The loan origination and servicing process has sometimes been deemed highly sophisticated with compliance issues, credit risks and lack of transparency. The need for a transparent, well defined process that can be easily accessed online has gained utmost priority with the millennial borrowers in picture. Though the loan origination and servicing has already been made into painless process for lenders by constantly refining Loan origination systems, the end customers are yet to completely benefit from it.
The gap is on the way the information is passed on to the end customer. A truly transparent loan origination and servicing system is the need of the day. Especially with the millennials craving for information and control over the process, loan origination and servicing cannot stay away from putting the customer in control for the products they purchase.
A few pain points customers, especially millennials, don't want to deal with are the incompetencies stemming from lack of;
- A unified customer interface
- Fill out a loan application at their convenience
- Stop and start over the process anytime
- Learn about the options, rates available etc.
- Approval status
- Submit documents online
- Sign documents online
- View the progress, deadlines and status of the application anytime
- Making payments online
- Making adjustments
- Learning more about offers and options available, etc.
is a web based application developed with Millennials in mind for lenders who are looking for ways to reach the new age mortgage customers - the Millennial. For the Millennial, characterized by the need to consume information online, the Millennial deck from lenders provide the most desired and easiest way to secure a mortgage and manage repayment - a complete online solution offering;
- Information on offers
- Complete loan application
- User account to login back anytime
- Track application progress
- Document submission
- Servicing the mortgage after closing
Millennial deck from TakeFive Consulting streamlines the process for customers through an online interface, at the moment, backed by powerful Encompass360 loan origination system. The millennial deck is a well thought out, all round product encompassing the essential strategies to sustain customer acquisition, retention and reselling options. With 4 modules in place, the Millennial deck zeroes in the needs of a millennial mortgage customer;