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Your Guide to Modern Mortgage Lending

  • by Brit Barker
  • March 31, 2021

In the past 12 months lenders have seen the sudden and necessary acceleration of digital transformation across the financial services industry. With the transition to a remote work environment and increased demand, there’s a good chance you’re noticing areas of your lending that are due for a revamp. As you evaluate your lending operations and digital lending opportunities, consider these steps for taking a proactive approach to meeting the demands of a lending environment that has change seemingly overnight.

Modern technology matters. It’s no secret that having the right technology solutions is critical to success. In today’s environment, it all starts with tools that empower your teams to communicate easily with each other, as though they were sitting together in an office. There are so many video conferencing and chat tools on the market that aim to meet this demand, and the reality is that most are very good. Ultimately, choose a tool that offers cohesion and integration with the rest of your internal technology ecosystem. In addition, with remote lending becoming the new normal, retrofit solutions will no longer be sufficient to remain competitive. Look for modern LOS technology that offers the latest in design standards and is poised for the future without needing to play catch-up to meet today’s needs.

Create scalable processes. Having the right technology can only take your business so far if you haven’t implemented processes that optimize the experience for your lending teams and borrowers. In today’s environment, the days of walking over to someone’s desk to quickly get answers are behind us, so the goal is to create repeatable processes that allow us to work together as a team remotely without bottlenecks and delays. As a result, be sure that you are taking the time necessary to understand all of the workflow automation features your technology solutions can offer you. By understanding how to create rules and drive workflow, you can begin to streamline processes that will save you and your teams time, while exceeding borrower expectations along the way.

Cater to your borrowers. Buying a home is often stressful. With the added concerns that come along with COVID-19, borrowers are more cautious than ever before. Their homebuying journey – from house hunting to mortgage shopping – is likely beginning online. Be sure your web presence is user-friendly, limiting barriers to entry when it comes to rate shopping. This could mean the difference between a submitted mortgage application and someone that quickly navigates off of your website in search of tools that don’t require them to submit their personal information. That said, the actual application experience should also be streamlined and simple in design – only revealing collection fields as they are triggered through rules-based logic. Finally, look to offer borrower-to-lender communication tools like chat that don’t require them to pick up a phone. The easier you can make the experience, the better your chances of closing more loans.

To find out more about how Origence can help you grow your business during these times and in the years ahead, contact us today.

 

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Brit Barker
Brit Barker, Origence’s vice president, enterprise solutions, is an experienced sales and product executive with 20 years of helping financial institutions improve their lending performance and exceed consumer needs. He’s recognized as an industry leader with innate talent in balancing strategic focus with operational execution. Brit is an authority on consumer, mortgage and indirect lending, with expertise in facilitating the transition of new clients into the financial lending market, and enhancing lending programs.
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