Park National Bank
As Park National Bank continues to grow, senior leadership challenged their mortgage lending team to improve customer experience and maximize efficiency and scalability by leveraging automation and technology. In their efforts to streamline the HELOC process, they recognized an opportunity to redefine their workflow. While auto loans could be closed in hours, HELOCs were taking 25-30 days—leading to the question: Why the disparity?
The answer came with the implementation of ICE’s Validate AVM, which has become the cornerstone of their HELOC process transformation. In less than six months, Park National Bank has already seen remarkable results:
A 30% reduction in the average time to close a HELOC (a 9-day decrease).
Their ultimate goal is to close HELOCs in 10 days or less, and with ongoing improvements to the ICE Validate/AVM platform, they are well on track to achieve this.
ICE’s Validate AVM was the first major hurdle they tackled, and its success will continue to have the largest impact on reaching the 10-day close goal.
Park National Bank’s innovative use of ICE technology to redefine their HELOC process makes them a deserving recipient of this year’s Excellence in Origination Innovation - HELOC Award.