Easy, efficient and error-free mortgage lending—this is the expectation of borrowers now accustomed to the anytime-anywhere digital experience offered by popular entertainment and retail platforms. Yet many lenders struggle to meet this standard due to outdated manual processes and slow customer response times. That’s not surprising when you consider that an average of 500 documents are generated per consumer mortgage application—and that doesn’t even count loan servicing documents.
While loan origination systems often do a good job of pushing data to many vendors, lenders still spend a significant amount of time manually entering data, copying notes, separating and saving documents into repositories, and retyping information into borrower and loan officer communications. All of this manual data entry significantly bogs down the mortgage closing and approval process, frustrating both bank employees and customers. It inevitably creates delays and errors as the complex process drags on, leading to dissatisfaction and disengagement.
So how can you originate, close and service loans faster and with greater efficiency, while engaging borrowers on today’s terms? The key is moving the needle toward a fully digital mortgage process that enables you to
- Drive a collaborative, accurate and transparent customer experience that includes self-service and assisted service options
- Automate processes, from collecting borrower information to communicating with customers, and reduce bottlenecks and errors
- Realize a lower cost per loan and stay compliant with faster, more accurate processing and increased metrics
- Automatically acquire and integrate data from web, internal and external systems to your LOS or MSP, and mitigate risk
Ready to learn more?
Don’t miss the September 27 webinar “Moving the digital needle – top drivers in mortgage process transformation” hosted by National Mortgage News. Join experts in mortgage lending as they discuss the latest in digital technologies that are driving mortgage process transformation.
CEO and author of Strategically Transforming the Mortgage Banking Industry
Founder and CEO, Norcom Mortgage; Chairman, Residential Board of Governors at Mortgage Bankers Association
Solutions Consultant-Financial Services, Kofax, Inc.