18 Oct 2018

Successful Online Mortgage Applications

Technology and mortgages – the two are, and must be, deeply connected.

Applying for a home loan no longer requires sorting through stacks of documentation to submit over a fax machine. The process is now more streamlined and more accessible.

Such dramatic improvements are driving lenders to reemphasize and reconsider crucial in-process strategies. Here are four essential ingredients to a successful online mortgage application.

Convenience

Online mortgage applications offer greater convenience than ever before. By electronically reviewing and signing necessary forms at their own pace and schedule, borrowers are able to navigate document-driven processes with time and patience. The result is a less intimidating and a more efficient application experience.

Communication

Studies show that even though borrowers value the flexibility of online applications, they still want human interaction. Staying connected with a borrower during the application process is essential (particularly when complexities arise).

Consumer Financial Protection Bureau data shows that poor communication is one of the most common reasons for complaints. Clean, open lines of information-sharing helps all parties to manage expectations, avoid unnecessary difficulties, and achieve approval.

Transparency

Thanks to the Internet, today’s borrowers are better informed and more discerning than ever. Full transparency is expected throughout the application process. Sharing online FAQs and other resources, providing documentation requirements upfront, and granting round-the-clock, real-time access to a loan’s status are mandatory. Empowering borrowers with valuable information and insight leads to more successful applications and higher levels of customer satisfaction.

Personalization

According to industry reports, a top wish among borrowers is personalized lending. Meeting these expectations involves forgoing ‘one sizes fits all’ solutions and focuses on understanding and satisfying unique wants and needs.

The convenience of technology allows the direct-to-consumer conversation to be personalized with email automation. More and more borrowers are working through the loan process without a voice-to-voice relationship with their lender.

Truly, this an exciting time for the mortgage industry. Technology has revolutionized the loan process for borrowers and lenders alike – with evolving innovations on the market. To learn more about the newest Point-of-Sale system and the effectiveness of email automation, reach out today.