In the current digital age, the mortgage industry is witnessing significant changes in borrower expectations and interactions. By incorporating tools like Encompass Consumer Connect and adopting a digital-first approach, lenders can create an environment where borrowers experience efficiency, reduced processing times, and a positive mortgage journey from start to finish. In this blog, we will look into practical insights applicable to lenders aiming to enhance their digital mortgage experiences through Consumer Connect.
Adapting to the Digital Shift
- Lender should acknowledge that a majority of borrowers (95%) start their mortgage journey online.
- They should develop a digital presence starting with online forms, extending to e-signatures, service ordering, and loan updates for a comprehensive digital mortgage experience.
Strategic Vision for Improvement
- Lenders should define a vision aligning with essential goals: improving borrower and employee experiences, reducing friction in the origination process, and lowering loan origination costs.
- They should integrate technology as a part of the lender’s brand and culture, focusing on solutions that support strategic objectives.
Leveraging Technological Tools like Encompass Consumer Connect
- Lenders should utilize tools like Encompass Consumer Connect as a foundation for a digital mortgage experience.
- Integrate technologies such as Finicity for digital verification of assets to streamline the origination process, reducing document collection time and enhancing efficiency.
- Anticipate future enhancements, like income verification in digital platforms, to boost efficiency.
Digital Asset Verification with Finicity:
- Efficient Origination Process: Integrating Finicity for digital asset verification streamlines the origination process by reducing the time borrowers spend collecting and providing bank statements.
- Direct Access to Bank Data: The integration provides direct access to bank data, enabling lenders to receive necessary information sooner in the origination process.
- Enhanced Efficiency: Once implemented, income verification within the digital platform will further reduce processing time and enhance the overall efficiency of the origination process.
- Technological integrations contribute to faster processing times and reduced closing times.
- Enable borrowers to proactively provide information early in the process to enhance pull-through rates, emphasizing a balance between technology and personalized interactions.
- Maintain a strategic focus on digital mortgage as a pillar, emphasizing continuous improvement and innovation.
- Future steps may involve automating aspects of the mortgage process, streamlining workflows, and ensuring a positive and efficient journey for borrowers, business partners, and employees.
Looking for more enhancing digital mortgage experiences through Encompass Consumer Connect or need help with implementing any technology solution within Encompass, leave us a message.