A few months ago, I had the pleasure of traveling to historic New Orleans, where I attended a meeting of Oracle HR customers who come together every year to share ideas and best practices. I’d like to share with you this story I heard from our customer Movement Mortgage, a startup mortgage company that’s transforming the residential lending industry. They’ve been radical in how they apply digital technology to attract and retain both customers and employees. It’s a great story!
Movement Mortgage—recognized by Inc. Magazine as the fastest-growing mortgage bank in the country—is on a mission to gain 10% of the U.S. home mortgage market by 2025. To support this vision, it streamlined recruiting and onboarding with Oracle Talent Management Cloud for Midsize. It significantly cut overhead costs, saved time, and reduced the time to fill open positions by 50%.
Process Improvement and Growth
Because it streamlined business processes, Movement Mortgage addresses most home loan requests within seven business days, four times faster than established competitors. A clear believer that process improvement leads to savings and growth, Movement Mortgage decided to improve recruiting and new-hire onboarding. Since initial startup, the company has rapidly grown to over 3,700 employees in 450 locations across 47 states. Lately, it’s been hiring, on average, 150 new loan officers per month.
Easier, More Flexible Recruiting
As a startup, Movement Mortgage relied heavily on outside recruiters. The practice proved costly and not efficient enough to meet its aggressive growth requirements. Initial efforts to bring the recruiting function in-were very manual and paper-based. To improve, Movement Mortgage decided to use Oracle Talent Management Cloud for Midsize, the #1 solution for small to medium-sized businesses worldwide. The decision was based on ease of use, flexibility, and hands-on customization capabilities.
Better, Faster, More Efficient Hiring and Onboarding
Since bringing the recruiting function in-house and streamlining processes with Oracle, Movement Mortgage has experienced dramatic results. It saved significant administrative time and overhead costs, increased the quality of new hires, and cut the time to fill a position in half.
Movement Mortgage likes the mobile Career Center, an easy one-stop shop for job applicants and candidates. Using any mobile device, users can apply for jobs online. They receive personalized status notifications, including alerts of new openings that might be a good fit. A two-stage application process is used to qualify the best candidates. An initial set of questions captures data for high-level candidates, and a second set of questions qualifies and filters with further detail. This process saves time and is especially helpful when you consider the certifications and security background requirements used in the banking industry.
Personalization and Collaboration
With custom process automation, a new level of personalization makes candidates and new hires feel valued and welcome. A single person manages each new-hire experience. Hiring managers and supporting departments have complete visibility over the process, receiving automated role-dependent reminders at each stage. Custom workflows are easy to configure and can yield excellent results. For example, hiring managers now initiate new job requisitions, saving time and increasing accuracy. Custom process flows direct new hires to verify their own profile information, which can greatly reduce potential problems that might affect future payroll, benefits, or federal and state regulatory compliance.
Greater Visibility and Benchmarking
Better reporting and process visibility also result in productivity gains. For example, centralized applicant tracking identifies repeat applicants who have already been considered at a different branch location. Applicant pools and the methods of individual recruiters can be compared with benchmarks established across multiple locations. Movement Mortgage regularly compares multiple data metrics, such as time-to-fill. With its strategic focus on streamlining activities, time-to-fill has been reduced by half across all locations.
Learning and Process Improvement
Oracle provides more than one way of learning how to fully apply and leverage the flexibility and power of its solutions. Knowledge sharing opportunities are provided through the Oracle Applications Customer Connect Community. This large community of client users includes Oracle experts and product managers. Blog posts and online chat provide additional user-generated content. Detailed online help, videos, and recorded presentations are frequently added and updated within the Product Help Library. There is also a large user community conference held in various real-world [JDD5]locations each year, enabling users from many different industries to share ideas and best practices. Users gain insight on how to boost productivity and increase the value of their investment.