Home Equity Benchmark results

Home Equity OverviewSeptember 12, 2005Jim LeathSenior Vice PresidentFidelity Office of the Enterprise3535 Piedmont Road, Suite 950 www.benchmarkinternational.comAtlanta, GA 30305 United States Telephone: 404-442-4100Home Equity Overview• Strategy• Markets and Products• Service Delivery and Technology• Risk ManagementCopyright © 2005. BenchMark Consulting International, NA, Inc. 2All Rights Reserved. StrategyWhy fewer non HE products in CL portfolio?– Homeowners are encouraged to consider HE product– Non-equity secured CL products not proactively sold; sales staff areencouraged to sell one consumer lending product – the HE product, partially addressing the limited “shelf space” struggle– Sales incentive programs are designed to promote HE loans/lines– Unsecured personal LOCs are being replaced by HELOCsCopyright © 2005. BenchMark Consulting International, NA, Inc. 3All Rights Reserved. StrategyCustomer experience needs to be quick and easyCopyright © 2005. BenchMark Consulting International, NA, Inc. 4All Rights Reserved. StrategyCustomer experience needs to be quick and easy- Simplified underwriting policies/requirements- Balancing customer relationship with processesUse Automated YesUnderwriting?52%48%NoSource: 2004 CBA Home Equity StudyCopyright © 2005. BenchMark Consulting International, NA, Inc. 5All Rights Reserved. StrategyAverage Turnaround Time (Application Receipt ...