Ah, technology. How quickly what’s new and hot becomes the norm! From answering machines Instant Messaging, from Blackberries to smartphones…and now, for the mortgage lending industry, we’re starting to see the normalization of the hottest new must-have: online loan application systems.
“The game is changing,” says Brett McCracken, SVP of Sales & Business Development at CloudvirgaTM. “We’re moving into this space where consumers want to be able to transact 24/7, 365 days a year, whenever they want.”
That means, in order to be competitive, your company should be able to allow your customers to apply whenever they want, wherever they want, whether that’s at midnight on a weekend or standing in line at Starbucks.
Now, thanks to a brand-new relationship between SoftVu and CloudvirgaTM, that technology—which until now has been the purview of big, monolith mortgage companies—is available at an affordable price to all of SoftVu’s clients.
CloudvirgaTM point-of-sale (POS) solutions go beyond just taking an application. They automate tasks traditionally performed by operations to cut costs, streamline the experience for customers and lenders, and increase business insight across the entire origination process. Or, as Brett says, “it’s creating an ecosystem of business partners that work together in a seamless way.”
How does this “game changing” online application system work?
Let’s say your potential customer goes to LendingTree or your mortgage site and fills out their preliminary information—name, salary, property type, phone number, all those things—and then clicks the “submit” button. Instantly, SoftVu is triggered to send an introductory email on your behalf, thanking your lead for their interest and asking them to “complete the application.” And then what happens?
Well, for most providers, the security features aren’t in place to transfer the lead’s answers into that form, so your potential customer will have to re-enter all that information onto your form or over the phone…creating just one more step that could cause them to lose interest and step away.
But the CloudvirgaTM system is different. All that information—from the name to loan type and everything in between—is automatically and seamlessly pre-loaded onto the online application. When the potential customer is ready to complete their application, they won’t have to do any re-work, which means they (and you) can breeze through the process.
According to Brett, SoftVu is the critical link in this relationship that makes the system work.
“SoftVu is the digital bridge between the lenders and the customers,” Brett says. “That bridge allows for a seamless and simple transaction 24/7, meaning the customer has a really great experience—and the lender has a much higher yield in terms of number of online applications.”
He’s seen this in practice already. One of his big clients just implemented this system, and after just a week, click-through rates went from 26% to purchase to 57% percent to purchase.
Maybe that’s why 40% of applications that currently roll through CloudvirgaTM come from—you guessed it—clients who are using SoftVu for marketing automation.
At SoftVu, our job is to make you successful, and having an online application form embedded into your digital marketing strategy is a great way to do that. Not only is it an easier, more expedient way to fill out an application. Not only is it one more way we can help streamline the experience for the user. It’s a way of transforming the digital mortgage experience so you can deliver the experience your clients and potential clients are expecting.
Want more information on how to embed an online application form into your communication strategies? Contact us today, and let’s chat!