Mortgage lenders and loan officers are struggling to meet borrower’s expectations weighed down by manual processes, siloed document management systems, increased regulatory burdens and lack of transparency and visibility within the system. Digital first experience in Mortgage Banking is the solution that can bridge the widening engagement gap between borrower’s expectations and lender’s efficiency.
Need for Digital First experience in Mortgage Banking
To reduce the timeline of loan life cycle from customer experience perspective as well as from loan officer’s perspective.
To lower the rising loan origination costs by driving efficiency into the system.
Streamline and optimize the processes including internal sales processes and external processes directly involving the borrower.
To meet the changing customer expectations and requirements.
Create borrower digital footprint by integrating all borrower data into a single system and utilize the data in the internal processes.
Use cases of Digitization in Mortgage Banking
Mortgage Lenders can provide faster, easier, more seamless and more transparent experience to the borrowers by employing digitization in the following areas:
Online Applications
Electronic Signature capture
Personalized online customer portals
Integration with Automatic Verification of Income and Credit score services
Conversations bots for automatic capture of lead information
Tracking all the interactions a borrower had with the lender including financial and payment details of any past transactions.
Increased collaboration between the Loan Officers, sales team, referral partners and mortgage lender.
Automatic loan recommendation and personalized loan quotes by offering the right loan product to the borrower based on intelligent product matching algorithms.
Benefits of Digitization for Mortgage Lenders
Cultivates and engages new and existing customer relationships.
Increases the touch points for a customer to reach out to a mortgage lender
Increases the opportunities for cross sell and upsell and therefore empowers the entire business production.
Engage prospects more efficiently and thereby driving leads.
Increases transparency in the entire loan process from origination to closing.
Effectively tracking and reporting revenues/commissions by providing the entire sales pipeline in a single dashboard view.
Scaling up driven by insights from intelligent analytics platform which tracks the key KPIs.
Integrates marketing, sales and analytics to prioritize leads, referrals and tasks.
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