Five Steps To Keep in Mind to Enhance Your Mortgage Experience
The last few years in the mortgage industry have seen a sea change in implementing and integrating modern technologies. It has helped in streamlining workflows, reduce paper-based processes, and helping build conducive lenders and borrowers.
More and more lenders are going up and about with their mortgage technology. The attention is veering towards improving the overall borrowing experience and helping boost the satisfaction levels. So, how to go about things to ensure the borrower gets a world-class borrowing experience? Take a look at the five-point steps to help keep the borrower’s sentiments in mind.
Technology, The Game-Changer
Borrowers today have a strong penchant for exploring more options for interacting and communicating with the lender. Nowadays, borrowers, especially the younger ones, use different communication levels, namely, email, text, phone, text, chat, etc. Borrowers today are more interested in knowing what they want to know via their preferred channel, which will provide them with more satisfaction.
Say No to Under-Promise and Over-Deliver
Most people lose their clients’ trust when they do not follow through even when they promise that they would. This makes the clients seek out better options for their business. Not living up to promised expectations in a stipulated time frame can make you a viable choice for all future transactions. On the other hand, when you do not promise the earth, you deliver, it will leave your clients feeling happy. And they are sure to appreciate your customer service!
Digitization the Way to Go
We all know and understand how mortgage technology is making the process easy for all the stakeholders. However, it is not always about efficiency and delivery before the closing time. It’s about the borrowers having access to specific digital tools convenient and making the user experience world-class.
A recent survey reveals much about the truth of borrowing and lending and how borrowers prefer to choose the lenders by checking out their online presence. Well, at least 50% of them did that. Another 47% say that they drive them towards a lender when the lender has a website where they can upload the documents seamlessly!
Removing the frustrating elements from the mortgage origination process can dramatically improve the borrower’s experience and the lender’s bottom line. Most borrowers lose patience and withdraw their borrowing applications because the entire process takes too long. And they ultimately end up choosing a different lender. So, mortgage professionals are selecting more advanced ways of collecting key data points.
That’s why forward-thinking mortgage professionals have been shifting to more advanced methods of collecting these important data points. Lending companies now guide the applicants through the questionnaire process, make it crisp and short so that it does not get delayed unnecessarily. If you do not improve the user experience and your systems and processes both frustrate a prospective borrower, it may just kill your deal. And this means that the entire deal may go into the hands of your immediate rival.
What is the one thing that can make for an out-of-the-world borrowing experience? It’s combining everything that technology offers by providing the human-to-human interaction that people generally look for in business relationships. One of the better features of mortgage technology is it makes the loan originator’s job fairly easier, so one gets to focus on more human touch interactions. So, focusing more on the former and present clients and concentrating on developing the relationships within the stipulated normal business hours.
Younger borrowers are looking for enhanced communication and are looking at developing a stronger bond with their lender. They want to ask the relevant questions and be comfortable asking them questions and ensure the answers they provide are for their best interests.
Today, borrowers have a better understanding and clear expectations of what they want from their lenders. They also talk to their peers and ask for the best approach that their peers experience. Borrowers will go to the originator who is generating great work and are getting positive feedback from their regular clients. So, today’s borrowers are more conscious than ever before, and it is all because of the technological inroads. However, it is still important to exercise caution. Check thoroughly with your financial advisor before you sign the dotted line and borrow money!
More in Loans & Mortgages
Here are Top Five CFOs Who are Changing the Way the Financial World Works!
While there is a huge pay gap between the CEO and CFO positions’ salaries, things are gradually changing. That’s because a...October 19, 2020
Seven Times Celebrities Surprised us With their Money-Splurging Ways
We envy celebrities and their ever-increasing bank accounts. Of course, they work hard to earn it, and it involves a lot...October 19, 2020
Three Online Businesses That You Can Start During The Lockdown
The pandemic has changed everyone’s lives in ways we never imagined even in our wildest dreams — from forcing people to...October 19, 2020
Mortgage Trends That Buckled Under The COVID-19 Pandemic and A Few Others That Didn’t
Most specialists predicted a few specific mortgage trends to watch out for and that was mortgage rates won’t budge in 2020. But...October 17, 2020
Five Highest International Goalscorers in the History of Soccer!
As Americans call it, soccer, soccer is a sport with a massive fan base worldwide. One of the best players of...October 17, 2020
Is Availing A Business Loan A Good Idea?
These days, the current economic status quo is in a rather poor state — you don’t need a business degree to...October 17, 2020
Top Films That Shows the Real Essence of What Retirement is All About
Retirement is one of the aspects of our lives which we cannot ignore! Yes, the day will come, but along with...October 15, 2020
Five Apps That Are a Must Have for Every Retired Person
Smartphones are a thing of the new generation. The busy life and its demands are what the apps and features try...October 15, 2020
Five Websites That Will Help You Calculate Your Car Loan Payment
The first car you buy for yourself is indeed special. No matter the age, profession, or car size. If you are...October 14, 2020