As borrowers usher in the use of newest technologies into their daily life, their expectations about mortgage experience have changed in a rapid manner. Loan officers can leverage technology to empower themselves to bring to the borrowers true digital mortgage experience without losing the essential human touch.
Key Elements in the expectations of the Borrower:
Seamless and easy loan application filling process where the application can be accessed from any device particularly mobile.
Fast loan closure and on time funding.
Clear understanding of all loan options available based on the borrower’s credit score and loan history.
Regular milestone updates and easy tracking of the loan status.
Essential elements of Digital Mortgage customer service
Online loan application which can be filled easily and accessible from all devices.
Secure digital portal to store all customer info and documents.
Integration with an LOS system to automate the loan processes.
Loan Officer tools to track the loan status and milestone updates.
E-signature option for digital documents.
A CRM system for lead capture, lead nurturing, building relationship with borrower and effective communication.
Ways in which technology is helping Loan Officers
Higher capture rate: The data collection techniques in digital mortgages via electronic applications and POS platforms proves to capture data more effectively as it gives the borrower the flexibility to fill in the information at their convenience and from any device, at any time.
Loan Origination becomes easier: With the integration with LOS platforms it has become easier to upload the borrower info and documents and all the loan process updates and milestones are synchronized with other loan officer tools.
Relationship with borrowers: Relationships with borrowers has improved as the loan officers can match upto the digital experience expected by the borrowers and the whole loan process has come become more simplified and faster.
Automatic updates and reminders: Automatic milestone updates and reminders are sent by Loan Officers to borrowers and realtors on a regular basis to keep the borrowers and realtors in loop about the status of the loan processing.
Secure borrower portal: A personalized borrower portal helps the borrower to sign into their account to see the status of their application/loan at any stage and to securely upload the loan documents. This can actually free up a lot of time for loan officers and gives the flexibility to focus on other productive business needs.
Looking for more information on how Loan Officers can leverage technology to close more loans or need help in implementing the technological solutions, leave us a message.