWizard–AlaskaHousing’sdigitalmortgagetool.Beginningin2018andcontinuinginto2019,AlaskaHousingpartneredwithlocallenderstocreatetheLoanWizard–astep-by-stepseriesofquestionsthatguidespotentialhomebuyersthroughAlaskaHousing’smortgageofferings.ThisallowsAlaskanstoquicklyfindthemostappropriateproductsfortheirsituation,whetherthey’reafirst-timebuyer,aveteran,livinginruralAlaska–orperhapsallthree.Bringingmorepeopleclosertohomeownership. AninnovativetoolThegoalofthistoolistohelptaketheguessworkoutofloanselectionandtosimplifytheprocess.BecauseAlaskaHousingreliesonlendersfordirectconsumercontact,AlaskaHousingstaffworkedwithpartnerlenderstoproduceadigitalsolution.TheLoanWizardhelpsbothhomebuyersandlendersdistinguishbetweenandsortthroughthemanyAlaskaHousingloansthatsoundsimilarandmaygetconfused–example:Tax-ExemptFirst-TimeHomebuyervs.TaxableFirst-TimeHomebuyer.ThedigitaltoolcreatedanewlevelofassistancebyofferingaseamlesswaytobringAlaskaHousinghomeloanstothefingertipsofpotentialhomebuyersandlenders.AreplicabletoolThistoolisreplicablebyanyHFAthatseesaneedtoinform,educateandpreparehomebuyersforthemortgagediscussionwithhis/herlender.AlaskaHousingcontractedin-statedigitalandadvertisingpartnerstohelpcreatethetool. RespondingtoanimportantstatehousingneedAccordingtotheHomeBuyingInstitute,confusionovertheloanprocessisoneofthetoptwocomplaintsofthehomebuyingprocess.WiththeLoanWizard,prospectivehomebuyersandAlaskalendersareguidedthroughaseriesofquestionsabouttheircurrentsituationandpotentialhomeneeds,filteringloanoptionsbasedontheirresponsesandnarrowingtheirsearchoftwodozenloansavailablethroughAlaskaHousing.Alaskaisthelargeststategeographically,with239,000Alaskanslivinginruralcommunities.TheLoanWizardallowspotentialhomebuyersinruralAlaska
AlaskaHousingFinanceCorporationCategory:Homeownership//EmpoweringNewBuyers
Entry:TheLoanWizard
communitiestoeducatethemselvesaboutruralloanoptionswhentheydon’thaveaccesstolenderstowalkthemthroughthoseoptions. DemonstratingmeasureablebenefitstoAlaskaHousingtargetedcustomersThetooleffectivelytargetsAlaskanssearchingforhomeloanoptions,usingpartnerreferralsanddigitalcommunicationstomaximizereachandensurethatAlaskaHousingiscapturingasmanyprospectivehomebuyersaspossible.Theuser-friendlytoolsavesbothhomebuyersandlenderstimeandenergy,leadingtoasatisfyingexperience.AproventrackrecordofsuccessAlaskaHousing’stargetaudienceforthistoolishomebuyers,AlaskaHousing-approvedlendersandrealestateprofessionals.TheLoanWizardwillrequireadditionaltargetedmarketingaspeoplemoveawayfromthetraditionalwayofhomeloanshopping.Nevertheless,AlaskaHousinghasseenstrongengagementsinceitslaunchinSeptember2018.AsofApril2019,theLoanWizardhasbeencompleted820times.ProvidingbenefitsthatoutweighcostsTheLoanWizardemploysbranchinglogic(if/then),wherequestionsmaybeposed,orskippeddependingonpreviousanswers.ThisensuresthatallpossibleAHFCloanofferingsarepresentedforeachhomebuyerandtheirsituation,providinganemotionalbenefitof“thisistherighthomeloanforyou.”DemonstratingeffectiveuseofresourcesThistoolhasbeenfundedby$4,500fromAlaskaHousing.TheLoanWizardisbasedoffanexistingLoanFinderwebapp.Thedesignframeworkissimilar,buttheunderlyingfunctionalityisnew.EffectivelyemployingpartnershipsPartnershipswerekeythroughtheentireimplementationandlaunchofthetool.AlaskaHousingreliesonlendingpartnersforthemajorityofitsmortgageactivityandrecognizesthatlendersaretheonesinthefieldprovidingone-on-oneadvicetohomebuyers.PriortothelaunchoftheLoanWizard,AlaskaHousingleverageditsexistingrelationshipwith21ofAlaska’stoplendersandinvitedthemtogetasneakpeakofthenewtoolandencouragedeachlendertoprovidetheirprofessionalfeedback.Onceallfeedbackwasreceived,AlaskaHousing’smortgagedepartmentworkedwithadigitalagencytorefinetheproduct.Thetoollaunchedatthe2018AlaskaRealtorsConventioninSeptemberwhenAlaskaHousingstaffdressedaswizardsandpresentedittomorethan150realestateprofessionals.
AlaskaHousingFinanceCorporationCategory:Homeownership//EmpoweringNewBuyers
Entry:TheLoanWizard
Here’swhataoneofthemhadtosay:
• “AlaskaHousing’sLoanWizardisanexcellenttoolthathelpsguidepotentialhomebuyersthroughthemortgagemazetotherightloanprograms,”saidRichardMantylaofResidentialMortgage.
AchievingstrategicobjectivesAlaskaHousing’smissionis“toprovideAlaskansaccesstosafe,qualityandaffordablehousing.”Avitalserviceinthatmissionishomeownership.ThecurrentAlaskaHousingcommunicationsplanidentifiestailoringbusiness-to-businesscommunicationtowardapprovedlendersandrealestateprofessionalsasitstoppriority.OnestrategytowardthatgoalistosimplifyinteractionwithAlaskaHousingthroughmoreuser-friendlydigitaltools.TheLoanWizardhelpsmeetandadvanceallofthosegoalsandstrategiesbyprovidingawayforlendersandtheircustomerstonavigateAlaskaHousing’srangeofmortgageproducts.
AlaskaHousingFinanceCorporationCategory:Homeownership//EmpoweringNewBuyers
Entry:TheLoanWizard
VisualAids1.Life-sizecutoutusedduringthedebutoftheLoanWizardattheRealtorConvention.AttendeeswereencouragedtotakeaphotoastheWizard.
2.Businesscardscreatedtohandouttolenders.
AlaskaHousingFinanceCorporationCategory:Homeownership//EmpoweringNewBuyers
Entry:TheLoanWizard
3.Promotionalpop-upbannerusedathomeshows,conferences,etc.
4.HomepagetotheLoanWizarddigitaltool.
AlaskaHousingFinanceCorporationCategory:Homeownership//EmpoweringNewBuyers
Entry:TheLoanWizard
5.PhotosfromtheLoanWizardlaunch.
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