IntroductionThe eLucid™ app leverages the eLucid™ platform to deliver a true end-to-end digital mortgage solution for borrowers. It combines simplicity and transparency with powerful features in an innovative open environment to attract, convert, and retain customers.
Unlike other digital mortgages, the eLucid™ app isn't just an application to be used once then forgotten. The eLucid™ app enables users to take control of their mortgage experience from shopping to application to closing then through the entire term of their loan.
This end-to-end approach sets eLucid™ apart by providing the kind of long term value that incentivizes continued use long after the original transaction.
Conversion & RetentionThe eLucid™ app is intended for anyone who is considering a home purchase. It is a powerful pre-sale tool that enables shoppers to browse property data and get mortgage product recommendations so they can make an informed mortgage decision. When the user is ready commit, the eLucid™ app's simple application, instant pre-approval for qualified borrowers, and detailed loan status make getting a loan fast and simple.
The eLucid™ app is also intended for anyone who already has a loan - regardless of originator. The eLucid™ app's loan management tools, countdown clock, and reminder notifications keep users informed of when it is advantageous to refinance. This unprecedented openness is designed to lure customers from other lenders for conversion to a refinancing product or the purchase of their next home.
Personal DetailsThe Personal Details section of the eLucid™ app captures basic user information immediately upon sign-up. This can be used in conjunction with your CRM to create a lead that can be pursued even if the user does not submit a loan application.
Anytime the user enters personal information anywhere in the app, it is captured to the Personal Details section to build a complete user profile. The data is shared internally with the loan application to pre-populate fields and reduce the time required to complete and submit the form.
Property CenterThe Property Center enables users to browse information such as current value, tax assessment, number of rooms, and square footage, about their current or proposed property. It also provides images of the property.
The eLucid™ app takes advantage of the device's location services to display properties near the user's current location by default. Users can also search for specific properties. This capability makes the app especially attractive to realtors working with homebuyers.
Credit DetailsThe Credit Details section of the eLucid™ app enables users to authorize a credit check then view a credit dashboard that includes their current FICO score, scores at each major reporting agency, and a Trade Summary of current credit accounts.
The Credit dashboard also provides a list of mitigating factors, access to recommendations for improving credit score, and the ability to print a complete report.
If the user authorizes a credit check in the Credit Details section, the resulting data is also used in the application process. The user's credit report is also sent to the LOS where it is stored securely for use by your team.
Rate DetailsThe Rate Details section of the eLucid™ app is designed aid users in understanding their rate options. By default it presents the current national interest rate, rates for popular loans, and payments for a sample loan.
Once a user authorizes a credit check and submits an application, the Rate Details section presents personalized rate information and payments based on amount of the proposed loan.
After the user's loan is completed, the Rates Details section displays the final rate and payment information for their loan along with a countdown clock that calculates the optimal time to refinance.
Loan DetailsThe Loan Details section of the eLucid™ app has two modes. By default, it enables users to enter information about an existing loan so it can be tracked and managed toward refinancing. In the case of loans originated via the app, the data is automatically populated.
For users without an existing loan, the Loan Details section works in conjunction with the loan application to present the status of a loan as it moves through processing.
The loan status feature provides both high-level and detailed view of the loan as it passes milestones throughout the process. It also provides access to the app's document acquisition feature that presents users with a personalized list of required documents then enables them to quickly and easily submit them. Files are transmitted via SSL to the LOS where they are stored securely for use by your team.
ApplicationThe loan application is accessed from the Loan Details section. The eLucid™ application is comprise of six short, simple steps. Many of the form's fields can be pre-populated based on information the user provides elsewhere in the app. As a result, the application can be completed in as little as a minute.
Once the application is submitted, the eLucid™ app analyzes the information provided by the user and their credit score to determine whether they qualify for an instant pre-approval. The entire process takes as little as a second before returning a response.
The user's application is simultaneously transmitted via SSL to your LOS where it is stored securely for use by your team.
Users who are pre-qualified are referred to the Rates Detail section to view sample rates and payment information based on their application and credit. Users who do not qualify are informed that their application is under review.