Five features that will elevate the mortgage borrower experience
Obtaining a home loan is a big deal. It can be frustrating and complex, but it also has the potential to be seamless and simple. With so many solutions available on the market, identifying what’s really important in a mortgage solution can be tricky. Following is our list of the top five features that can create tremendous value for your lending operations and help you take your borrower experience to the next level.
- Modern technology. While all origination solutions will claim to be “modern”, the fact of the matter is that not all are created equal. When selecting a vendor, be sure to find out what underlying technology their solution is built on. Also, product demos can be very revealing. Put your mindset in that of the borrower. Would you find the experience user-friendly? Does it look cumbersome? Does the application process feel modern?
- Industry expertise. While having a brand-new point-of-sale solution is certainly important to engage borrowers, if it wasn’t developed by true industry experts, expect to see a disconnect between shiny features and what really matters. This can expose functional gaps that might not be identified until after implementation. Also, having a true strategic partner that thinks like lending institutions and borrowers and has a finger on the pulse of the industry is critical for product enhancements that are poised for the future.
- Communication tools. Because the homebuying process can be complex, the ease in which borrowers can find answers to their questions is almost as important as a superior design. Mortgage platforms need to offer features that cater to this. Not just a phone number listed on the webpage but also embedded chat functionality that goes directly to a live loan officer. Meet borrowers where they are to decrease barriers that could lead them to navigate off your website – whether that means they want to pick up a phone, chat online, or find answers in an online FAQ.
- Logic and workflow. To ease what can feel like a cumbersome application process, look for a solution that displays the bare-minimum required fields to a borrower, and then uses the submitted data to drive logic and populate follow-up fields. This tried-and-true approach minimizes confusion, reduces barriers to entry, and streamlines the experience. Also, look for integrations – both third-party integrations and those that connect to core systems. If a borrower is already your customer, imagine being able to pre-populate fields with their data from your system. This will streamline the application experience for your customers greatly. Third-party integrations for verification purposes will further ease the burden on your borrowers – whether they are a current customer or not.
- Post-application experience. The borrower experience shouldn’t stop once an application is submitted – in fact, this is really just the beginning. Look for a secure portal, that can provide real-time status updates, alert borrowers of outstanding needs, and enable document upload. By automatically keeping your borrowers in-the-loop, your lending teams will feel less pressure to carry the burden of daily communication with borrowers and can focus on originating the mortgage.
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